资本结构、产品策略、承保风险、投资能力与经营业绩——基于地方法人财险公司的实证分析

Capital Structure,Product Strategy,Underwriting Risk,Investment Capacity and Operating Performance——An Empirical Analysis Based on Local Incorporated Property-Casualty Insurance Companies

基于15家地方法人财险公司2011-2015年间的面板数据,采用可行广义最小二乘法和面板校正标准误方法分析了地方法人财产保险公司经营绩效的影响因素。研究发现:公司盈利能力与资本规模、资产负债率、承保杠杆、投资收益率有显著正影响,与车险业务占比、赔付率、费用率有显著负影响,与成立时间、保费规模、市场份额无显著相关。

Based on the panel data of 15 local legal property -casualty insurance companies from 2011 to 2015 , adopted the feasible generalized least squares method and the panel correction standard error method, this paper analyzes the factors influencing the performance of local corporate property insurance companies. The results show th a t： capital scale, asset - liability ratio, underwriting leverage and investment return rate have a significant positive impact on the profitability of the companies, the proportion of auto insurance business, loss ratio and expense ratio have a significant negative impact on profitability. There was no significant correlation between profitability and the establishment of time, premium scale,market share.