“偿二代”对保险资金运用效率影响的差异——基于分业视角

Difference of C-ROSS’s Impact on Insurance Funds Usage Efficiency Based on Separate Operation

“偿二代”对我国保险资金运用产生重要影响,本文基于我国保险公司数据,运用DEA模型研究“偿二代”实施前后保险资金运用效率变化,并基于分业视角以面板Tobit模型分析“偿二代”对不同类型保险公司保险资金运用效率影响的差异。研究发现“偿二代”对财险公司和人身险公司保险资金运用效率的影响路径不同且对财险公司保险资金运用效率激励不足;“偿二代”体系为我国保险业资产规模增长创造有利条件,负债业务对保险资金运用效率的约束增加,财险公司应降低保险资金投资组合风险,人身险公司保险资金投资应更加积极;我国保险业存在投资技术发展的滞后性,人才对提升保险资金运用效率有重要意义。

The China’s Risk-Oriented Solvency System impacts on insurance funds usage.By selecting property insurance companies and life insurance companies in China as samples,this paper uses DEA model to study the insurance funds usage efficiency before and after the implementation of C-ROSS and uses the panel Tobit model to analyze the difference of the impact of C-ROSS on the efficiency of insurance funds usage between different types of insurance companies.The research finds that C-ROSS impacts on the efficiency of insurance funds usage of property insurance companies and life insurance companies through different paths,which has insufficient incentives for insurance funds usage of property insurance companies.C-ROSS creates favorable conditions for the growth of assets scale in China’s insurance industry,and insurance business imposes more constraints on the efficiency of insurance funds usage.Property insurance companies should reduce the risk of investment portfolio of insurance funds,while life insurance companies should invest more actively.There is a lag in the development of investment technology in China’s insurance industry.Talents play an important role in improving the efficiency of insurance funds usage.