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

Table 4

Mediating effect test of profitability based on the stepwise regression method.

Variables	Small Chinese-funded		Foreign-funded
	Roa	Solvency	Roa	Solvency
	(1)	(2)	(3)	(4)
Roa		121.422		175.666
		(0.684)		(1.171)
Nonauto	0.004	160.285	0.067	269.925
	(0.101)	(3.908)	(1.701)	(4.022)
Size	0.094	0.044	0.053	50.830
	(7.469)	(0.002)	(4.563)	(1.936)
Loss	0.062	−92.206	−0.015	3.051
	(1.691)	(−2.327)	(−1.961)	(0.262)
Lev	−0.047	−92.620	−0.120	−65.867
	(−1.352)	(−2.343)	(−3.593)	(−1.011)
Geodiv	−0.073	4.206	0.031	−131.055
	(−1.738)	(0.085)	(0.977)	(−2.241)
Invest	0.049	−6.124	0.046	71.231
	(1.483)	(−0.153)	(1.157)	(0.909)
GDP	−0.000	4.761	0.005	−4.059
	(−0.063)	(0.798)	(0.842)	(−0.464)
Interest	−0.012	8.173	−0.004	−7.559
	(−1.723)	(1.054)	(−0.643)	(−0.742)
Constant	−0.691	−22.829	−0.459	−416.230
	(−5.795)	(−0.138)	(−4.375)	(−1.776)
Sample size	104	93	155	115

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