保险服务实体经济的效率测算及其影响因素研究——基于欧洲国家的经验

A Research on the Efficiency Measurement of Insurance Serving Real Economy and Its Influencing Factors——Based on the experience of European countries

保险业作为现代金融业的重要支柱之一,其服务实体经济的效率及其影响因素值得重点关注和研究。本文首先分析了欧洲国家保险服务实体经济的现状,使用加入保险业变量的索洛模型来构建理论模型,并借鉴Gheeraert&Weill(2015)等文献的做法,对保险服务实体经济的效率进行测算。接下来,选取欧洲保险和再保险联盟、世界银行等数据库的数据,运用面板Tobit固定效应模型对欧洲32个国家的2000~2017年保险服务实体经济的效率的影响因素进行了实证检验,并用工具变量等方法进行稳健性检验。结果发现:保险深度、保费结构与效率呈现显著的正相关关系,保险公司投资组合的规模与服务实体经济的效率之间并非是线性关系,而是倒“U”形关系,即二者之间的关系存在一个拐点。在对结论的内在机理进行解释和基于中国实际情况进一步分析之后,本文给出了结论对中国的启示。

As one of the important pillars of the modern financial industry,the insurance industry's efficien-cy in serving the real economy and its influencing factors deserve special attention and research.This paper first analysed the current situation of the insurance sector serving real economy in European countries,con-structed a theoretical model by using Solow's model with insurance variables,and then calculated the effi-ciency of insurance serving the real economy by referring to the practices of Gheeraert&Weill(2015).Next,we selected data from databases such as the European Insurance and Reinsurance Union and the World Bank,and used the panel Tobit fixed effect model to empirically test the influencing factors of the effi-ciency of insurance in serving the real economy in 32 European countries from 2000 to 2017,and conducted robustness test by means of instrumental variables.The results show that:There is a significant positive cor-relation between insurance penetration,premium structure and efficiency;the relationship between the size of investment portfolio and the efficiency of serving the real economy is not linear,but of an inverted U shape,that is,there is a turning point between the two.After explaining the internal mechanism of the conclusion and making further analysis based on the actual situation in China,this paper put forth the enlightenment of the conclusion to China.