中国产险公司的投资业务对经营效率的影响研究

发布时间：2018-03-16 22:07

本文选题：产险公司　切入点：投资功能　出处：《财经研究》2016年07期 　论文类型：期刊论文

【摘要】：文章主要研究了财产保险公司发展"非传统"的投资业务对经营效率的影响。文章首先通过一个理论模型来说明产险公司的投资功能如何与风险汇聚和损失补偿功能相联系并影响公司经营成果,然后利用2009-2013年中国44家产险公司的面板数据进行了实证分析。研究发现:由于存在范围经济和交叉补贴效应,发展投资业务显著正向影响了产险公司的成本效率;而由于投资收益率不高且投资比例受限,发展投资业务对利润效率的影响方向不确定且效应不显著。这些结论在分样本回归中以及控制了规模变量可能的内生性和非线性效应后仍成立。文章建议监管层逐步放弃投资比例等硬性指标,而更多地关注资本监管和偿付能力监管,提高监管的灵活性。
[Abstract]:This paper mainly studies the influence of the development of "non-traditional" investment business of property insurance company on management efficiency. Firstly, the paper explains how the investment function of property insurance company is related to risk convergence and loss compensation through a theoretical model. Functions are linked to and affect the company's business results, Then we use the panel data of 44 Chinese property insurance companies from 2009-2013 to make an empirical analysis. It is found that the development of investment business has a significant positive impact on the cost efficiency of property insurance companies due to the existence of scope economy and cross-subsidy effect. But because the investment yield is not high and the investment proportion is limited, The influence of investment business on profit efficiency is uncertain and the effect is not significant. These conclusions are still valid after sample regression and the possible endogenous and nonlinear effects of scale variables are controlled. Gradually giving up hard indicators such as investment ratio, And more attention to capital regulation and solvency regulation, improve regulatory flexibility.
【作者单位】：广东外语外贸大学金融学院;中国社会科学院金融研究所;
【基金】：国家社会科学基金重大项目(13&ZD161)
【分类号】：F842.3

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