我国保险资金运用顺周期性及逆周期监管  

A Study of the Pro-cyclicality Effect of Fund Application and Counter-cyclical Regulatory Policy in the Insurance Industry of China

作　　者：李红坤[1] 田立欣 陈利[3] 

机构地区：[1]山东财经大学金融学院,山东济南250014 [2]东北煤田地质局勘察设计院,辽宁沈阳110013 [3]山东财经大学保险学院,山东济南250014

出　　处：《经济与管理评论》2016年第1期110-118,共9页Review of Economy and Management

基　　金：教育部人文社会科学研究基金项目"宏观审慎监管框架下我国保险业逆周期政策研究"(项目编号:12YJA790067);山东财经大学研究生教育创新计划项目"导师指导风格对研究生创新能力影响实证分析"(项目编号:SCY1401)的阶段性成果

摘　　要：构建出保险资金运用质量顺周期与数量顺周期两个模型对我国保险资金运用顺周期效应进行实证分析。结果显示,我国保险资金运用存在显著顺周期性,使得保险公司经营顺经济周期而波动,并加深宏观经济波动程度。该研究创造性地从保险资金运用数量与运用质量两维度描述保险资金运用与宏观经济变量之间周期性关系,揭示保险资金运用数量与运用质量之间内在联系;在数据上首次采用月度数据和季度数据研究保险资金运用顺周期问题,做出了更稳健的实证研究,对我国保险行业实施逆周期政策以缓解顺周期性对保险业和宏观经济环境冲击、降低整个保险体系系统性风险、提高我国保险业逆周期监管效率具有重要意义。By building the quantity and quality pro -cyclicality models,the paper analyzes the pro -cyclicality effects of the iusurance fund. Results show that obvious pro - cyclicality effect exist in insurance fund application. This characteristic makes the operation of insurance companies fluctuate according to the economic cycle,and further exacerbate macroeconomie volatility. The study creatively analyzes the relationship between the insurance fund applieation and maeroeeonomie variables from both quantity and quality perspectives, and depicts the internal relation between the quantity and quality application of insurance fund. Month and quarter data are firstly introduced to analyze the pro - cyclicality of insurance fund application. The study is of great significance to mitigating the impact of pro - cyelicality on the insurance industry and the macroeeonomie environment, reducing the systemic risk of the whole insurance system, and improving the efficiency of counter - cyclical supervision.

关 键 词：保险资金 质量顺周期模型 数量顺周期模型 逆周期性 

分 类 号：F84[经济管理—保险]