CAJ | 학술논문

基于利益相关者理论,本文分析了保险公司股东、保单持有人和保险行业监管机构等三个主要利益相关者对保险公司资本结构的偏好及其影响,在此基础上运用博弈论和股东收益率模型对利益相关者影响下的保险公司资本结构进行理论分析。研究结果表明：在利益相关者的影响作用下,保险公司采用较低的财务杠杆能更好地最大化各利益相关者的效用,优化公司资本结构。这一结论也得到了我国三家A股保险公司上市前后财务杠杆变化的经验数据支持。为此,本文提出降低保险公司财务杠杆、优化资本结构的政策建议。
기우이익상관자이론,본문분석료보험공사고동、보단지유인화보험행업감관궤구등삼개주요이익상관자대보험공사자본결구적편호급기영향,재차기출상운용박혁론화고동수익솔모형대이익상관자영향하적보험공사자본결구진행이론분석。연구결과표명：재이익상관자적영향작용하,보험공사채용교저적재무강간능경호지최대화각이익상관자적효용,우화공사자본결구。저일결론야득도료아국삼가A고보험공사상시전후재무강간변화적경험수거지지。위차,본문제출강저보험공사재무강간、우화자본결구적정책건의。
Based on the analysis framework of stakeholder theory, this paper firstly dissects the option motivation of insurance companies＇ financial lever for stockholders, policy holders and supervision institutions which are the main stakeholders. Then, it uses game theory and stockholder earnings rating model to analyze how to optimize insurance companies＇ capital structure under that background. Afterwards, it conducts empirical study on financial lever change of three listed insurances companies in China＇s A share market to prove the hypothesis of stakeholder theory. Finally, it gives some advices on how to lower the financial lever to optimize the capital structure.