中文摘要：

利用2009-2014年45家财产险公司的面板数据,本文构建了针对我国产险业资本、偿付能力和风险调整的门限回归联立方程,研究了产险公司资本和风险调整的异质性特征。门限效应的检验结果表明,资本调整的行动临界值分别是167.42%和368.51%,承保风险调整的行动临界值分别是362.94%和189.99%。门限回归模型的估计结果表明,虽然在监管高压区监管压力对资本和承保风险调整起到了一定的约束作用,但是整体而言,资本和承保风险、投资风险的良性作用机制尚未形成;监管中压区公司资本和风险调整的作用机制要优于监管高压区和监管低压区,各财产保险公司需要实现资本和风险的合理匹配和良性互动,使自身处于＂监管适度＂的健康环境中。

英文摘要：

Using the panel data of 46 property insurance companies from 2009 to 2014,this paper constructs threshold effect simultaneous equations in relation to their capital,solvency and risk adjustment to study the regulatory threshold effect and heterogeneity characteristics of capital and risk adjustment. We find that,there are two thresholds for the underwriting risk,which are 362.94% and 189.99%,and there are also two thresholds for the capital adjustment,which are 167.42% and 368.51%. The results of threshold regression model show that,although regulatory pressure has some constraint effect on capital and risk adjustment,property insurance companies have not formed benign interaction mechanism. We also find that the benign interaction mechanism between capital and risk adjustment of middle regulatory pressure region is better than that of low regulatory pressure region and high regulatory pressure region,so property insurance companies should position themselves in the moderate supervision environment.