摘要
考虑到不同企业所在地区的资源禀赋等环境因素存在差异,本文以一家企业的产品结构与该企业所在市场的产品结构的差异度来度量该企业的专业化,称之为"相对专业化"。本文以2006—2016年中国地级(及以上)地区的寿险机构的分产品部门的数据为样本。考虑到专业化常常是内生变量,本文利用数据的层级结构,为专业化构造了合适的工具变量。通过回归分析发现:寿险公司的专业化程度提高1个标准差,赔付风险将降低17.11~23.77个百分点,退保风险将降低0.70~1.64个百分点;专业化对赔付风险和退保风险的负向影响在金融危机期间强于其他期间,在市场经济越发达的地区作用越强。
Given the difference in resource endowment and other environmental factors where a firm operates,this paper measures the specialization of a firm as the"divergence"of the product structure between the firm and the market the firm belongs to,which is called"relative specialization".This paper uses the data of sub-sectors of life insurance institutions in prefecture-level regions as the sample.Considering that the specialization is often an endogenous variable,we construct a proper instrumental variable using our hierarchical data.The results show that:when life insurers’specialization increases by one standard deviation,the loss risk and surrender risk will decrease by 17.11-23.77percentage points and0.70-1.64percentage points,respectively;the negative effects of specialization on loss risk and surrender risk are stronger for financial crisis period than other periods,and are stronger for the regions of more developed market economy.
出处
《当代经济科学》
CSSCI
北大核心
2018年第2期38-47,共10页
Modern Economic Science
关键词
专业化
相对测度
风险
内生性
保险
Specialization
Relative measure
Risk
Endogeneity
Insurance
