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保险业保费收入的快速增长使偿付能力告急,而资本市场不景气、保险业投资业务收益的下降使保险业雪上加霜。在这种恶劣环境下,保险公司的融资能力如何呢?本文利用熵值法、动态评价分析法和泰尔指数法,动态分析了中国保险业各公司在2007~2010年间的综合融资能力,并比较了寿险业和财险业、大公司和小公司、中资公司和外资公司在综合融资能力方面的差别,以及通过各融资渠道进行融资的能力差别。数据分析表明,财险业的综合融资能力整体上明显强于寿险业,寿险业各公司的融资能力分化比较严重,财险业各公司则比较集中;规模较大的保险公司在综合融资能力方面没有明显的优势,外资保险公司的综合融资能力在不断增强。融资渠道的分析表明,保险业的内部融资能力的影响一直较弱,而债务融资和权益融资的影响力基本相当,且权益融资影响力有不断增强的趋势。最终分析则表明,平衡发展投资业务和保障业务,减轻对资本市场的依赖;转变公司经营风格,提高盈利能力;学习外资公司的融资经验;并充分运用债务融资,是保险公司提高自身融资能力应考虑的主要方向。
The rapid growth of premium income in the insurance industry has made the solvency an emergency. The downturn in the capital market and the decline in the revenue from the insurance investment business make the insurance industry even worse. Under such a harsh environment, what about the financing ability of insurance companies? In this paper, using the entropy method, the dynamic evaluation method and the Theil index method, this paper dynamically analyzes the comprehensive financing ability of various insurance companies in China from 2007 to 2010 Compares the difference in the comprehensive financing ability of the life insurance industry and the property insurance industry, the big companies and the small companies, the Chinese companies and the foreign-funded companies and the differences in the ability to finance through various financing channels. Data analysis shows that the overall financing ability of the property insurance industry is significantly stronger than that of the life insurance industry as a whole. The financing ability differentiation of the life insurance companies is relatively serious, and the companies of the property insurance industry are more concentrated. The larger insurance companies have a more comprehensive financing capability There is no obvious advantage. The comprehensive financing ability of foreign insurance companies is on the rise. The analysis of financing channels shows that the influence of the internal financing ability of the insurance industry has been weak, while the impact of debt financing and equity financing has been basically equal, and the influence of equity financing has been on the rise. The final analysis shows that the balance between the development of investment and business operations to protect and reliance on capital markets; change the company’s operating style and improve profitability; learning foreign capital financing experience; and make full use of debt financing, insurance companies to improve their own financing ability should Consider the main direction.