Research On The Factors Affecting The Capital Structure Of Property Insurance Companies In China

Entered the stage of rapid development in recent years,China's insurance industry,property insurance company as an important part of China's insurance market,plays a role can spread risk safeguard national security and property.The rationality of the insurance company capital structure is related to the company's solvency,financing ability,development ability,clear what factors can affect the capital structure,to optimize the general insurance company capital structure has important practical significance.At present,the research object of the capital structure of the insurance company is mostly focused on the listed insurance companies,a few life insurance or insurance companies,in the insurance market as the research object of literature is not much,in addition,in terms of capital structure characterization index selection,also limited to the analysis of traditional company often use the asset-liability ratio,equity ratio of capital structure.In view of this,this study extends the capital structure characterization indexes,including asset-liability ratio,equity ratio,equity premium rates and reserve ratio,the characterization of the capital structure of the index,and the capital structure influencing factor of building the index system.Empirical research part,selected from 2009 to 2015,40 general insurance company as the research object,build multivariate linear model to explore the various capital structure characterization index influenced by different factors,finally were analyzed.Research has shown that the capital structure influencing factor of building the index system for asset-liability ratio and reserve ratio had a great effect on the capital structure of characterization,to equity ratio,the equity premium ratio of the influence of capital structure is not significant.To asset ratio as a depiction of the capital structure of the index,the economic growth rate,total assets return rate,company scale,the positive correlation between capital structure and the reinsurance ratio relations,negatively related product diversification and capital structure,the premium rate of return,premium growth,growth,maturity,balance between interval,the actual rate of no significant impact on capital structure.To reserve ratio as a depiction of the capital structure of the index,economic growth,total assets return rate,growth,the company scale,the positive correlation between capital structure and the reinsurance ratio relations,premium return rate,premium growth,maturity,and a negative correlation relationship between capital structure,balance between interval,the effective tax rate,the product and fragmentation of no significant impact on capital structure.