CAJ | 학술논문

保险业保费收人的快速增长使偿付能力告急，而资本市场不景气、保险业投资业务收益的下降使保险业雪上加霜。在这种恶劣环境下，保险公司的融资能力如何呢？本文利用熵值法、动态评价分析法和泰尔指数法，动态分析了中国保险业各公司在2007—2010年间的综合融资能力，并比较了寿险业和财险业、大公司和小公司、中资公司和外资公司在综合融资能力方面的差别，以及通过各融资渠道进行融资的能力差别。数据分析表明，财险业的综合融资能力整体上明显强于寿险业，寿险业各公司的融资能力分化比较严重，财险业各公司则比较集中；规模较大的保险公司在综合融资能力方面没有明显的优势，外资保险公司的综合融资能力在不断增强。融资渠道的分析表明，保险业的内部融资能力的影响一直较弱，而债务融资和权益融资的影响力基本相当，且权益融资影响力有不断增强的趋势。最终分析则表明，平衡发展投资业务和保障业务，减轻对资本市场的依赖；转变公司经营风格，提高盈利能力；学习外资公司的融资经验；并充分运用债务融资，是保险公司提高自身融资能力应考虑的主要方向。
보험업보비수인적쾌속증장사상부능력고급，이자본시장불경기、보험업투자업무수익적하강사보험업설상가상。재저충악렬배경하，보험공사적융자능력여하니？본문이용적치법、동태평개분석법화태이지수법，동태분석료중국보험업각공사재2007—2010년간적종합융자능력，병비교료수험업화재험업、대공사화소공사、중자공사화외자공사재종합융자능력방면적차별，이급통과각융자거도진행융자적능력차별。수거분석표명，재험업적종합융자능력정체상명현강우수험업，수험업각공사적융자능력분화비교엄중，재험업각공사칙비교집중；규모교대적보험공사재종합융자능력방면몰유명현적우세，외자보험공사적종합융자능력재불단증강。융자거도적분석표명，보험업적내부융자능력적영향일직교약，이채무융자화권익융자적영향력기본상당，차권익융자영향력유불단증강적추세。최종분석칙표명，평형발전투자업무화보장업무，감경대자본시장적의뢰；전변공사경영풍격，제고영리능력；학습외자공사적융자경험；병충분운용채무융자，시보험공사제고자신융자능력응고필적주요방향。
In these years, the premium income of Chinese insurance market kept increasing fast, which de- creased the solvency of insurance. Insurance need more and more funds every year in order to increasing the solven- cy margin. While, the investment return rate kept decreasing just because of the low capital market in China. This made it more difficult to get money for insurance companies. Insurer in China fall in a financing cycle, which are premiums increasing, solvency decreasing, funds demand increasing. Insurer was very urgent to find a way to walk out of the cycle. But what was the financing capability？ Can they get money to satisfy their demand？ how to leave the bad cycle for those insurance companies？ In theory, there were more than one channel to get money,which is in- ternal, debt and equity. Insurance companies can get money from theirselves, from bank or from those share holders. Actually, the comprehensive financing capability is the integrated capability of internal financing, debt fi- nancing and equity financing. In this article, using entropy method, dynamic evaluation, and Theil index, the compre- hensive financing capacity of Chinese insurance market were compared from 2007 to 2010. We also compared the result on the foundation of different group, such as life and nonlife group, Chinese and foreign group, big and small insurance company group. The reasons of those differences were analyzed also. The results showed that the compre- hensive financial capacity of non-life insurance is better than that of life insurance in all sample year. There were big different levels in the life insurance market, while that in non-life insurance market wasn＇t very big. The Theil index also tested the same results. The differences among all insurance companies were not low, and differences inside the group were larger than the difference between groups. It＇s mean that most of the difference came from the group in- side differences. Second, if we compared the differences between Chinese and foreign insurance company, they have almost the same comprehensive financing capability in the sample years. While in 2010, Chinese insurance company performed very well than that of foreign company outstanding. Third, those big companies didn＇t have obvious advan- tage in the comprehensive financial capacity. While those small companies performed very well in the comprehensive financing capability. Of course, the comprehensive financing capabilities of all insurance companies were in chan- ging in the sample years. The difference between nonlife insurance companies and life insurance companies became bigger and bigger. Chinese insurance company performed better and better than that of foreign insurance company. Fourth, the effects of different financing channel were also compared from the weight of different financing channel. The weight of internal financing was the smallest one ; debt financing was almost important as same as that of equity financing. But equity financing became more and more important in the sample years. Especially, foreign insurance companies were good at equity financing very well. Finally, the reasons of those differences were com- pared. The nonlife insurance companies performed very well in the comprehensive financing capability just because they performed well in profit in the sample years. Foreign insurance company can get more capital just because of they were in the mature capital market. All these experience showed how to improving financing capacity. Actually, profit is the most important factor to get more money. Insurance companies only can improve the financing capability if they can work hard to improving profit finally. Deeply, Insurance companies should keep the balance of investment and indemnificatory business, instead of depending on investment business overmuch. So that they can keep profit stable regardless of the change of capital market. Chinese insurance companies should study the experience of for- eign insurance companies in the equity financing. Except that, Debt financing is very important. Insurance companies should consider it carefully in the future. Of course, we got the results on the foundation of 2007-2010. Maybe we can see different phenomenon in different year, but the theory and exoerience would be the same.