險業的財務邀全與清償能力一直是各國監理機關維持金融穩定的重要政策，因此本文的主要目的才以完整的資本結構理論模式為基礎，透過國內產險公司民八十二至九十年的財務資料並運用結構方程模式探討產險公司資本結構變化與風險對獲利能力的影響。本文實證結果發現，當不考慮風險的影響時，資本結構中的負債比率之增加的確會增加公司的獲利能力，而核保風險對產險公司的獲利能力則有負面的影影，顯示愈高的清償力危機愈不利於產險公司的獲利。此外，產險公司的避險程競亦會因產險公司負債比率的增加而增加。故自留業務過低的問題應該是我國產險不司資本額普遍低於最低資本額要求，使得產險公司避險程度增加，進而將承保業務大量地再保所致。

　　　　　The solvency regulation of insurance companies is the most important policy for safety and soundness of insurers by regulator. This paper is to provide evidence than the impact of capital structure and risk on profitability for property-liability industry using by structural equation model. The results showed that the more ability of discharge the less profitability for property-liability industry, since the profitability increases when debt ratio increase, and decreases with underwriting risk, despite the impact of risk. Beside that, the level of hedge has a positive relationship with debt ratio. Therefore, the reason of lower retention is that they have used reinsurance to transfer risk, which was caused by the increasing level of hedge and the capital of company below minimal requirement.