我国保险业对利率政策的反应研究  

Study on the Reaction of Insurance Business to Interest Rate Policy in China

作　　者：张细松[1] 刘素春[2] 

机构地区：[1]山东财经大学公共管理学院,山东济南250014 [2]山东财经大学保险学院,山东济南250014

出　　处：《保险研究》2013年第1期32-40,共9页Insurance Studies

基　　金：山东省自然科学基金项目<货币政策区域效应及微观规制政策研究>(ZR2011GL008);山东财经大学博士基金项目<中国货币政策非对称效应研究--基于地区经济周期差异视角>(2010030)的阶段性成果

摘　　要：利率政策主要通过保险承保业务和投资业务对保险业产生影响。为研究我国保险业务对利率政策的反应,运用面板数据模型、格兰杰因果关系检验、脉冲响应函数和方差分解分析方法。实证检验表明:财产保险和人寿保险承保业务和投资业务对利率政策工具的反应系数不一样;利率政策工具并不全是保险承保业务和投资业务的格兰杰原因;对利率政策工具的冲击,保险承保业务和投资业务的响应不一样,利率政策工具对其影响的贡献度也不一样。最后提出几点规避保险业务利率风险的政策建议。Interest rate policy affects insurance industry mainly through underwriting business and investment busi- ness. In order to analyze the reaction of insurance business to interest rate policy in China, the paper applied the methods of Panel Data model and Granger Causal Relationship Testing, Impulse Response Function and Variance Decomposition. Empirical tests indicated that the reaction coefficients of business underwriting and investment to in- terest rate policy tools was different between property insurance business and life insurance business; interest rate policy was not all the Granger cause of underwriting and investment businesses; the response of underwriting busi- ness and investment business to interest rate policy was different and the contribution of interest rate policy vehicles to them also differed. Finally, the paper made a few suggestions on how to avoid the interest rate risk for the insur- ance business.

关 键 词：承保业务 投资业务 利率政策工具 影响机理 

分 类 号：F842.4[经济管理—保险]