摘要
虽然很难对某一家具体保险公司的资本结构在不同发展阶段给出精确的最佳比例,但国际保险实务界确实存在着有关险资最优资本结构的实践标准。金融危机之后,各国监管部门开始酝酿新的偿付能力监管规则,强化保险公司的财务基础,提高对多种金融风险的应对能力。通过分析中国和国际保险同业在再融资方面的不同,发现目前我国保险企业的还难以做到从优化资本结构的高度来主动规划再融资行为。在业务快速发展的现阶段,国内保险公司一方面要进一步调整业务结构,大力发展资本占用少的业务,保持偿付能力稳定;另一方面也要从优化资本结构的战略高度,提前计划未来的资金需求,做好再融资规划。
Even though it is difficult to come out with a most o different stage of development, there does exist a set of practical ptimal capital structure of an insurance company at standards on the optimal capital structure for insurance funds in the international market. Insurance regulators of various countries are considering reshuffling their regulatory rules on insurer＇s solvency margin in the wake of the financial crisis in order to strengthen the financial health of insurance companies, and enhance their ability to withstand financial crises. Through an analysis on different refinancing practices by Chinese and foreign insurance companies, we discovered that Chinese insurers were still not able to proactively plan their refinancing activities from the height of optimizing capital structure. At the current stage when their business is growing rapidly, they should, on one hand, restructure their business mix to prioritize the development of non-capital intensive business to maintain a stable solvency margin, on the other hand, they should also plan strategically their optimal capital structure, project their future capital needs and refinancing plans.
出处
《保险研究》
北大核心
2010年第11期8-19,共12页
Insurance Studies
关键词
偿付能力
资本结构
再融资
保险公司
solvency margin
capital structure
refinancing
insurance company
