CAJ | 학술논문

基于权变理论和资本结构理论的相关研究提出了五个命题与保险公司资本结构的动态调整机制，并以国内A股上市的中国人寿、中国平安、中国太保和新华保险等四家保险公司为例，通过比较分析保险公司根据企业价值、偿付能力、企业战略、宏观经济环境、资本市场等调整资本结构的行为，并验证五个命题和保险公司资本结构动态调整机制在我国的适应程度。研究发现，保险公司资本结构的调整需要保险公司在偿付能力监管目标和企业价值目标之间进行动态调整；企业战略、宏观经济环境和资本市场对保险公司资本结构调整均有着明显的影响；保险公司要根据环境的变化，综合考虑各方面的因素调整资本结构。
기우권변이론화자본결구이론적상관연구제출료오개명제여보험공사자본결구적동태조정궤제，병이국내A고상시적중국인수、중국평안、중국태보화신화보험등사가보험공사위례，통과비교분석보험공사근거기업개치、상부능력、기업전략、굉관경제배경、자본시장등조정자본결구적행위，병험증오개명제화보험공사자본결구동태조정궤제재아국적괄응정도。연구발현，보험공사자본결구적조정수요보험공사재상부능력감관목표화기업개치목표지간진행동태조정；기업전략、굉관경제배경화자본시장대보험공사자본결구조정균유착명현적영향；보험공사요근거배경적변화，종합고필각방면적인소조정자본결구。
Five propositions and the dynamic adjustment mechanism of the insurance company's capital structure are put forward on the basis of contingency theory and capital structure theory. Taking the four public insurance companies listed in A shares-China Life, Ping An insurance, CPIC and NCL as examples, the paper analyzes capital structure adjustments behaviors that the insurance companies made based on enterprise valve, solvency, business strategy, macro-economic environment and capital structure, and verifies the accommodated degree of the five propositions and the dynamic adjustment mechanism of the insurance company's capital structure. Researching results showed that the capital structure adjustment of insurance company is the result of dynamic adjustment in combination between solvency supervision aim and enterprise value. Business strategy, macro-economic environment and capital market also play important roles on the adjustment of capital structure of the insurance company. The insurance company should adjust its capital structure and dynamically consider all kinds of determinants.