商业保险公司的合约性质

The Contractual Nature: A New Framework for the Analysis of the Insurance Company's Investment

传统观念认为,保险公司是一种特殊的组织,它凭借大数定律把被保险人组织起来,产生自救行为。但是这并不能解释保险公司的投资行为,也不能解释一些保险公司的投资收益占总收益的比率相当大,更不能解释一些保险公司在本原业务的经营出现问题时依靠投资收益走出困境。采用静态分析方法是这一理论的主要局限性。本文拟创造性地综合运用企业理论、金融工程、微观经济学和保险理论的分析方法从一个新的视角──保险企业的合约性质──对保险公司的性质作出分析,并进一步对保险公司为什么需要投资作出新的理论解释。

There are quite a number of classical statements on the firm's nature,yet the firms that were studied are manufacturing ones. The business insurance firms are a different type.There are two kinds of business insurance firmsproperty insurance company and life insurance company,and they differ greatly from each otherBesides the function of helping the insured to pass on the risk outside, the life insurance company has another function,investment. This has been the main obstacle to studying the business insurance firm's nature. Marshall analyzed the two different business insurance firms' nature from the contractual angle about 80 years ago,yet his theory is not perfect. This paper also analyzes the business insurance firm's nature from the contractual angle, hoping to improve Marshall's theory.