中国保险公司多元化经营与绩效的关系研究

发布时间：2017-12-31 11:04

本文关键词：中国保险公司多元化经营与绩效的关系研究　出处：《浙江大学》2016年博士论文　论文类型：学位论文

【摘要】：保险是国民经济的重要组成部分,保险行业的持续有序发展关系到经济运行与社会稳定的各个方面。随着我国保险行业相关法规的修订以及新政策的推出,我国保险行业蓬勃发展,市场结构发生着巨大的变化。保险公司纷纷采取产品多元化和区域多元化的措施,提升经营绩效,提高自身竞争力,而保险行业市场结构、保险公司经营行为与绩效之间的联系也逐渐成了学术界讨论的焦点。在产业组织理论中,E.Mason和S.Bain(1951)提出的SCP范式具有里程碑意义。该理论认为,市场结构,企业行为和经营绩效是环环相扣的。本文以SCP范式为研究框架,分析了我国保险市场结构影响下的保险公司多元化经营对经营绩效的影响。本文对保险行业市场结构、多元化经营以及经营绩效相关理论和研究方法的进行了回顾,梳理了我国保险行业多元化经营的发展历史与区域不平衡的特征。本文据此认为,保险公司多元化经营作为SCP范式中企业行为的中间一环,一方面受到市场结构的影响,具体表现在市场结构二元性——垄断与竞争——对产品多元化的影响,以及区域发展不平衡对区域多元化的影响,一方面又是保险公司经营绩效的重要决定因素。由此,本文以SCP范式中“市场结构-企业行为-经营绩效”的结构为基础一一对应地构建了“市场结构-多元化经营-经营绩效”的研究框架。本文使用了实证研究的方式,对本文提出的观点进行了检验。本文的实证研究分为三个层面,并分别探讨了三个问题：1、在保险公司省级单位层面上,本文讨论了产品多元化对保险公司业务收益的影响。首先,本文分析了2005年至2013年间共8971个保险公司省级单位观察值,简单阐述了市场结构二元性与产品多元化的关系,并由此构造了受省份市场结构影响的产品多元化新变量作为实证检验的主要自变量,即按照市场结构,将产品多元化的效果区分为“受市场垄断影响”和“受市场竞争影响”两个部分。通过预处理,我们删选出了7500个保险公司省级单位观察值作为样本,对其进行了固定效应面板模型回归,分析了保险公司产品多元化对经营绩效的影响。实证结果显示,产品多元化从整体上提升了保险公司的业务收益。本文利用预处理所构建的新变量——“受市场垄断影响”和“受市场竞争影响”的产品多元化——对该结果进行了更深入的探讨,证明了受省份市场竞争程度影响的产品多元化才是提高保险公司业务收益的真正原因,而受省份市场垄断程度影响的产品多元化对保险公司业务收益影响并不显著。2、在保险公司整体层面上,本文讨论了保险公司产品多元化对全要素生产率的影响。本文综合运用Levinsohn-Petrin半参数方法、OLS方法、非线性估计方法计算了2005年至2013年间32家财产保险公司和46家人身保险公司的全要素生产率,构成了总计301个观察值的样本。随后,本文研究了保险公司产品多元化对全要素生产率的影响。结果显示,产品多元化提升了保险公司全要素生产率,且实际造成影响的部分是受市场竞争程度影响的产品多元化；财产保险公司的结论和保险公司整体结论相同,人身保险公司对产品多元化的效果不敏感,这是由于人身保险公司的市场结构更为垄断所导致的。3、在保险公司市级子公司的层面上,本文讨论了区域多元化对保险公司业务拓展的影响。首先,以产业空间聚集理论为基础,本文构建了新的具有指向性的保险公司子公司选址变量,该指标能够更好地刻画了保险公司设立子公司在地理位置上对经济中心的依赖程度,反映了我国保险市场区域发展不平衡的现状。而后,我们以该变量和保险公司子公司业务集中度作为衡量保险公司区域多元化的指标,以114家保险公司,总计578个观察值为样本,实证检验了区域多元化对保险公司业务拓展的影响。结果显示,保险公司区域多元化显著提高保险公司的业务收益与其增长率。结合前两个实证研究的结果,本文不仅验证了现有文献中研究保险公司产品多元化相关结论的正确性,并对此现象提供了更进一步的研究结论。结合市场结构二元性,通过研究保险公司产品多元化对业务收益和全要素生产率的影响,证明了市场竞争的有益性和产品多元化的有效性,为保险市场结构优化提供了理论依据,为保险公司多元化经营措施给出了标准。以保险公司区域多元化的实证结果为依据,本文为保险公司区域多元化研究提供了新的观点和研究视角,即不仅仅以现有文献中常用的业务集中度来衡量区域多元化,更从地理距离以及区域发展不平衡的视角去观察和测度区域多元化,从而提出了更为稳健的结论,在保险公司业务拓展战略和子公司选址方面具有参考价值。本文的主要创新点有以下几个方面：第一,本文依据市场结构的二元性将保险公司产品多元化的效果进行了分类,讨论了不同市场结构影响下的产品多元化对业务收益与全要素生产率的作用。这一结果比已有结果更精确地描述了产品多元化对保险公司经营绩效的影响机制,为保险市场结构优化以及保险公司产品多元化实施方案提供了依据。第二,本文使用Levinsohn-Petrin半参数估计方法计算保险公司全要素生产率,并使用OLS方法和非线性估计方法对其结果进行了检验。该方法是对当前学术界计算保险公司全要素生产率的主流方法,即生产前沿面方法(DEA,SFA),的一种改进。我们使用的Levinsohn-Petrin半参数估计方法能够有效消除投入要素、产出要素和全要素生产率之间的内生关系所带来的估计误差,因此比生产前沿面方法更为精确稳健。第三,我们构建了新的具有指向性的指标描述保险公司子公司选址情况,以此测算保险公司子公司选址对经济中心的依赖程度。与既有文献中使用的区域多元化程度的测算方法相比,我们的方法更符合我国区域经济发展不平衡的国情,具有更高的现实性和准确性。
[Abstract]:Insurance is an important part of the national economy, the insurance industry's sustained and orderly development in relation to economic operation and social stability. With the introduction of amendments to China's insurance industry related laws and regulations and the new policy, China's insurance industry is booming, changing the market structure. The insurance companies have adopted product diversification and regional the measures of diversification, improve business performance, improve their own competitiveness, and the insurance industry market structure, conduct and performance between the insurance company also has gradually become the focus of academic discussion. In the theory of industrial organization, E.Mason and S.Bain (1951) has proposed the SCP paradigm. Milepost meaning that the market structure of the theory. The behavior of enterprises and business performance are closely interlinked. Taking the SCP model as the research framework, analyzes the influence of the structure of China's insurance market under multiple insurance companies Effect of management on business performance. The insurance industry market structure, diversification and performance related theories and research methods were reviewed, the characteristics of China's insurance industry, combing the development history and the diversification of the regional imbalance. The thesis holds that the insurance company diversification as the enterprise behavior in middle SCP paradigm a ring, has been affected by the market structure, the specific performance in the market structure of two yuan of monopoly and competition -- influence on product diversification, and unbalanced regional development impact on regional diversification, one hand is an important decision of insurance company's management performance factors. Hence, based on the SCP paradigm of "market structure enterprise behavior performance" structure based one-to-one to construct "market structure diversification performance" of the research framework. This paper uses empirical research methods, on the views of this paper are examined. The empirical study of this paper is divided into three parts, and separately discusses three questions: 1, the insurance company in the provincial level, this paper discusses the influence of product diversification of business income of insurance companies. Firstly, this paper analyzes the 2005 to 2013 a total of 8971 insurance companies, provincial units observed values, simply expounds the relationship between the market structure of two yuan and diversified products, and thus constructed provinces affected the market structure of new product diversification variables as independent variables of the empirical test, in accordance with market structure, product diversification effect is divided into "market monopoly effect" and "market competition" in two parts. Through the pretreatment, we delete the selected 7500 insurance companies, provincial units of observations as samples, carries on the fixed Regression effect panel model, analysis of the impact of the insurance company product diversification on operating performance. The empirical results show that product diversification to enhance the business income of the insurance company as a whole. The new variable is constructed in this paper using the pretreatment of "market monopoly" and "affected" market competition, the results of product diversification for a more in-depth discussion, proved by the degree of provinces influence market competition product diversification is the only way to improve the real cause of business income of insurance company, product diversification and market monopoly influence on provinces influence insurance company business income is not significant at the level of.2, the insurance company on the whole, this paper discusses the influence of the insurance company's products the diversification of total factor productivity. This paper uses Levinsohn-Petrin semi parametric method, OLS method, calculation method of 200 nonlinear estimation Total factor productivity of 5 to 2013 years of 32 property insurance companies and 46 life insurance companies, a total sample of 301 observations. Then, this paper studies the effect of insurance company product diversification on TFP. The results showed that the diversification of products to enhance the insurance company TFP, and the actual result the influence of part is affected by the degree of market competition of product diversification; property insurance company and the insurance company's overall conclusion is not sensitive to the same conclusion, the effect of insurance companies on product diversification, this is due to the market structure of life insurance companies is more monopoly caused by.3, the insurance company subsidiary of municipal level, this paper discusses the influence of regional diversification of insurance company business development. First of all, based on industry spatial agglomeration theory, this paper constructs a new direction of the insurance company Our subsidiary location variables, the index can better describe the insurance companies to set up subsidiaries in location dependent on economic center, reflecting the situation of the regional development of China's insurance market imbalance. Then, we used the variables and insurance subsidiary business concentration as a measure of regional diversity index of insurance company in 114, an insurance company, a total of 578 observations as sample, an empirical analysis of the influence of regional diversification of insurance company business development. The results showed that the regional diversification of insurance companies significantly improve the business income of the insurance company and its growth rate. Combined with the empirical research on the first two results, this paper not only verified the correctness of the existing literature study on insurance company product diversification related conclusions, and this phenomenon provides the conclusion further study. Combined with the market structure of two yuan, through the research of insurance The company product diversification effect on business income and total factor productivity, proved beneficial market competition and diversification of products effectively, and provides a theoretical basis for the insurance market structure optimization, in order to give the insurance company diversification measures standard. To the insurance company according to the results of empirical regional diversification, this paper provides a new point of view and research perspective for regional diversification of insurance company, which is not only to the commonly used in the existing literature to measure the regional concentration of business diversification, more from the geographical distance and the unbalanced regional development angle of view to observe and measure the regional diversification, to propose a more robust conclusions, in the insurance company and the subsidiary company has the business strategy reference location. The main innovations of this paper are as follows: first, two yuan of the structure according to the market will be public insurance Our product diversification effect are classified and discussed the influence of different market structures of product diversification on business income and total factor productivity. This result is more accurate than the existing results describing the influence mechanism of product diversification on the performance of the insurance company, provides the basis for the implementation of structure optimization of insurance market and insurance products the diversification of the program. Second, this paper use the Levinsohn-Petrin method to calculate the insurance company TFP estimation in semiparametric estimation method, and the results are verified using the OLS method and nonlinear. This method is the main method to calculate the total factor productivity of insurance companies in the current academic circles, namely the production frontier method (DEA, SFA), a improved. We use the semi parametric Levinsohn-Petrin estimation method can effectively eliminate the input factors, output factors and total factor productivity The relationship between endogenous estimation error caused by the ratio of production frontier method is more accurate and robust. Third, we construct a new direction of the index of insurance company subsidiary location, in order to measure the insurance company subsidiary on the location of the economic center of the dependent degree. Compared with the existing calculation method of area the degree of diversification in the literature use, our method is more in line with China's unbalanced regional economic development situation, which has realistic and higher accuracy.

【学位授予单位】：浙江大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F842.3

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