主动资本调整还是被动监管约束?——寿险公司实际资本与最低资本影响因素的研究

›› 2015, Vol. 27 ›› Issue (9): 59-68.

主动资本调整还是被动监管约束?——寿险公司实际资本与最低资本影响因素的研究

郑苏晋^1,2, 王丽珍¹, 林媛真³

1. 中央财经大学保险学院, 北京 100081;
2. 中央财经大学中国精算研究院, 北京 100081;
3. 美国大都会人寿保险公司, 惠明顿 19801

收稿日期:2015-01-13 出版日期:2015-09-30 发布日期:2015-09-29
通讯作者: 王丽珍,中央财经大学保险学院讲师,博士
作者简介:郑苏晋,中央财经大学中国精算研究院副教授,博士;林媛真,美国大都会人寿保险公司资产负债管理部,硕士。
基金资助:
国家自然科学基金项目(71403305);教育部人文社会科学重点研究基地重大项目(12JJD790017;13JJD790040);教育部人文社会科学研究项目(14YJC790118);中国保险学会研究课题项目(llCKT2014-N-1-08);中央财经大学科研创新团队支持计划(QBJ1401)。

Active Capital Adjustment or Passive Supervision Constraint?——Research on the Influencing Factors of Actual Capital and Statutory Capital in Life Insurance Companies

Zheng Sujin^1,2, Wang Lizhen¹, Lin Yuanzhen³

1. School of Insurance, Central University of Finance and Economics, Beijing 100081;
2. China Institute for Actuarial Science, Central University of Finance and Economics, Beijing 100081;
3. Metlife Inc., Wilmington 19801

Received:2015-01-13 Online:2015-09-30 Published:2015-09-29

摘要/Abstract

摘要：

本文采用2009-2013年46家寿险公司的年度"公开信息披露"数据对实际资本与最低资本的影响因素及其相互作用机制进行了实证分析。研究结果显示,实际资本能够较好地反映承保风险,但不能反映投资风险;最低资本没有对实际资本产生及时有效的约束,但是150%的偿付能力充足率临界值却对实际资本产生了较好的约束。这表明,寿险公司尚不能够"主动"改善资本结构,而是"被动"地维持偿付能力监管标准,保险公司的资本管理能力和风险应对能力均有待提高。就监管而言,针对不同的公司类型设立弹性的偿付能力充足率标准,引导寿险公司以风险为导向进行资本管理,也有待在"偿二代"监管体系中逐渐确立和完善。

关键词: 实际资本, 最低资本, 寿险公司, 偿付能力

Abstract:

Using the panel data of 46 life and health insurance companies from public disclosure of information, this paper examines the factors affecting actual capital and statutory capital, and studies their action mechanisms. We find that actual capital can reflect underwriting risk, but not investing risk, while statutory capital can reflect neither underwriting risk nor investing risk. We also find it is solvency ratio of 150% rather than statutory capital that confines actual capital quickly and efficiently. The results show that, life and health insurance companies still can't improve capital structure, and they just maintain the solvency standard passively, so it is necessary to raise the capacity of capital management and risk control.

Key words: actual capital, statutory capital, life insurance company, solvency

郑苏晋, 王丽珍, 林媛真. 主动资本调整还是被动监管约束?——寿险公司实际资本与最低资本影响因素的研究[J]. , 2015, 27(9): 59-68.

Zheng Sujin, Wang Lizhen, Lin Yuanzhen. Active Capital Adjustment or Passive Supervision Constraint?——Research on the Influencing Factors of Actual Capital and Statutory Capital in Life Insurance Companies[J]. , 2015, 27(9): 59-68.

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