成本优势能否转化为市场份额——来自中国保险业的经验证据

Can Cost Advantage Transformed into Market Share—From the Empirical Evidence of China' s Insurance Industry

本文通过超越对数成本函数构建了保险产出的边际成本模型,然后利用古诺—纳什均衡分析了边际成本与市场份额的关系,并通过中国的非平衡面板数据对相关理论关系进行了验证。结果发现:外资公司的边际成本均高于中资公司,寿险公司的边际成本普遍高于产险公司;对于中小型保险公司,边际成本与市场份额显著负相关,而大型保险公司的边际成本与市场份额的相关关系并不显著;产业竞争程度指标显示,与寿险业相比,产险业的竞争程度更为激烈。

In this paper, we used translog cost function to construct the marginal cost model of the insurance industry, and then Cournot-Nash equilibrium to analyse the relationship between marginal cost and market share. Finally, we used China＇ s unbalanced panel data to test the related theoretical relationship. The results showed that： （ 1 ） the marginal cost of foreign companies are higher than domestic companies, while the marginal cost of life in- surance companies are higher than property and casualty insurance companies; （2） for small and medium sized insurance companies, marginal cost and market share are inversely correlated, while in large insurance companies, there is no definite relationship between the two ; （3） compared with life insurance companies, competition in property and casualty insurance industry is more intense.