摘要
本文基于2010—2018年中国财产保险公司数据,利用联立方程模型和门限回归模型分别研究了资本结构与公司绩效的互动效应和门限效应。研究发现:资本结构与公司绩效之间呈现双向负向作用关系;公司绩效对于公司规模存在单一门限效应,对于监管压力和成长能力不存在门限效应;资本结构关于公司规模存在双重门限效应,关于监管压力和成长能力均存在单一门限效应。稳健性检验和异质性分析结果表明:财产保险公司有必要借助大数据、云计算等保险科技来优化绩效考核与激励机制,监管机构则要基于公司规模、偿付能力状况等进行差异化监管,以此实现财产保险公司经营绩效提升和资本结构优化的良性循环。
Based on the data of Chinese property insurance companies from 2010 to 2018,this paper studies the interactive effect and threshold effect of capital structure and firm performance respectively by using simultaneous equation model and threshold regression model.The research shows that the relationship between capital structure and firm performance is negative in both directions.Firm performance has a single threshold effect on firm size,but there is no threshold effect on regulatory pressure and growth capacity.Capital structure has double threshold effects on firm size and a single threshold effect on regulatory pressure and growth capacity.The results of robustness test and heterogeneity analysis show that it is necessary for property insurance companies to optimize the performance appraisal and incentive mechanism with the help of big data,cloud computing and other insurance technologies,while regulators should carry out differentiated supervisions based on the company size and solvency status,so as to achieve a virtuous cycle of business performance improvement and capital structure optimization of property insurance companies.
作者
王丽珍
孙悦
WANG Lizhen;SUN Yue(School of Insurance,Central University of Finance and Economics,Beijing 102206,China;School of Labor and Human Resources,Renmin University of China,Beijing 100872,China)
出处
《当代经济科学》
CSSCI
北大核心
2021年第1期67-78,共12页
Modern Economic Science
基金
国家社会科学基金项目“基于区块链技术的小额保险深度精准扶贫机制构建与成效评估研究”(19CJL033)。
关键词
资本结构
公司绩效
权益资本
财产保险
互动效应
联立方程模型
门限效应
capital structure
firm performance
equity capital
property insurance
interaction effect
simultaneous equation model
threshold effect
