《保险研究》20210902-《我国寿险市场竞争对公司创新能力影响研究》（李秀芳、冯泽宇、陈孝伟）

［摘   要］本文使用两步共同随机前沿法对我国寿险公司创新能力进行测度,在此基础上,利用2010年~2019年我国寿险公司非平衡面板数据,使用两步差分广义矩估计方法对市场竞争与寿险公司创新能力之间的关系进行探讨。结果显示,在我国寿险市场,竞争程度与公司创新能力具有显著的倒U型关系,在市场竞争强度由不足向过度竞争变化时,寿险公司创新能力先上升后下降,且这种关系在时间上是稳健的。另外,我国寿险市场竞争程度处于倒U型曲线左半部分,竞争程度尚有不足,因此本文建议监管部门应保持市场的适度竞争,实施多样化的创新激励政策,并加强知识产权保护力度。

［关键词］寿险公司；市场竞争；创新能力；Boone模型；共同随机前沿分析

［基金项目］本文受到国家自然科学基金面上项目“保险公司经济资本预测与最优配置问题研究”(No.71573143)、“不确定全面风险分析框架下供应链风险建模与优化研究”(No.61673225)的资助。

［作者简介］李秀芳,南开大学金融学院教授、博士生导师,研究方向:风险管理与精算学；冯泽宇,南开大学金融学院博士研究生,研究方向:风险管理与精算学；陈孝伟(通讯作者),南开大学金融学院副教授、硕士生导师,研究方向:风险管理学与精算学、动态经济分析。

A Research on the Influence of Life Insurance Market Competition on the Corporate Innovation Capability in China

LI Xiu-fang,FENG Ze-yu,CHEN Xiao-wei

Abstract：This paper used the Two-step Meta Stochastic Frontier Method to measure the innovation capability of life insurance companies in China,and on this basis,using the unbalanced panel data of life insurance companies in China from 2010 to 2019 and the Two-step Difference Generalized Moment Estimation Method to explore the relationship between market competition and innovation capability of life insurance companies.The results show that in China′s life insurance market,there is a significant inverted U-shaped relationship between the intensity of competition and the company′s innovation ability.When the market competition intensity changes from insufficient to excessive competition,the innovation ability of life insurance companies first rises and then declines,and this relationship is stable in time.Currently,the competition in the life insurance market is poised at the left-hand section of the inverted U-shaped curve,indicating the insufficiency of competition.Based on this,this paper suggests that the regulatory authorities should pay attention to creating a benign market competition environment,implementing diversified innovation incentivizing policies,and strengthening the protection of intellectual property rights.

Key words：life insurance company;market competition;innovation capability;Boone Model;Meta Stochastic Frontier Analysis