我国寿险公司资本补充动因及其短期经济后果

The Motivations and Short-term Economic Outcome of Capital Replenishment of Chinese Life Insurance Companies

补充资本是保险公司扩张规模、满足监管要求、降低经营风险的一项必要举措。本文基于2010~2017年寿险公司披露的年度报告,系统地考察了我国寿险公司资本补充动因及其短期经济后果。研究发现,按照融资偏好排序,寿险公司倾向采用增资扩股、发行债务性资本工具和签订财务再保险合同三种方式补充资本。公司在偿付能力不足、选择资产驱动型经营模式和股东变更三种情况下,具有显著的补充资本倾向。然而,寿险公司在补充资本后,暂时无法有效改善短期经营状况。此外,增资扩股和发行债务性资本工具两种资本补充方式对公司短期经营状况的影响没有显著差异。随着外部宏观环境和监管政策的调整,保险行业需不断健全和完善现有资本补充机制,提高公司资本使用效率,努力防范化解保险业风险,维护金融系统稳健性。

Capital replenishment is one of the important measures for insurance companies to expand their business,meet regulatory requirements and decrease operational risks.Based on the annual reports of life insurers from 2010 to 2016,we examined the methods,motivations and short-term effects of capital replenishment of life insurance companies in China systematically.The results show that life insurers tend to choose one of the three methods,namely,equity capital increase,debt-based capital instruments and financial reinsurance contracts,to replenish capital.They exhibit a significant tendency to replenish capital in the cases of insolvency,adopting an asset-driven business model or shareholder change.However,after replenishing its capital,the life insurer mostly fails to improve its overall performance in the short term.The effect of capital replenishment by equity capital increase on the life insurers operating conditions is not significantly different from that by issuing debt-based capital instruments.With the adjustment of external macro-environment and the regulatory policy,perfecting the existing capital replenishment mechanism of insurance companies and improving the efficiency of capital utilization are helpful to prevent the risks of the insurance industry and maintain the stability of the financial system.