保险业市场约束:来自消费者需求的证据  

Market Discipline in Insurance Industry: Evidence from Consumer Demand

作　　者：朱晶晶[1] 赵桂芹[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《经济管理》2016年第5期122-131,共10页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目"财产险公司保费增长与承保关系的研究"(71103117);上海财经大学研究生创新基金资助项目"保险监管风险研究--全面风险管理框架下的偿付能力监管"(CXJJ-2015-314)

摘　　要：市场约束是国内外金融监管体系的重要支柱,消费者是市场约束中的重要驱动力量之一。消费者在市场约束机制中能否以及是否充分发挥了其应有的作用?本文从消费者需求视角出发,使用我国保险业2009―2013年的财务与偿付能力数据,分析消费者需求对保险公司偿付能力风险的敏感性,寻找市场约束发挥作用的证据。研究发现,我国保险市场上存在一定程度上的市场约束,但无论寿险业还是产险业,这一约束作用都比较微弱。消费者需求对保险公司的风险状况不敏感,但对风险状况的变动存在一定的敏感性。The complexity and opacity are inherent characteristics of financial institutions. Bank and insurance regulators have been reforming their regulation regimes to strengthen the role of market discipline by promote transparency. Market discipline firstly became a new pillar of regulation framework in the new Basel Accord. Afterwards, market discipline also became an important part of regulation in insurance industry over the world such as the Sol- vency lI pillar m. Meanwhile, in our China Risk Oriented Solvency System （CROSS） started establishing in 2012, market discipline is the third pillar with quantitative capital requirement and qualitative capital require- ment. Although market discipline is not a new story, but for the mechanism inside we still don＇ t know much. Taken market discipline as a ＂black box＂ （ Llewellyn, 2005 ）, agents, brokers, auditors, analysts, rating agencies and all other participants play a role in market discipline. Furthermore market discipline is also a mechanism that regulator relies on. Consumer is a big part of market participants, thus, to verify whether or not consumers play its due role in the market discipline mechanism will help us understand to what extent regulator can rely on the market discipline. Most published literatures on market discipline in insurance market tried to find evidence from the respect of consumer demand,i, e. to test the risk sensitivity of consumers. Mostly papers are based on markets in developed countries such as the US and European countries and find significant and robust results to prove the existence. We can see that in Epermanis and Harrington （2006） ,Eling and Schmit （2012） ,Grace et al. （2014） etc.. The main purpose of this paper is to study the relationship between consumer demand （premium growth） and firm risk in Chi- na. Unlike mature markets, there are still few independent ratings like the Financial Strength Rating published by rating agencies of insurance companies for the public in China. So as a substitution

关 键 词：市场约束 保险监管 偿付能力 

分 类 号：F840.32[经济管理—保险]