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。
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 f＇rom 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, ahhough being improved, still have large potential to be utilized to improve insurers＇ cost efficiency, especially tbr 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.
出处
《金融研究》
CSSCI
北大核心
2017年第4期128-142,共15页
Journal of Financial Research
基金
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”对本研究的资助
关键词
偿二代
成本效率
保险监管
C -ROSS, Cost Efficiency, Insurance Regulation
