偿付能力监管制度改革与保险公司成本效率——基于中国财险市场的经验数据

doi:10.12094/1002-7246(2017)04-0128-15

摘要
参考文献
相关文章
推荐阅读

下载:

PDF (1226KB)
输出: BibTeX | EndNote (RIS)

摘要中国第二代以风险为导向的偿付能力监管体系从2015年一季度起在保险市场试运行。本文比较研究了偿二代实施前后保险行业成本效率的变化。以2013－2015年间中国财险公司数据为样本,利用带有中间产出的成本函数模型,将金融中介活动和风险管理活动看作财险公司的中间产出,评估了财险公司的成本效率。通过对“偿一代”与“偿二代”下效率分数和影子价格的比较,本文得出三个结论:首先,金融中介活动在偿一代和偿二代下都被过度利用,但是在偿二代下过度程度有所减少;其次,偿二代下财险公司的风险管理活动显著增加,其中小型财险公司增加最多,且其仍有最大的提升空间;最后,偿一代与偿二代下财险公司的整体平均效率改变很小,小型和大型财险公司的效率有所提升,但中型财险公司的效率有所下降。本文的结果说明在偿二代下,财险公司应抑制部分金融中介活动,加强风险管理体系建设,以求经营效率的提升。

	服务
	把本文推荐给朋友
	加入引用管理器
	E-mail Alert
	RSS
	（）
	作者相关文章
	周桦
	张娟

关键词: 偿二代成本效率保险监管

Abstract: The purpose of this paper is to investigate how insurers’ cost efficiency changed after the implementation of C-ROSS relative to the first-generation system (C-SI). Based on the data from 2013-2015, we evaluate the cost efficiency of China non-life insurers by using an econometric model with intermediate outputs. By comparing the efficiency scores and shadow prices of intermediate activities, we find that: 1) The financial intermediation activities are over used in both C-ROSS and C-SI so that it is likely to further reduce costs by decreasing the quantities of these activities; 2) The risk management activities, although being improved, still have large potential to be utilized to improve insurers’ cost efficiency, especially for small insurers; 3) The overall efficiency score changed very small. The results suggest that Chinese non-life insurers should spend more effort to improve their risk management abilities and diversify investment risks in order to improve cost efficiency.

Key words: C-ROSS Cost Efficiency Insurance Regulation

JEL分类号:

G22

基金资助: 教育部人文社科重点研究基地重大项目(15JJD790036)“偿二代体系下我国保险公司资产负债管理量化研究”

作者简介: 周桦,经济学博士,副教授,中国精算师,中央财经大学保险学院/中国精算研究院,Email:zhouh@cufe.edu.cn.张娟,博士研究生,美国天普大学(TempleUniversity),Email:juan.zhang@temple.edu.

引用本文:

周桦, 张娟. 偿付能力监管制度改革与保险公司成本效率——基于中国财险市场的经验数据[J]. 金融研究, 2017, 442(4): 128-142.
ZHOU Hua, ZHANG Juan. Reform of Insurance Solvency Supervision and Cost Efficiency of Insurers:On the Data of China’s Non-Life Insurance Market. Journal of Financial Research, 2017, 442(4): 128-142.

链接本文:

http://www.jryj.org.cn/CN/10.12094/1002-7246(2017)04-0128-15 或 http://www.jryj.org.cn/CN/Y2017/V442/I4/128

[1]	黄薇,2009,《中国保险机构资金运用效率研究:基于资源型两阶段DEA 模型》,《经济研究》第8期,第37~49页。
	黄薇,2009,《中国保险机构资金运用效率研究:基于资源型两阶段DEA 模型》,《经济研究》第8期,第37~49页。
[2]	黄薇和杨锋,2012, 《中国寿险业营销效率评价研究》,《金融研究》第2期,第113~126页。
	黄薇和杨锋,2012, 《中国寿险业营销效率评价研究》,《金融研究》第2期,第113~126页。
[3]	李克成,2005, 《国内寿险公司经营效率实证分析》,《保险研究》第2期,第37~41页。
[4]	李晓林,2014,《保险公司风险管理的新视角——经济资本》,《长安保险》, 2014年9月,网址:http://www.capli.com.cn/detail/200912/detail_3142.html。
[3]	李克成,2005, 《国内寿险公司经营效率实证分析》,《保险研究》第2期,第37~41页。
[4]	李晓林,2014,《保险公司风险管理的新视角——经济资本》,《长安保险》, 2014年9月,网址:http://www.capli.com.cn/detail/200912/detail_3142.html。
[5]	刘志迎、孙文平和李静,2007,《中国财产保险业成本效率及影响因素的实证研究》,《金融研究》第4期,第87~99页。
	刘志迎、孙文平和李静,2007,《中国财产保险业成本效率及影响因素的实证研究》,《金融研究》第4期,第87~99页。
[6]	赵桂芹,2009,《我国产险业资本投人效率及对经营绩效影响的实证分析》,《金融研究》第12期,第175~187页。
	赵桂芹,2009,《我国产险业资本投人效率及对经营绩效影响的实证分析》,《金融研究》第12期,第175~187页。
[7]	Banker, R. D. and R. Natarajan, 2008, “Evaluating Contextual Variables Affecting Productivity Using Data Envelopment Analysis,”Operations Research, 56, pp. 48~58.
	Banker, R. D. and R. Natarajan, 2008, “Evaluating Contextual Variables Affecting Productivity Using Data Envelopment Analysis,”Operations Research, 56, pp. 48~58.
[8]	Barth, J. R., G. Caprio Jr, and R. Levine, 2004, “Bank Regulation and Supervision: What Works Best,”Journal of Financial Intermediation, 13, pp. 205~248.
	Barth, J. R., G. Caprio Jr, and R. Levine, 2004, “Bank Regulation and Supervision: What Works Best,”Journal of Financial Intermediation, 13, pp. 205~248.
[9]	Barth, J. R., C. Lin, Y. Ma, J. Seade, and F. M. Song, 2013, “Do Bank Regulation, Supervision and Monitoring Enhance or Impede Bank Efficiency,”Journal of Banking and Finance, 37, pp. 2879~2892.
	Barth, J. R., C. Lin, Y. Ma, J. Seade, and F. M. Song, 2013, “Do Bank Regulation, Supervision and Monitoring Enhance or Impede Bank Efficiency,”Journal of Banking and Finance, 37, pp. 2879~2892.
[10]	Battese, G.E. and T. Coelli, 1995, “A Model for Technical Inefficiency Effects in Stochastic Frontier Production Function for Panel Data,” Empirical Economics, 20, pp. 325~332.
	Battese, G.E. and T. Coelli, 1995, “A Model for Technical Inefficiency Effects in Stochastic Frontier Production Function for Panel Data,” Empirical Economics, 20, pp. 325~332.
[11]	Cummins, J.D., G.Dionne, R. Gagné, and A. H. Nouira, 2009, “Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation Activities,” Journal of Productivity Analysis, 32(2), pp. 145~159.
	Cummins, J.D., G.Dionne, R. Gagné, and A. H. Nouira, 2009, “Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation Activities,” Journal of Productivity Analysis, 32(2), pp. 145~159.
[12]	Cummins, J.D. and G. P. Nini, 2002, “Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry,”Journal of Financial Services Research, 21, pp. 15~53.
	Cummins, J.D. and G. P. Nini, 2002, “Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry,”Journal of Financial Services Research, 21, pp. 15~53.
[13]	Cummins, J.D. and M. Rubio-Misas, 2006, “Deregulation, Consolidation, and Efficiency: Evidence from the Spanish Insurance Industry,” Journal of Money, 38(2), pp. 323~355.
	Cummins, J.D. and M. Rubio-Misas, 2006, “Deregulation, Consolidation, and Efficiency: Evidence from the Spanish Insurance Industry,” Journal of Money, 38(2), pp. 323~355.
[14]	Cummins, J.D. and M.A. Weiss, 1993, “Measuring Cost Efficiency in the Property-Liability Insurance Industry,”Journal of Banking and Finance, 17, pp. 463~481.
	Cummins, J.D. and M.A. Weiss, 1993, “Measuring Cost Efficiency in the Property-Liability Insurance Industry,”Journal of Banking and Finance, 17, pp. 463~481.
[15]	Cummins, J.D., M.A. Weiss, and H. Zi, 1999, “Organizational Form and Efficiency: The Coexistence of Stock and Mutual Property-Liability Insurers,”Management Science, 45(9), pp. 1254~1269.
	Cummins, J.D., M.A. Weiss, and H. Zi, 1999, “Organizational Form and Efficiency: The Coexistence of Stock and Mutual Property-Liability Insurers,”Management Science, 45(9), pp. 1254~1269.
[16]	Cummins, J.D. and X. Xie, 2008, “Mergers and Acquisitions in the US Property-liability Insurance Industry: Productivity and Efficiency Effects,” Journal of Banking and Finance, 32, pp. 30~55.
	Cummins, J.D. and X. Xie, 2008, “Mergers and Acquisitions in the US Property-liability Insurance Industry: Productivity and Efficiency Effects,” Journal of Banking and Finance, 32, pp. 30~55.
[17]	Cummins, J.D. and X. Xie, 2013, “Efficiency, Productivity, and Scale Economies in the U.S. Property-liability Insurance Industry,” Journal of Productivity Analysis, 39, pp. 141~164.
	Cummins, J.D. and X. Xie, 2013, “Efficiency, Productivity, and Scale Economies in the U.S. Property-liability Insurance Industry,” Journal of Productivity Analysis, 39, pp. 141~164.
[18]	Cummins, J.D. and H. Zi, 1998, “Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry,” Journal of Productivity Analysis, 10(2), pp. 131~152.
	Cummins, J.D. and H. Zi, 1998, “Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry,” Journal of Productivity Analysis, 10(2), pp. 131~152.
[19]	Gardner, L. A., and M. F. Grace, 1993, “X-Efficiency in the USLife Insurance Industry,” Journal of Banking and Finance, 17, pp. 497~510.
	Gardner, L. A., and M. F. Grace, 1993, “X-Efficiency in the USLife Insurance Industry,” Journal of Banking and Finance, 17, pp. 497~510.
[20]	Greene, W. H. and D. Segal, 2004, “Profitability and Efficiency in the U.S. Life Insurance Industry,” Journal of Productivity Analysis, 21(3), pp. 229~247.
	Greene, W. H. and D. Segal, 2004, “Profitability and Efficiency in the U.S. Life Insurance Industry,” Journal of Productivity Analysis, 21(3), pp. 229~247.
[21]	Halvorsen, R. and T. R. Smith, 1991, “A Test of the Theory of Exhaustible Resources,”The Quarterly Journal of Economics, 106(1), pp. 123~140.
	Halvorsen, R. and T. R. Smith, 1991, “A Test of the Theory of Exhaustible Resources,”The Quarterly Journal of Economics, 106(1), pp. 123~140.
[22]	Jametti, M. and T. V. Ungern-Sternberg, 2005, “Assessing the Efficiency of an Insurance Provider—A Measurement Error Approach,” Geneva Risk and Insurance Review, 30, pp. 15~34.
	Jametti, M. and T. V. Ungern-Sternberg, 2005, “Assessing the Efficiency of an Insurance Provider—A Measurement Error Approach,” Geneva Risk and Insurance Review, 30, pp. 15~34.
[23]	Klomp, J. and H. Haan, 2012, “Banking Risk and Regulation: Does One Size Fit All,”Journal of Banking and Finance, 36, pp. 3197~3212.
	Klomp, J. and H. Haan, 2012, “Banking Risk and Regulation: Does One Size Fit All,”Journal of Banking and Finance, 36, pp. 3197~3212.
[24]	Klumpes, Paul J. M., 2004, “Performance Benchmarking in Financial Services: Evidence from the UK Life Insurance Industry,”The Journal of Business, 77(2), pp. 257~273.
	Klumpes, Paul J. M., 2004, “Performance Benchmarking in Financial Services: Evidence from the UK Life Insurance Industry,”The Journal of Business, 77(2), pp. 257~273.
[25]	Laeven, L. and R. Levine, 2009, “Bank Governance, Regulation and Risk Taking,”Journal of Financial Economics, 93, pp. 259~275.
	Laeven, L. and R. Levine, 2009, “Bank Governance, Regulation and Risk Taking,”Journal of Financial Economics, 93, pp. 259~275.
[26]	Yuengert, A. M., 1993, “The Measurement of Efficiency in Life Insurance: Estimates of A Mixed Normal-Gamma Error Model,”Journal of Banking and Finance, 17, pp. 483~496.
	Yuengert, A. M., 1993, “The Measurement of Efficiency in Life Insurance: Estimates of A Mixed Normal-Gamma Error Model,”Journal of Banking and Finance, 17, pp. 483~496.
[27]	Zhao,Y.,2014,“China’s C-ROSS: A New Solvency System Down the Road,”The Actuary Magazine 11(1),pp.15~18.
	Zhao,Y.,2014,“China’s C-ROSS: A New Solvency System Down the Road,”The Actuary Magazine 11(1),pp.15~18.

[1]	刘威, 黄晓琪. 经济政策不确定性、地区文化与保险需求[J]. 金融研究, 2019, 471(9): 39-56.
[2]	段白鸽, 王永钦, 夏梦嘉. 金融创新如何缓解信任品市场失灵？——中国食品安全责任强制保险的自然实验[J]. 金融研究, 2019, 471(9): 75-93.
[3]	李丁, 丁俊菘, 马双. 社会互动对家庭商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析[J]. 金融研究, 2019, 469(7): 96-114.
[4]	刘子宁, 郑伟, 贾若, 景鹏. 医疗保险、健康异质性与精准脱贫——基于贫困脆弱性的分析[J]. 金融研究, 2019, 467(5): 56-75.
[5]	刘伟, 许宪春, 汤美微. 国民经济核算视角下的保险产出及中国的实证[J]. 金融研究, 2018, 460(10): 174-188.
[6]	汤莹玮. 信用制度变迁下的票据市场功能演进与中小企业融资模式选择[J]. 金融研究, 2018, 455(5): 37-46.
[7]	边文龙, 王向楠. 投资职能对保险公司风险的影响研究[J]. 金融研究, 2017, 450(12): 158-173.
[8]	范庆祝, 贾若, 孙祁祥. 寿险供给侧指标对寿险消费的影响——基于寿险供给质量、动能和效率的视角[J]. 金融研究, 2017, 447(9): 115-129.
[9]	邵全权, 王博, 柏龙飞. 风险冲击、保险保障与中国宏观经济波动[J]. 金融研究, 2017, 444(6): 1-16.
[10]	秦芳, 王文春, 何金财. 金融知识对商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析[J]. 金融研究, 2016, 436(10): 143-158.
[11]	卓志, 段胜. 中国巨灾保险制度:政府抑或市场主导？——基于动态博弈的路径演化分析[J]. 金融研究, 2016, 434(8): 85-94.
[12]	耿志祥, 孙祁祥. 金融危机和自然灾害对保险股票市场的影响与溢出效应检验[J]. 金融研究, 2016, 431(5): 65-81.
[13]	樊纲治, 王宏扬. 家庭人口结构与家庭商业人身保险需求——基于中国家庭金融调查(CHFS)数据的实证研究[J]. 金融研究, 2015, 421(7): 170-189.

[1]	王曦, 朱立挺, 王凯立. 我国货币政策是否关注资产价格？——基于马尔科夫区制转换BEKK多元GARCH模型[J]. 金融研究, 2017, 449(11): 1 -17 .
[2]	刘勇政, 李岩. 中国的高速铁路建设与城市经济增长[J]. 金融研究, 2017, 449(11): 18 -33 .
[3]	况伟大, 王琪琳. 房价波动、房贷规模与银行资本充足率[J]. 金融研究, 2017, 449(11): 34 -48 .
[4]	祝树金, 赵玉龙. 资源错配与企业的出口行为——基于中国工业企业数据的经验研究[J]. 金融研究, 2017, 449(11): 49 -64 .
[5]	陈德球, 陈运森, 董志勇. 政策不确定性、市场竞争与资本配置[J]. 金融研究, 2017, 449(11): 65 -80 .
[6]	牟敦果, 王沛英. 中国能源价格内生性研究及货币政策选择分析[J]. 金融研究, 2017, 449(11): 81 -95 .
[7]	高铭, 江嘉骏, 陈佳, 刘玉珍. 谁说女子不如儿郎？——P2P投资行为与过度自信[J]. 金融研究, 2017, 449(11): 96 -111 .
[8]	吕若思, 刘青, 黄灿, 胡海燕, 卢进勇. 外资在华并购是否改善目标企业经营绩效？——基于企业层面的实证研究[J]. 金融研究, 2017, 449(11): 112 -127 .
[9]	姜军, 申丹琳, 江轩宇, 伊志宏. 债权人保护与企业创新[J]. 金融研究, 2017, 449(11): 128 -142 .
[10]	刘莎莎, 孔高文. 信息搜寻、个人投资者交易与股价联动异象——基于股票送转的研究[J]. 金融研究, 2017, 449(11): 143 -157 .

Viewed

Full text

Abstract

Cited

Shared

Discussed