壽險公司的資本結構與風險

壽險公司的清償能力很重要，影響清償能力的兩大因素是資本結構與風險，本文意欲以實證的方法檢驗影響壽險公司資本結構與風險的因素。研究樣本為1997年美國的壽險公司，研究方法為兩階段最小平方法。實證的結果顯示負債比例與風險為負相關；此外，自由資金、代理系統、集團屬性、公司評等、與公司大小會對壽險公司的資本結構產生影響。公司的業務集中程度、投資集中程度、行銷體系、與公司大小則會影響壽險公司的風險。
關鍵字：資本結構、風險、壽險公司

Capital Structure and Risk of Life Insurance Companies

　　　　　　　　　　　　　　　　　　　 (Ying-Chun Chen)* (Cheng-Hsien Tsai)

The solvency of a life insurance company is critical. It is mainly determined by the companys capital structure and risk. This study aims to empirically investigate the determinants for a life insurance companys capital structure and risk. The studied sample consists of the U. S. life insurance companies in year 1997 and the used methodology is two stage least squares. We identify a negative correlation between debt ratio and risk that implies the insurers balancing between leverage and risk in achieving the desired solvency level. Other significant determinants for a life insurers capital structure include free cash flow, agency system, group affiliation, rating, and size. Investment concentration, business concentration, agency system, and size would significantly affect an insurers risk.

Keywords:capital structure, risk, life insurance companies