我国寿险公司业务与资本匹配的探索

【作者】 刘芳；

【导师】 卓志； 蔡春；

【作者基本信息】 西南财经大学 ， 金融学， 2004， 硕士

【摘要】 近十来年，我国寿险业取得了长足发展，险种类型日益丰富，业务规模不断增长，但是，受利差损、投资渠道狭窄、恶性价格竞争等问题的困扰，寿险业务质量却令人堪忧，使寿险业积聚了大量风险，寿险公司迫切需要扩充资本以满足业务发展和降低经营风险的要求。与此同时，寿险市场竞争加剧，我国寿险公司亟待增强资本实力、提高风险管理水平以迎接挑战。在内忧外患的压力下，资本在寿险经营中的重要性日益凸显出来，思考寿险公司业务与资本的匹配关系具有相当的紧迫性。目前，我国寿险公司积极通过定向募集或上市筹资等方式充实资本，中国人寿已率先在海外上市，预计新华人寿不久将在国内上市。扩充资本将使寿险公司的股权多元化，公司治理结构更为规范，股东利益将进一步得到重视，寿险公司亟需加强资本管理，在保证公司稳健经营的基础上为股东创造盈利。因此，思考寿险公司的资本管理问题有较强的现实性。寿险公司业务与资本有着紧密的关系。寿险公司的承保业务构成其主要负债，资本为负债的到期履行提供了安全保障，资本需求量的多少取决于由业务规模、业务质量以及业务结构共同决定的业务风险的大小。同时，资本与寿险业务形成的负债又引出了寿险公司的资本结构和资本成本问题，因而资本量的决定还应该体现出资本的效率功能。因此，两者的匹配问题在理论上有较大的探索空间。我国现有文献资料主要集中于从监管方面来论述寿险公司的资本，而较少从寿险公司的角度来探讨，同时现有文献仅指出寿险公司业务与资本应当匹配，但到底应如何匹配，对两者的具体关系没有进行深入分析。本文将立足于寿险公司，从偿付能力和企业价值最大化两方面定性地分析寿险公司业务与资本的关系，并采用实证分析方法，运用我国寿险公司的实际数据，定量地计算业务量与资本的匹配<WP=4>比率，并在此基础上提出相应的业务与资本匹配对策。全文由导论和四章内容组成。导论包括写作动因、前人对该问题的研究现状、写作意义以及写作方法四个方面，对本文的出发点、写作框架和写作思路做了概要说明。第一章寿险公司业务与资本及其关系的界定。该章主要是对衡量业务量和资本及其关系的指标进行选择，并对相关概念加以分析，为后文的讨论做一个明确的界定和铺垫。首先，从业务种类、业务规模和业务结构三方面分析了寿险业务，并选择了保费收入作为本文衡量业务量的指标。然后，从一般资本概念出发，结合寿险公司资本的特点，本文将寿险资本界定为所有者权益，并对资本与偿付能力的区别和联系进行了简要分析。接下来介绍和分析了对寿险公司资本的相关规定，在此基础上，本文选取保费收入与资本之比作为评价业务与资本的匹配关系，亦即评价资本充足性的指标。第二章寿险公司业务与资本匹配关系的理论分析。寿险公司业务与资本的匹配需要平衡资本的安全与效率这两个价值目标，在这一思想的指导下，该章着重从偿付能力角度和企业价值最大化两个方面对两者的关系进行理论分析。在偿付能力方面，着力从业务规模、业务质量和业务结构三方面详细分析了寿险业务与资本的关系，并简要说明了影响资本需求量的其他因素。在资本效率目标方面，寿险业务形成公司的主要负债，其业务与资本的比例关系可视为财务管理中的资本结构问题，该章结合寿险公司的经营特色，对决定企业价值的两个主要方面——资本结构和资本成本进行了分析。第三章我国寿险公司业务与资本匹配的实证分析。首先，该章针对我国寿险公司的实际情况，分析了寿险业务与资本的现状及存在的问题。业务质量不高是寿险业务存在的主要问题，主要体现在定价、销售和投资方面；资本方面存在着资本总量不足以及在资本构成上缺乏多元化的投资主体的问题。然后，利用实际数据对适合我国寿险公司的保费收入与资本比例进行了计算和分析，进一步认识了我国寿险公司资本不足的问题，这也是本文实证分析的重点。笔者利用保费收<WP=5>入计算法计算得出适合我国寿险公司的最低资本/保费收入比率，并就该比率在实际运用中需要理解和注意之处加以了说明。通过上述实证分析和计算，重新得出我国寿险公司资本不足的结论，并认识到业务规模的扩大、业务质量不高以及资本构成的不合理是导致资本不足的主要原因。第四章我国寿险公司业务与资本匹配的对策。承接第二章对寿险公司业务与资本匹配关系的理论分析，本章仍然从偿付能力和企业价值最大化两方面来探讨业务与资本匹配管理的对策。首先，从偿付能力的角度来看，针对资本不足的现状，我国寿险公司需要增强资本实力以使寿险业务总体上与资本规模相匹配，这一方面通过提高业务质量、降低业务风险来减轻资本压力，另一方面通过多种途径来筹集资本，该章对上市筹资的利弊加以了分析，对我国寿险公司发行次级债券补充资本进行了思考，并简要介绍了国外保险公司扩充资本的一种较为流行的方式——混合资本工具。其次，从企业价值最大化的角度来看，寿险公司需平衡股东利益与偿付能力的关系，进行积极的资本管理，并认为提高盈利能力是资本管理的关键所在。 纵览全文，笔者以为在以下几方面有所创新：选题的新颖性和现实性。业务管理和更多还原

【Abstract】 During the past one or two decades, the Chinese life insurance industry has achieved the great development with the volume increasing continuously. However, suffering the large interest spread, the lack of investing channels and vicious price competition, etc., the Chinese life insurers underwrote many low quality policies, which makes them accumulate the huge risk. At the same time, the insurers need urgently to enhance their capital strength to face challenge of the market competition. Under these pressures, the importance of capital in life insurance operation is given prominence clearly. So considering the matching correlation between life business and capital is very urgent.At present, the Chinese life insurers are positive to raise capital through various ways, for example, China Life Co. has been listed on HongKong and NewYork stock market, New China Life Co. is anticipated to be listed on the domestic stock market soon in this year. Increasing capital will make the power of shareholders more diversified and the operational structure more standard. In order to adapt to the change, the companies need to pay more attention to guarantee the shareholders’ benefits through enhancing the capital management. Therefore, thinking the problem of capital management for the Chinese life insurers is very realistic.Life insurance business has close relationship with capital. The underwriting volume constitutes the insurer’s main liability, and capital provides guarantee for the implement of the liability. The amount of capital is decided by the degree of business risk. At the same time, capital and liability, also called volume, are bringing another question-capital structure and the cost of capital. The efficiency of capital should also be considered when deciding the capital amount. Therefore, there is wide <WP=8>space in theory to study the matching relationship between volume and capital.The current domestic documents mainly study capital from the angle of the regulation, but less from the angle of the company. And the documents only point that life business and capital should match, but there is no thorough analysis on what on earth is their correlation. This text is using qualitative and quantitative analytical methods to study the relationship between volume and capital, and then is providing corresponding suggestions.This article consists of an introduction and four chapters.The introduction generally discusses the starting point, the framework and the thinking train of the article from four aspects: the writing motive, the past research on this topic, the writing meaning and the methods used.Chapter One “defining the business, capital and their relationship in life insurance companies” mainly selects indexes of measuring volume, capital and their relationship, and compares and analyses the related concepts to make preparation for the following discussion. It analyses the life business from three aspects: the categories of life products, the amount of volume and the structure of business, and chooses premium as the index to measure volume. Then it chooses owner’s equity as the index to measure capital, and gives a brief description of the relationship between capital and solvency. Next, it gives the reason why the article chooses the premium/capital as the ratio to evaluate the degree of adequacy of capital.Chapter Two “the theoretic analysis of the correlation between business and capital in the life insurance companies” analyses the relationship from angle of solvency and of the maximization of company value under the guiding principle that matching volume and capital should balance two target: safety and efficiency. In the aspect of solvency, <WP=9>this chapter analyses the relationship from the amount of volume, the quality of business and the structure of business. In the aspect of capital efficiency, it probes the relationship from the capital structure and the cost of capital.Chapter Three “the empirical analysis of the correlation between business and capital in the life insuran更多还原