中日保险资金运用效率的对比研究——基于系统GMM的动态面板数据模型分析

Comparative Analysls on the Efficieucy of Insurance Fund Operation between China and Japan——Based on Dynamic Panel Data Model

本文运用动态面板数据模型的系统广义矩估计法,对中日寿险公司、非寿险公司资金运用效率进行了分析,实证研究表明中国保险公司资金运用效率低于日本保险公司资金运用效率。在控制风险的前提下,中国寿险公司可以进一步提高资金运用中投资的比率,降低现金银行存款比率。非寿险公司不仅投资效率需要提高,在现金银行存款的配置效率也急需提高。为促进保险行业可持续发展,必须保持资本市场的稳定和有序发展。

Using the system GMM of dynamic panel data model,this paper analyzes the efficiencies of Sino-Japanese life and non-life insurance fund operation.The efficiencies of cash & deposits and quoted investments of Chinese life and non-life companies are lower than those of Japanese life and non-life companies.The QIs of Chinese life insurance companies are relatively effective,but CDs have a lot of opportunity cost;The CDs and QIs of Chinese non-life insurance companies lack efficiency.With the stable development of capital market,Chinese life insurance companies may further enhance the QI ratio,and reduce the CD ratio.The CD and QI managements of non-life insurance companies have a long way to go.Prevention of systematic financial crisis is needed to ensure the sustainable development of insurance industry.