保险保障基金最优规模的积累规律及影响因素——基于动态视角和SYS-GMM方法的研究

The accumulation and influencing factors of optimal level of insurance guaranty fund——A studybased on dynamic perspective and SYS-GMM method

保险保障基金是解决保险业风险的有力工具,但由于道德风险的存在,该基金并非越多越好,而是存在一个最优规模。本文首先通过最优控制方法构建关于保险保障基金最优规模积累规律的动态模型,通过恰当地控制各期基金的使用量,可以使其规模达到最优规模的要求。基于此,运用中国寿险公司和财险公司近10年来的面板数据,通过系统广义矩方法研究保险保障基金规模的影响因素。研究发现:财险业相对于寿险业更倾向通过保险保障基金方式进行风险管理;当保险公司采取目标集聚战略和差异化战略时,倾向提高保险保障基金的提取规模,而采取总成本领先战略则会降低提取规模;保险公司的竞争战略不同的组合方式会对保障基金的提取规模产生复杂的影响。

Insurance guaranty fund is an effective solution to preventing risks. Due to the existence of moral hazard, it is not the more the better for the fund, but there is an optimal level of it. This paper investigated the accumu- lation rule of insurance guaranty fund from a dynamic perspective by applying the optimal control method and prop- erly controlling the usage of the fund at different phases, then it employed the panel data of the last decade and the SYS-GMM method to study the influencing factors of guaranty fund. The results showed （ 1 ） The property insurance companies had a stronger tendency than life companies to use guaranty fund to manage risks. （2）When insurance companies adopted the focus policy and differentiation policy, they tended to increase the level of guaranty fund, but when they applied the total cost leadership policy, they tended to lower the level of guaranty fund. （3） The different combination of competition policies would produce complicated impacts on the level of guaranty fund.