Research On The Influencing Factors Of China's Life Insurance Industry Leverage Rate

China's economic development has entered the middle and high-speed normal range,from economic de-leverage to financial de-leveraging.On May 7,2017,the China Insurance Regulatory Commission issued a regulatory document,which mentioned that the insurance industry should also “de-leverage”.The rapid development of the insurance industry plays an indispensable role in promoting the development of the national economy.The purpose of this paper is to focus on the “de-leverage”.Based on the analysis of the current situation of the leverage ratio of the life insurance industry,through quantitative analysis of the factors affecting the leverage ratio of China's life insurance industry,the existing literature research results are integrated,and the life insurance industry is the research object.According to the panel data of 28 life insurance companies in 2009-2017,the dynamic panel model is used to empirically analyze the influencing factors of the life insurance industry leverage ratio.The results show that:(1)China's life insurance industry has a large difference in leverage ratio,the company has greater competition and the profitability gap is obvious.(2)Microenterprise level variables and macro-economic variables have certain explanatory powers for China's life insurance industry leverage ratio,and the explanatory power of micro-interpreted variables is affected by the macro environment.The leverage ratio of life insurance companies is affected by inflation rate,market concentration,company growth,profitability,product uniqueness,asset guarantee value and solvency adequacy ratio,and capital nature.The inflation rate increases by 1 unit.The leverage ratio increased by 18.59 units;the company's growth increased by 1 unit,the leverage ratio increased by 0.3641units;the return on assets increased by 1 unit,and the leverage ratio decreased by 9.833 units.(3)The lag period of the leverage ratio added in the dynamic panel model is significantly positively correlated with the leverage ratio.Therefore,China's life insurance industry should be able to seize the significant factors affecting the leverage ratio while reducing the impact of policy uncertainty,deepen the reform of the insurance market,and promote the development of the life insurance industry.The innovation of this paper lies in: the research content is close to the actual needs,from the macro and micro perspectives,using the indicators with insurance characteristics to measure the true level of China's life insurance industry leverage ratio;select the macro and micro level variables in the empirical analysis And to join the meso-level industry factors to establish a dynamic panel model,which can dynamically reflect the factors affecting the leverage ratio,and the quantitative analysis results have a strong explanatory power.At the same time,there are some shortcomings in this paper: the sample selection may not be extensive enough;the selection of analytical indicators mainly refers to the existing research results to determine the influencing factors indicators,the selected indicators may not be comprehensive enough.