寿险公司偿付能力影响因素的实证分析

以偿付能力充足率作为衡量公司偿付能力状况的指标，运用灰色关联模型，分析对寿险公司偿付能力有重大影响的内外部因素。影响因素的选取基于已有研究的定量分析结果，寿险公司按照公司规模划分为大中小三类。实证结果表明，2013年造成各寿险公司偿付能力差异最主要的内部因素是公司规模和投资收益率，同一因素对不同规模的寿险公司的影响程度存在较大差异，因此针对不同规模的寿险公司，监管者和公司管理层在防范偿付能力风险时侧重点应有所不同。

An Empirical Analysis of Influencing Factors for Life Insurer Solvency

With solvency margin ratio as an index for measuring solvency capability, the internal and external factors influencing life insurer solvency capability are analyzed by adopting the GRA model. These influencing factors are selected based on previous results of quantitative studies, and the life insurers are classified into three categories according to their size. The empirical results show that the finn size and investment yield are the main internal factors resulting in the different solvency capability, the influencing degree of the same factor is significantly different for life insurers of different sizes, and that the supervisor and finn management should have different focuses in predicting solvency capability risks according to the different firm sizes.