新保险模型在我国非寿险公司资本结构风险管理中的运用.docxVIP

balance sheet includes: senior debt, hybrid capital, equity capital and insurance-linked securities. Capital not listed in balance sheet includes: contingent capital, insurance and insurance derivatives. In the paper, the significance of introduction of the insurative model for non-life insurance companies is in two aspects: First, the expansion of the non-life insurance companies’ financing channels can optimize the capital structure. Second, new types of risk management instruments can reduce the risk of capital structure. The status of Chinese non-life insurance companies’ capital structure is discussed in Chapter Four. Chinese existing financing channels include equity capital, subordinated debt and so on. The necessity, feasibility and constraints of introduction of the insurative model to non-life insurance companies in China are discussed. In the last chapter, non-life insurance companies’ system on risk management of capital structure is established. We get conclusions that we can use the insurative model to strengthen Chinese non-life insurance companies’ capital structure management and reduce cost of capital. An example is given to illustrate that the purchasing of insurance may decrease the cost of capital. Although many aspects restrict the use of the insurative model in non-life insurance companies in China, the insurative model will play an important role in capital structure risk management in Chinese non-life insurance companies. At last, several suggestions are proposed to strengthen the risk management of capital structure. The main innovations in the paper are as follows: The insurative model in non-life insurance companies’ capital structure management strategy is discussed to diversify financing and manage risk of capital structure. The insurative model integrates non-life insurance companies’ capital structure management and risk management. More efforts should be made in the further research in the following three aspects. First，the calculat