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

Table 5

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

Variables	Small Chinese-funded		Foreign-funded
	Rein	Solvency	Rein	Solvency
	(1)	(2)	(3)	(4)
Rein		303.340		287.030
		(5.950)		(3.135)
Nonauto	0.181	107.043	0.373	166.836
	(2.279)	(3.126)	(5.547)	(2.285)
Size	−0.005	12.104	−0.010	54.491
	(−0.208)	(0.990)	(−0.482)	(2.349)
Loss	−0.110	−46.726	0.020	−6.465
	(−1.520)	(−1.425)	(1.594)	(−0.583)
Lev	−0.042	−84.070	−0.068	−67.155
	(−0.616)	(−2.645)	(−1.177)	(−1.120)
Geodiv	0.106	−30.085	−0.026	−94.173
	(1.283)	(−0.762)	(−0.476)	(−1.644)
Invest	0.097	−24.628	−0.196	131.323
	(1.481)	(−0.776)	(−2.841)	(1.713)
GDP	0.005	3.009	−0.002	−3.257
	(0.407)	(0.626)	(−0.177)	(−0.391)
Interest	−0.020	13.547	−0.009	−9.605
	(−1.384)	(2.204)	(−0.858)	(−0.989)
Constant	0.073	−129.676	0.354	−516.865
	(0.310)	(−1.226)	(1.968)	(−2.456)
Sample size	104	93	155	115

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