混业经营、金融牌照与保险公司经营效率

Comprehensive Operation,Financial Licenses and Operating Efficiency of Insurance Companies

本文按照主导行业的不同,将混业经营模式分为保险主导、银行主导、非银行金融主导、实业主导四类,研究不同混业模式下保险公司经营效率,分析银行、券商、信托、寿险、财险等金融牌照对保险公司经营效率的影响。本文采用中国大陆所有保险公司2007~2015年微观数据,运用SFA扩展模型,得出以下结论:保险主导模式下保险公司表现出较好的混业优势,其次是非银行金融主导下的保险公司,二者均具有不错的资源整合能力;"银行、证券、信托"牌照对保险公司经营效率均有提升作用,但"1+1>2"混业聚合效应目前并不存在,而且在某些情况下,对牌照的过度争夺,会造成效率的损失;混业经营对寿险公司的影响超过财险公司;分险种来看,银行牌照对寿险公司经营效率具有较为普遍的促进作用,寿险牌照对财险公司经营效率的促进作用也较为明显;跨界经营方面,实业主导模式下保险公司经营效率最低,同时保险公司控股实业参与经营,对效率的提升也不明显,仅对保险主导模式下公司的成本效率具有促进作用。

In this paper, according to the difference of dominant vided into four patterns ： insurance-led, banking-led, non-banking sectors, the comprehensive operation model is di- financial institution-led and industry-led. The arti- cle studied the insurance company＇ s operating efficiency under different comprehensive operation models and ana- lyzed the influence of the financial licenses （ banking, securities, trust,life insurance, property insurance, ） to insur- ance company＇ s operating efficiency. Collecting data from all insurance companies in China from 2007 to 2015, and using the SFA extension model ,we got conclusions as follows ：Insurance-led comprehensive operation model showed a good advantage, followed by non-banking financial institutions-led model. Both of them had the good ability of re- source integration. The financial licenses of banking, securities, and trust could improve operating efficiency of insur- ance companies,but the conglomeration effect （ ＂1 ＋ 1 〉 2＂ ） did not exist at present. And in some cases, exces- sive contend for financial licenses could cause efficiency loss. Financial conglomeration＇ s effect was larger for life insurance companies than for property insurance companies. Banking license had a rather large positive effect for op- erating efficiency of life insurance companies, so was the life insurance license for property insurance companies. As for cross-border operation, the efficiency of industry-led insurance companies is the worst. And there showed no effi- ciency enhancement effect for insurance companies to invest in industrial firms and getting involved in the latter＇ s operation. The positive effect only existed in terms of the cost efficiency of the insurance-led model.