Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect

Table 3

The impact of the business structure of P/L insurance companies on solvency.

Variables	Full sample	Chinese-funded	Large Chinese-funded	Small Chinese-funded	Foreign-funded
	(1)	(2)	(3)	(4)	(5)
Nonauto	182.025	126.532	0.866	160.839	278.471
	(5.871)	(4.900)	(0.078)	(3.938)	(4.166)
Size	18.535	1.793	4.471	8.991	62.998
	(2.076)	(0.271)	(3.626)	(0.595)	(2.608)
Loss	0.149	−60.020	−3.999	−91.854	0.087
	(0.020)	(−2.817)	(−0.764)	(−2.328)	(0.008)
Lev	−73.310	−78.083	−15.031	−94.661	−87.942
	(−2.538)	(−3.096)	(−1.954)	(−2.412)	(−1.407)
Geodiv	−70.265	2.667	−16.284	−1.647	−134.927
	(−2.387)	(0.089)	(−0.480)	(−0.034)	(−2.306)
Invest	44.680	6.151	5.245	−0.498	77.744
	(1.528)	(0.287)	(1.011)	(−0.013)	(0.993)
GDP	−0.084	2.798	0.036	5.021	−3.097
	(−0.022)	(0.990)	(0.071)	(0.847)	(−0.355)
Interest	−2.745	2.069	−0.401	6.828	−8.441
	(−0.611)	(0.599)	(−0.659)	(0.914)	(−0.830)
Constant	−139.510	−7.210	−14.112	−92.191	−510.204
	(−1.574)	(−0.111)	(−0.448)	(−0.706)	(−2.313)
Sample size	318	203	110	93	115

Note. (1) means , means , and means . (2) Below the estimated coefficient () is a robust standard error.