CAJ | 학술논문

寿险业近年的融资量不断增加，但偿付能力却未根本改变。本文利用熵值法和动态评价法，计算了各寿险公司2007—2010年的综合融资能力，分析了综合融资能力的差异以及在内部融资、债务融资和股权融资的表现差异和融资特征。结果表明，大型公司的综合融资能力具有明显优势；内部融资能力对寿险公司的影响一直较弱；股权融资的影响力度略大于债务融资，中国寿险业具有明显的股权融资偏好。进一步分析显示，大公司具有较强的内部融资能力，但在债务融资和股权融资方面没有明显优势，同时，外资寿险公司的综合融资能力普遍不高，在各融资渠道方面都有待改善。
수험업근년적융자량불단증가，단상부능력각미근본개변。본문이용적치법화동태평개법，계산료각수험공사2007—2010년적종합융자능력，분석료종합융자능력적차이이급재내부융자、채무융자화고권융자적표현차이화융자특정。결과표명，대형공사적종합융자능력구유명현우세；내부융자능력대수험공사적영향일직교약；고권융자적영향력도략대우채무융자，중국수험업구유명현적고권융자편호。진일보분석현시，대공사구유교강적내부융자능력，단재채무융자화고권융자방면몰유명현우세，동시，외자수험공사적종합융자능력보편불고，재각융자거도방면도유대개선。
Life insurance companies need more capitals because of the premium increases in these years. But the solven- cy hasn＇t changed at all, so it is urgent for companies to find a way to increase the comprehensive financing capability. Using entropy method and dynamic evaluation, the cmnprehensive financing capacity of Chinese life insurance market was analyzed from 2007 to 2010. The results showed that big companies have obvious advantages in comprehensive financing capacity. Ac- cording to the weight of financing channel, internal financing was the smallest one; equity financing was more important than that of debt financing, which showed that life insurance companies in China also prefer to publish stocks. Each company per- formed differently in each financing channel. Those big companies performed very well in the internal financing beeause of the higher profit ratio. But they didn＇t have obvious advantages in debt and equity financing. The financing capacity of foreign life insurance companies should be improved in the future as they performed not very well either in the comprehensive financing ca- pability or each channel. The paper finally indicates that insurance companies should improve the profit if they want to improve the comprehensive financing capacity.