外资股比上限放宽提升了人身险公司发展质量吗?  

Has the Easing of Foreign Ownership Restrictions Enhanced the Quality of Development for Life Insurance Firms?

作　　者：何云 范伟 赵珺一 He Yun;Fan Wei;Zhao Junyi(Hubei Key Laboratory of Digital Finance Innovation,Hubei University of Economics;Research Center of Hubei Financial Development and Financial Security;Business School,Zhengzhou University;School of Finance,Hubei University of Economics)

机构地区：[1]湖北经济学院数字金融创新湖北省重点实验室、湖北金融发展与金融安全研究中心 [2]郑州大学商学院 [3]湖北经济学院金融学院

出　　处：《宏观质量研究》2025年第2期68-81,共14页Journal of Macro-quality Research

基　　金：湖北省教育厅哲学社会科学研究项目(24Q074);湖北经济学院青年基金项目(XJYB202301);中国博士后科学基金第74批面上项目(2023M743235);河南省软科学项目(252400412026)的资助。

摘　　要：制度型开放是保险业高水平开放的重要体现,它的实施为人身险公司提供了更多的市场机会,但也可能带来更多的市场竞争和经营风险,影响人身险市场高质量发展。因此,全面综合地考察放宽外资股比上限对人身险公司发展质量的影响,可以为人身险公司在引进外资的过程中控制金融风险和谋求可持续发展提供经验支持和决策参考。从经营质量和承保质量两个方面,检验外资持股比例的影响效应,研究结论显示:外资持股比例与人身险公司经营质量和承保质量呈正“U”型曲线关系,即放宽外资股比上限有助于提升人身险公司的发展质量;外资股东可以通过改善人身险公司的投资职能和保险职能增强公司经营发展能力;外资股权集中度、外资股东来源地区以及外资股权制衡度是影响外资参股效果的重要因素。相关的政策建议是:进一步深化人身险市场的制度型开放;鼓励人身险公司引进有投资管理经验的外资股东;避免同时引进多个外资股东;对不同来源地区的外资股东实施差别政策;完善人身险市场风险管理的政策法规以及相关制度建设。Institutional openness is a significant manifestation of the high-level opening-up of the insurance industry,providing more market opportunities for life insurance companies.However,it may also bring more market competition and operational risks,affecting the high-quality development of life insurance companies.Therefore,a comprehensive examination of the impact of increasing foreign equity ownership limits on the development quality of life insurance companies can provide empirical support and decision-making references for controlling financial risks and seeking sustainable development in the process of introducing foreign investment into life insurance companies.This paper empirically examines the impact of foreign equity ownership limits from the perspectives of operational and underwriting quality.The research findings indicate that the relationship between foreign equity ownership limits and the operational and underwriting quality of life insurance companies follows a positive“U”curve,implying that increasing foreign equity ownership limits contributes to the improvement of the development quality of insurance companies.Foreign shareholders can enhance the operational development capability of life insurance companies by improving their investment and insurance functions.The concentration of foreign equity,the geographical origin of foreign shareholders,and the balance of foreign equity holdings are significant factors that influence the effectiveness of foreign participation.The policy recommendations include further deepening the institutional openness of the life insurance market,encouraging life insurance companies to introduce foreign shareholders with investment management experience,avoiding the simultaneous introduction of multiple foreign shareholders,implementing differential policies for foreign shareholders from different source regions,and improving policy regulations and institutional construction for risk management in the life insurance market.

关 键 词：外资持股比例 经营质量 承保质量 

分 类 号：F840.66[经济管理—保险]