Abstract: Life insurance companies need more capitals because of the premium increasing in these years. But the solvency hasn’t been changed at all. Life insurance companies were urgent to find a way to increase the comprehensive financing capability. Using entropy method and dynamic evaluation, the comprehensive financing capacity of Chinese life insurance market were analyzed from 2007 to 2010. The results showed that big companies have obviously advantages in comprehensive financing capacity. According with the weight of financing channel, internal financing was the smallest one; equity financing was more important than that of debt financing. That showed life insurance companies in China also prefer to publish stocks. Each company performed differently in each financing channel. Those big companies performed very well in the internal financing because of the higher profit ratio. But they didn’t have obviously advantages in debt and equity financing. The financing capacity of foreign life insurance companies should been improved in the future as they performed not very well either in the comprehensive financing capability or each channel. At last, we found insurance companies should improve the profit if they want to improve the comprehensive financing capacity.

摘要： 寿险业近年的融资量不断增加，但偿付能力却未根本改变。本文利用熵值法和动态评价法，计算了各寿险公司2007-2010年的综合融资能力，分析了综合融资能力的差异，以及在内部融资、债务融资和股权融资的表现差异和融资特征。分析结果表明，大型公司的综合融资能力具有明显优势；内部融资能力对寿险公司的影响一直较弱，股权融资的影响力度略大于债务融资，中国寿险业具有明显的股权融资偏好。而且，大公司具有较强的内部融资能力，但在债务融资和股权融资方面没有明显优势；同时，外资寿险公司的综合融资能力普遍不高，在各融资渠道方面都有待改善。