人寿保险需求的结构性差异:保障和投资

Structural Differences of Life Insurance Demand:Protection and Investment

人寿保险包括传统寿险和投资寿险两大类,本文比较和检验主要因素对这两类寿险需求的影响有何不同。作者利用我国2008年284个地级单位的截面数据,分别采用似无相关回归和三阶段最小二乘回归估计两类寿险的需求方程。主要发现:社会保障对传统寿险以替代效应为主,对投资寿险以收入效应为主;投资寿险对居民储蓄的转化能力显著强于传统寿险;预期通货膨胀降低了传统寿险需求,却增加了投资寿险需求;金融发展对投资寿险的促进作用显著大于传统寿险。在考虑供给因素并考虑其内生性问题后,本文结论保持稳健。

This study compares and tests the determinants of the demand for two types life insurance:traditional life insurance and investment-oriented life insurance.Using cross-section data of 284 cities in 2008,the authors use seemingly unrelated regression and 3-stage least squares regress to estimate the demand equations of the two types life insurance.The result shows that:social security has a significant substitution effect on traditional life insurance and significantly promotes investment-oriented life insurance demand;the capacity of investment-oriented life insurance is greater than traditional life insurance in transforming the household savings;inflation expectation reduces traditional life insurance demand but increases investment-oriented life insurance demand;finance development benefits investment-oriented life insurance more than traditional life insurance.These conclusions are still robust when considering the influence and the endogeneity of supply-side factors.