中国保险业交易成本制度研究
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摘要
在过去的20多年中,中国是世界上增长最快的保险市场之一,并且一直在进行金融体制改革,这场改革的本质是制度结构的变迁。尽管“制度是起作用的”观点现在已基本上为大多数经济学家所接受,但制度是如何起作用的依然是一个有价值的理论领域。本文的目的是在现代产业组织理论S-C-P范式的基础上,发展出“制度结构(IS)-行为(C)-绩效(P)”理论框架,并在这一框架下研究中国保险业交易成本制度。
文章将保险交易成本定义为投保人承担的超过精算公平保费的资源消耗,将基于保险合约的交易成本承担机制的各种影响保险交易行为的博弈规则定义为保险交易成本制度,包括各种正式的制度安排和非正式制度,并将制度之间的组合与关系定义成制度结构。在对基本假设和核心概念进行陈述的基础上,文章先探讨了制度结构、行为与绩效之间的关系。
然后研究了制度对保险业市场结构演变的影响,发现制度对我国保险业的市场集中、进入和退出壁垒、企业规模等市场结构基本要素起决定作用。接下来研究了制度结构如何对保险公司经营绩效产生影响,2005年横截面数据的实证结果表明:至少有85%的中小型公司是规模报酬递增的,但市场份额较高的几家国有保险公司和市场扩张过快的保险公司均表现出报酬递减,无论是产险还是寿险都不存在基于产品的范围经济。用2002—2005年的混合横截面数据分析了保险公司规模效率和X效率,并比较了承保能力制度、再保险制度差异对产险、寿险业规模效率、X效率的影响:外资与合资保险公司的规模效率、X效率要优于中资保险公司,且产险业规模效率和X-效率均存在明显的“制度效应”,但寿险业几乎没有。然后检验了市场结构与绩效关系,虽然产险业有证据支持MP假说,寿险业支持ES假说,但因为制度对市场结构的决定性作用,文章将这种关系解释为制度结构与效率的关系;高X效率的保险公司有更高的概率参与保险费率竞争,也积极参加佣金竞争,但这两种价格竞争的社会福利是不同的。中国保险业交易成本制度的演化,很大程度上是制度设计的结果。最后针对中国保险业交易成本制度改革提出了一些对策建议。
Insurance industry of China is one of the world insurance markets with the most rapid growth rate. China had been reforming the financial systems during the past 20 years. The nature of that innovation was the evolution of institutions. Although most of economists agreed that the institutions was important,but how it worked on was still a very valuable theoretic region. The purpose of the article was to develop a theoretic framework " Institutional Sturcture-Conduct-Performance" which based on the modern theory of organization,and investgaed the transaction costs institutions of insurance industry in China.
The insurants' resource exhausted over the actuarial premiums was defined as the transaction cost,and the games rules based on the payment mechanisms of the transaction cost which effected the trade of policy were defined as the institutions. The institutional structure was the combination and the relationship of the institutions,incl -uding the formal and informal ones. The relationship among sturcture of institutions, Conduct and Performance was discussed after the statement of the hypotheses and the conceptions.
The institutional effection on the market was studied,and founded that the institutions worked on the barriers of entry and exit,the scale of the insurers and concentration of markets crucially during the evolution of market structure. Then, the structure of institution how it worked on the effciency of insurers was analysed. The results of the empirical research with cross-section data in 2005 suggested that over 85 percentage of the sample operated with increasing returns of scale,but ones which expanded too quickly and several state-owned insurers with higher markets shares operated with decreasing returns of scale. Almostly all the insurers operated with diseconomies of scope which based on the multiproducts lines. The scale efficiency and the X-efficiency were tested used the pool panel data during 2000-2005.and the difference of institutional effects on the scale efficiency and X-efficiency under the constraints of capability and the reinsurance arrangement:The efficiency of scale and X-efficiency of the joint venture and foreign insurers excelled the efficiency of others,and the institution effect on efficiency existed in the property insurance industry,but the life insurance industry without such effect. Then the relationship between markets structure and performance was examined. The MP hypothesis was supported in the property industry but the ES hypothesis in the life insurance industry. Whereas the institutions with decisive influence on the market structure,and the article suggested that MP and ES maybe reflected the relationship between structure of institution and performance. The insurers with higher X-efficiency,the probability engaged in competiton of premiums and commisions is higher too,but the welfare of two kinds of price competition was different under different institutional structures. The evolution of transaction costs institutions was determined by the designation of policies. Finally,some suggestion about the reform of transaction cost institutions were advanced.
文章将保险交易成本定义为投保人承担的超过精算公平保费的资源消耗,将基于保险合约的交易成本承担机制的各种影响保险交易行为的博弈规则定义为保险交易成本制度,包括各种正式的制度安排和非正式制度,并将制度之间的组合与关系定义成制度结构。在对基本假设和核心概念进行陈述的基础上,文章先探讨了制度结构、行为与绩效之间的关系。
然后研究了制度对保险业市场结构演变的影响,发现制度对我国保险业的市场集中、进入和退出壁垒、企业规模等市场结构基本要素起决定作用。接下来研究了制度结构如何对保险公司经营绩效产生影响,2005年横截面数据的实证结果表明:至少有85%的中小型公司是规模报酬递增的,但市场份额较高的几家国有保险公司和市场扩张过快的保险公司均表现出报酬递减,无论是产险还是寿险都不存在基于产品的范围经济。用2002—2005年的混合横截面数据分析了保险公司规模效率和X效率,并比较了承保能力制度、再保险制度差异对产险、寿险业规模效率、X效率的影响:外资与合资保险公司的规模效率、X效率要优于中资保险公司,且产险业规模效率和X-效率均存在明显的“制度效应”,但寿险业几乎没有。然后检验了市场结构与绩效关系,虽然产险业有证据支持MP假说,寿险业支持ES假说,但因为制度对市场结构的决定性作用,文章将这种关系解释为制度结构与效率的关系;高X效率的保险公司有更高的概率参与保险费率竞争,也积极参加佣金竞争,但这两种价格竞争的社会福利是不同的。中国保险业交易成本制度的演化,很大程度上是制度设计的结果。最后针对中国保险业交易成本制度改革提出了一些对策建议。
Insurance industry of China is one of the world insurance markets with the most rapid growth rate. China had been reforming the financial systems during the past 20 years. The nature of that innovation was the evolution of institutions. Although most of economists agreed that the institutions was important,but how it worked on was still a very valuable theoretic region. The purpose of the article was to develop a theoretic framework " Institutional Sturcture-Conduct-Performance" which based on the modern theory of organization,and investgaed the transaction costs institutions of insurance industry in China.
The insurants' resource exhausted over the actuarial premiums was defined as the transaction cost,and the games rules based on the payment mechanisms of the transaction cost which effected the trade of policy were defined as the institutions. The institutional structure was the combination and the relationship of the institutions,incl -uding the formal and informal ones. The relationship among sturcture of institutions, Conduct and Performance was discussed after the statement of the hypotheses and the conceptions.
The institutional effection on the market was studied,and founded that the institutions worked on the barriers of entry and exit,the scale of the insurers and concentration of markets crucially during the evolution of market structure. Then, the structure of institution how it worked on the effciency of insurers was analysed. The results of the empirical research with cross-section data in 2005 suggested that over 85 percentage of the sample operated with increasing returns of scale,but ones which expanded too quickly and several state-owned insurers with higher markets shares operated with decreasing returns of scale. Almostly all the insurers operated with diseconomies of scope which based on the multiproducts lines. The scale efficiency and the X-efficiency were tested used the pool panel data during 2000-2005.and the difference of institutional effects on the scale efficiency and X-efficiency under the constraints of capability and the reinsurance arrangement:The efficiency of scale and X-efficiency of the joint venture and foreign insurers excelled the efficiency of others,and the institution effect on efficiency existed in the property insurance industry,but the life insurance industry without such effect. Then the relationship between markets structure and performance was examined. The MP hypothesis was supported in the property industry but the ES hypothesis in the life insurance industry. Whereas the institutions with decisive influence on the market structure,and the article suggested that MP and ES maybe reflected the relationship between structure of institution and performance. The insurers with higher X-efficiency,the probability engaged in competiton of premiums and commisions is higher too,but the welfare of two kinds of price competition was different under different institutional structures. The evolution of transaction costs institutions was determined by the designation of policies. Finally,some suggestion about the reform of transaction cost institutions were advanced.
引文
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