企业成长的影响因素——基于中国寿险业的实证研究

Factors Affecting Enterprise Growth-An Exponential Analysis of the Life Insurance Industry in China

企业成长理论是是近年来研究的热门话题,但在国内的文献却不多,以保险业为研究对象更少。以我国寿险企业以研究对象,检验是否遵从Gibrat法则,探讨寿险企业成长的驱动力。结果发现,国内寿险企业规模呈高度斜性分布,即企业规模不是一个纯粹随机事件,必然与某些因素相关;并选取2005年～2009年国内26家寿险企业,采用随机效应面板模型,结论是短期内企业成长与企业规模相关,并不支持Gibrat法则。另外还发现,寿险企业成长受投入成本、是否是集团企业和行业集中度等因素影响,但与分保比例和GDP增速关系不显著。

Enterprise growth theory is a hot topic in recent years, but there is not so much related literature in China, and even less in the insurance industry. We tested whether Chinese life insurance companies complied with the Gibrat＇ s Law, and tried to explore the driving force for the life insurance enterprise development. It was found that the domestic life insurance enterprise scale had a highly skewed distribution. This meant that the enterprise scale was not a purely random event, but there must be some inevitable factors in relation to it. Then the paper selected 26 domestic life insurance companies during the period of 2005 - 2009, and applied a random effect panel data model. The conclusion was that corporate growth was related to corporate size in a short period of time,which was not supportive of the Gibrat＇ Law. It group status or growth. also found out that the growth of life insurance enterprises was affected by factors such as input cost, not,the industry concentration and so on, but was not visibly affected by reinsurance ratios or GDP growth.