倫敦勞依茲市場在全球保險及再保險的市場中扮演舉足輕重的角色。本篇研究使用勞依茲市場2004-2009年間資料，嘗試探討再保險、資本結構和獲利能力三者間的相互影響。過往文獻對於這三個變數之間的雙向關係探討相當稀少，為探討變數間之雙向關係，本篇研究使用聯立方程迴歸模型及二階段最小平方法。

首先，研究結果發現再保險和獲利能力是相互影響的，對於辛迪卡，再保險會降低獲利能力，而獲利能力也同時降低了辛迪卡對再保險的需求。其次，資本結構和獲利能力之間的雙向關係也獲得支持。負債比率的提高會降低辛迪卡的獲利能力，而獲利能力的增加也降低了他們的負債比率。最後，再保險與資本結構之間則只有單向關係，使用越多再保險，辛迪卡將願意承擔越高負債比例。但增加的負債比率並沒有提高辛迪卡對再保險的依賴，可能是由於勞依茲中央保證基金的存在，讓辛迪卡承受風險的意願提高。我們的研究結果支持融資順位理論、風險承擔假說及預期破產成本假說。

Lloyd’s of London is a unique insurance and reinsurance market, playing an important role in the worldwide insurance industry. In this study, we attempt to investigate the relations between Lloyd’s syndicates’ reinsurance, leverage and profitability. We use data on syndicates for the period 2004-2009 and estimate regressions with simultaneous equations model.

The results indicate that there are two way relations between reinsurance and profitability. For a syndicate, reinsurance can negatively affect profitability, and profitability also reduces the reinsurance dependence. The two way relationship between leverage and profitability is also evidenced. Syndicates’ leverage has negatively effects on their profitability, and high profitability can reduce their leverage level as well. However, the two way relation between reinsurance and leverage is only partly supported. The findings indicate that reinsurance can positively affects leverage, but the reverse causality is not supported. Our findings is consistent with pecking order theory, risk bearing hypothesis, expected bankruptcy cost hypothesis.

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