保险公司资本结构分析——以中国平安保险(集团)股份有限公司为例

An analysis on the capital structure of life insurance companies——using Ping An (Group) as a sample

保险公司天然具有的高负债性使公司资本结构分析显得尤为重要,这关系到公司偿付能力以及长久可持续经营。本文通过建立保险公司股东收益率的模型,分析保险公司资本结构的特殊之处以及控制保险公司财务杠杆的重要性。以中国平安保险(集团)股份有限公司为例对其近十年的资产负债等数据进行分析并考察其资本结构变化情况,讨论其财务杠杆的影响因素,并提出应将保险监管和企业自律相结合的保持资本充足率的措施。

It is important to analyze the capital structure of insurance companies which have a high level of liabil- ities. This is related to the long-term solvency and operation sustainability of the insurer. This paper established an ROE model of insurers to analyze the uniqueness of insurer＇s capital structure and the significance of controlling the financial leverage. Based on the assets and liabilities data of Ping An Insurance （Group） Company Limited over the past decade, the paper analyzed changes of its capital structure, and discussed on factors affecting its financial le- verage. It suggested that government regulation and insurer self-discipline should be combined to maintain the cap- ital adequacy ratio of insurers.