经济政策波动与保险业流动性创造--来自中国的经验证据  

Economic Policy Fluctuation and Liquidity Creation in Insurance Industry——Empirical Evidence from China

作　　者：宋建波[1] 曹文成 叶永卫 SONG Jian-bo;CAO Wen-cheng;YE Yong-wei

机构地区：[1]中国人民大学商学院,北京100872 [2]上海财经大学公共经济与管理学院

出　　处：《现代金融研究》2025年第3期16-31,共16页Journal of modern finance

基　　金：国家社会科学基金(18BJY017);中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目(19XNL014)的资助。

摘　　要：本文基于我国保险企业资产负债表构建保险企业流动性创造的度量指标,系统考察经济政策波动对保险业流动性创造的影响。实证检验结果表明,经济政策波动上升通过提高再保险需求显著促进了保险业流动性创造。同时,经济政策波动上升引致的保险业流动性创造具有规模异质性特征,保险企业规模越小,经济政策波动带来的流动性创造促进作用越强;但资本监管会弱化这一规模异质性特征。进一步分析发现,经济政策波动对寿险企业和经济发达地区保险企业流动性创造的促进作用更为明显。本文还发现经济政策波动对保险业流动性创造的影响呈现“非对称性倒U型”结构变化。This paper constructs a liquidity creation measure indicator for insurance companies based on the balance sheets of Chinese insurance firms and systematically examines the impact of economic policy fluctuation on the liquidity creation of insurance firms.Empirical findings show that increased economic policy fluctuation significantly promotes the liquidity creation by boosting demand for reinsurance.At the same time,the liquidity creation induced by rising economic policy fluctuation exhibits scale heterogeneity,with smaller insurance companies experiencing a stronger promotional effect on liquidity creation due to economic policy fluctuation.However,capital regulation can weaken this scale heterogeneity.Further analysis reveals that the promotional effect of economic policy fluctuation on liquidity creation is more pronounced for life insurance companies and insurance companies in economically developed regions.The paper also finds that the impact of economic policy fluctuation on liquidity creation in the insurance industry exhibits an“asymmetric inverted U-shaped”structural change.

关 键 词：经济政策波动 流动性创造 再保险 资本监管 

分 类 号：F842[经济管理—保险] F120