摘要：保险公司的高负债性质，使得保险公司的资本结构与其他行业有着相当大的区别。而保险公司的资本结构分析也相当的重要。这是因为保险公司尤其是寿险公司是必须长期经营的，若是保险公司在资本结构上出了问题，不仅仅是面临公司的破产。一旦有一家保险公司资本结构出现了问题，随之而来的资本金充足问题、偿付能力不足的问题都将可能是造成社会不安的因素。本文通过分析中国人寿保险股份有限公司的资本结构，讨论其资产负债结构的变化、财务杠杆的影响因素从而了解国内保险上市公司是否真的具有足够的偿付能力，以及对未来资本结构优化提出相应的对策和方法。

关键词：资本结构  财务杠杆  偿付能力  保险公司

Abstract：Nature of the insurance company's high debt, making the insurance company's capital structure and other industries have a quite big difference. And the insurance company capital structure analysis is quite important. This is because the insurance company ,especially life insurance companies must be run for a long time, if insurance companies on the capital structure has a problem, is not only facing bankruptcy of the company. Once there was a problem in an insurance company capital structure, followed by a sufficient capital problem, the problem of insufficient solvency will probably cause social unrest. In this paper, by analyzing the capital structure of China life insurance co., LTD., to discuss the change of its assets and liabilities structure, the influence factors of financial leverage to understand domestic insurance really have enough solvency of listed companies, and capital structure optimization in the future was put forward the corresponding countermeasures and methods.

Key words：capital structure  financial leverage  solvency    the insurance company