外资进入对中国保险业效率的影响  

The Effect of Foreign Investment Inflow on the Efficiency of Insurance Industry of China

作　　者：黄薇[1] 

机构地区：[1]对外经济贸易大学,北京100029

出　　处：《金融研究》2011年第3期72-85,共14页Journal of Financial Research

基　　金：国家自然科学基金(70803036);清华大学经济管理学院中国保险与风险管理研究中心资助;本文为对外经济贸易大学学术创新团队资助项目;"211工程"三期建设项目阶段性成果

摘　　要：通过将保险企业的经营活动进行分解,本文对外资进入可能引发的资本形成效应、市场竞争效应和技术外溢效应等三个假说进行了检验,首次探讨了外资进入对中国保险业效率可能产生的影响。研究发现:(1)外资进入所带来的资本形成效应是对中国保险业效率改善最为直接的经济效应,但它主要通过扩展保险业务来实现,保险资金运用的效率并没有明显提升;(2)外资进入引发的市场竞争效应确实对保险业的效率改进起到了一定的积极作用,而且外资机构数量的增加比资产和市场份额的增长对效率的影响更为明显;(3)保险机构的外资持股比例与其效率水平之间存在显著的"U"型关系,外资持股比例在达到一定程度后,技术外溢效应才会对中国保险业效率起到推动作用。This paper firstly tests three hypotheses regarding the effect of foreign investment inflow, namely, capital investment effect, market competition effect and technology spillover effect. The study finds that： （ 1 ） the capital investment effect has significantly positive impact on the efficiency of insurance operation, but has no influence on the efficiency of investment operation. （2） The market competition effect has significantly positive impact on the efficiency of insurance industry. Compared with the increasing assets and market share of foreign insurers, the increasing number of foreign insurers has more significant effect on the efficiency improvement; （3） The insurance companies＇ efficiency and foreign investors＇ holding ratio shows a U-shaped relationship, which indicates that the technical spillover effect will have positive impact on the efficiency of China＇s insurance industry when the ratio of foreign shareholders reaches a certain level.

关 键 词：外资进入 数据包络分析 保险 效率 

分 类 号：F832.6[经济管理—金融学] F842F224