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Article

О целевой структуре капитала страховых компаний

Полякова М. В., Поляков К. Л.

This article is devoted to the analysis of the existence of target capital structure of insurance companies and empirical testing of wide known capital structure theories for Russian insurance companies. Trade-of and “pecking order” theories were consider and the model that reflects the impact on the capital structure indicators various characteristics of firms was build. Traditional for insurance markets coefficients: net premium / capital ratio and liabilities / active ratio were consider as capital structure indicators. It was showed that trade-of theory is more adequate for Russian insurance market. It was discovered the existence of target capital structure. Such indicators as firm size, the share of premiums transferred to reinsurance, return on assets, return on capital has significant impact on the capital structure. The opportunity to grow, which was estimated as growth in premiums, and the breadth of the range didn’t has significant impact.