【摘要】：我國(guó)保險(xiǎn)業(yè)已初具規(guī)模，為我國(guó)經(jīng)濟(jì)發(fā)展、社會(huì)穩(wěn)定發(fā)揮了重要作用。然而，長(zhǎng)期以來我國(guó)保險(xiǎn)業(yè)片面地追求規(guī)模和發(fā)展速度，忽視經(jīng)營(yíng)效率和發(fā)展質(zhì)量，這種粗放的發(fā)展模式增加了保險(xiǎn)公司的經(jīng)營(yíng)風(fēng)險(xiǎn)。另外，保險(xiǎn)公司是經(jīng)營(yíng)風(fēng)險(xiǎn)的企業(yè)，這就要求保險(xiǎn)公司擁有合理的資本結(jié)構(gòu)來應(yīng)對(duì)風(fēng)險(xiǎn)的不確定性。保險(xiǎn)公司作為金融機(jī)構(gòu)進(jìn)行負(fù)債經(jīng)營(yíng)，與一般工業(yè)企業(yè)的資本結(jié)構(gòu)相比具有高負(fù)債率的特點(diǎn)，與人壽保險(xiǎn)公司相比財(cái)產(chǎn)保險(xiǎn)公司的保單負(fù)債更具有不確定性和流動(dòng)性。財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)的特殊性，決定了研究財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)的重要性。因此，論文從經(jīng)營(yíng)效率的新角度研究我國(guó)財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)問題。 論文首先對(duì)我國(guó)財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)進(jìn)行了理論分析，將這些作為進(jìn)一步研究的理論基礎(chǔ)。其次，研究了財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)與經(jīng)營(yíng)效率的理論關(guān)系，從償付能力與風(fēng)險(xiǎn)承擔(dān)的正向影響、財(cái)務(wù)困境與監(jiān)管成本的負(fù)向影響兩方面分析了財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)對(duì)經(jīng)營(yíng)效率的直接影響機(jī)制，從股權(quán)結(jié)構(gòu)和債權(quán)結(jié)構(gòu)兩方面分析了財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)對(duì)經(jīng)營(yíng)效率的間接影響機(jī)制。最后，進(jìn)行了實(shí)證研究，使用DEA方法測(cè)算出樣本產(chǎn)險(xiǎn)公司的經(jīng)營(yíng)效率，，引入面板VAR模型做了脈沖響應(yīng)分析和方差分解，更為清晰地分析了我國(guó)財(cái)產(chǎn)保險(xiǎn)業(yè)資本結(jié)構(gòu)與經(jīng)營(yíng)效率的動(dòng)態(tài)關(guān)系。 研究發(fā)現(xiàn)，我國(guó)財(cái)產(chǎn)保險(xiǎn)業(yè)經(jīng)營(yíng)效率的提升主要依賴規(guī)模效率的提高，而相對(duì)制約于純技術(shù)效率，亟需提高資源運(yùn)用能力。當(dāng)前我國(guó)財(cái)產(chǎn)保險(xiǎn)業(yè)以資產(chǎn)負(fù)債率衡量的資本結(jié)構(gòu)無論在短期還是長(zhǎng)期都不利于提高經(jīng)營(yíng)效率，資產(chǎn)負(fù)債率還不合理。經(jīng)營(yíng)效率對(duì)資產(chǎn)負(fù)債率的影響具有遲滯效應(yīng)，經(jīng)營(yíng)效率提高短期內(nèi)不利于資產(chǎn)負(fù)債率增加，在長(zhǎng)期內(nèi)有利于資產(chǎn)負(fù)債率增加，向初始水平恢復(fù)。以責(zé)任準(zhǔn)備金與總資產(chǎn)之比衡量的資本結(jié)構(gòu)在短期和長(zhǎng)期都有利于提高經(jīng)營(yíng)效率，經(jīng)營(yíng)效率在短期比長(zhǎng)期更有利于責(zé)任準(zhǔn)備金與總資產(chǎn)之比的增加，在長(zhǎng)期內(nèi)這一影響作用漸弱。
[Abstract]:China's insurance industry has begun to take shape, playing an important role in economic development and social stability. However, for a long time, the insurance industry of our country has been pursuing the scale and the development speed one-sidedly, neglecting the management efficiency and the development quality, this extensive development mode has increased the management risk of the insurance company. In addition, the insurance company is the enterprise that manages the risk, which requires the insurance company to have the reasonable capital structure to deal with the uncertainty of the risk. As a financial institution, insurance companies have the characteristics of high debt ratio compared with the capital structure of general industrial enterprises. Compared with life insurance companies, the insurance policies of property insurance companies have more uncertainty and liquidity. The particularity of the capital structure of the property insurance industry determines the importance of studying the capital structure of the property insurance industry. Therefore, the paper studies the capital structure of China's property insurance industry from a new perspective of management efficiency. Firstly, the capital structure of China's property insurance industry is theoretically analyzed, which is regarded as the theoretical basis for further research. Secondly, the paper studies the theoretical relationship between capital structure and operating efficiency of property insurance industry, from the positive influence of solvency and risk bearing. This paper analyzes the direct influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: financial distress and negative influence of supervision cost. This paper analyzes the indirect influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: equity structure and creditor's right structure. Finally, the empirical study is carried out, and the operating efficiency of the sample property insurance company is calculated by using DEA method. The panel VAR model is introduced to do impulse response analysis and variance decomposition. The dynamic relationship between capital structure and operation efficiency of property insurance industry in China is analyzed more clearly. It is found that the improvement of management efficiency of property insurance industry in China mainly depends on the improvement of scale efficiency, but is relatively restricted by pure technical efficiency, so it is urgent to improve the ability of resource utilization. At present, the capital structure of property insurance industry measured by asset-liability ratio is not conducive to improving the operating efficiency in the short or long run, and the asset-liability ratio is not reasonable. The effect of operation efficiency on asset-liability ratio is delayed. The improvement of operation efficiency is not conducive to the increase of asset-liability ratio in the short term, and in the long term it is conducive to the increase of asset-liability ratio and recovers to the initial level. The capital structure measured by the ratio of liability reserve to total assets is beneficial to the improvement of operating efficiency in the short and long term, and the operating efficiency is more favorable to the increase of the ratio of liability reserve to total assets in the short term than in the long run. In the long run, this effect is becoming weaker.
【學(xué)位授予單位】：中國(guó)海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F840.4;F842.3;F842.65

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