保险业资金“融资悖论”及法律影响分析  

Law Effect and Confirmation of the Financing Paradox for Chinese Insurance

作　　者：初立苹[1] 粟芳[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《保险研究》2014年第10期38-51,共14页Insurance Studies

摘　　要：本文从向保险业投资的投资者的角度出发，以2007～2011年在中国境内经营业务的74家保险公司为样本，使用GMM方法分析了保险公司的融资能力与融资效率之间的关系，从而测度了“融资悖论”的存在性。结果表明，从整体上来看，投资于保险业的资金存在着明显的“融资悖论”现象，资金在保险业的流向不符合“资本逐利”的基本规律。而且，寿险公司因其业务具有较强的现金吸收能力而对投资者的吸引力更大，存在比财险公司更为严重的“融资悖论”现象；规模较大的保险公司因其具有较强的业务能力而对投资者的吸引力更大，也存在比中小规模保险公司更为严重的“融资悖论”现象；保险业中资投资者的投资行为存在着严重的“融资悖论”，而外资则是典型的“现金追逐者”，依循“逐利”规律谨慎向中国保险业投资。其次，从不同融资渠道投向保险业的资金在“融资悖论”方面也存在着不同的表象。投资于保险业的内部资金是典型逐利的，丝毫不存在“融资悖论”；而由于出于占有金融资源、信息不对称、羊群效应和不合理投资等因素的考虑，投向保险业的债务资金和权益资金等外部资金具有严重的“融资悖论”，可见，保险业的外部投资者未能准确寻找适合投资的保险公司。最后，本文还以新《保险法》的出台为例，分析了制度因素对保险业“融资悖论”的抑制作用，保险市场的制度完善能有效矫正对“资本逐利”规律的扭曲，能引导资本流向更加合理的保险公司。本文采用三阶段最小二乘法处理了潜在的内生性问题，更有力地证实了保险业“融资悖论”的存在性。From the perspective of investors to the insurance sector in China and using GMM and 74 insurance companies from 2007-2011 in China as samples, the relationship between financing capability and financing efficien- cy of sample companies was analyzed to measure the existence of the ＂Financing Paradox＂. The results showed that those capitals invested into insurance companies weren＇t profit-driven, and there was the obvious ＂Financing Para- dox＂ phenomenon. Especially, the ＂Financing Paradox＂ phenomenon was more serious in life insurance companies than non-life insurance companies, because life insurance could absorb more cash and was more attractive to inves- tors. The phenomenon was more serious in large insurance companies than small-and medium-sized insurance com- panies due to the former＇ s larger business scale and stronger appealing to investors. The ＂Financing Paradox＂ ap- plied to Chinese investors investing in insurance companies while foreign investors were typically profit-driven and invested into Chinese insurance sector prudently. Moreover, different-channel capitals invested into the insurance sector exhibited different level of ＂Financing Paradox＂. Internal capitals invested into the insurance sector were completely profit-driven without any trace of ＂Financing Paradox＂. In contrast, those external capitals such as equity funds and bond funds, out of their intensions for occupying financial resources, asymmetry of information, the herd effect,or irrational investment et al. ,showed strong serious ＂Financing Paradox＂ . This indicated that external in- vestors hadn＇ t found the right insurance company for investment. Finally, the paper also took the modified Insurance Law as an example to elaborate on the policy constraint on the ＂Financing Paradox＂. The improvement of system and regulation could correct ＂Financing Paradox＂ and guide investments into good insurance companies. At last, 3SLS was used to test the results which confirmed powerfully the existence of

关 键 词：融资悖论 资金逐利性 三阶段最小二乘法 

分 类 号：F840.4[经济管理—保险]