CAJ | 학술논문

本文在金融协同的视角下，采用新近发展的面板平滑转换（PSTR）模型，考察了我国保险业发展的非线性增长效应。实证结果表明：不管是整体保险市场还是人身险和财险分市场，保险业发展的经济增长效应都存在明显的机制转移特征，其影响不是一成不变的，而是依赖于区域金融发展水平。整体保险和人身险与银行业存在显著的竞争关系，财险市场与银行业之间的互补和竞争关系无特别突出的一方。整体保险市场、人身险市场和财险市场与股票市场的互补依赖关系占主导，协同效应得到了发挥。
본문재금융협동적시각하，채용신근발전적면판평활전환（PSTR）모형，고찰료아국보험업발전적비선성증장효응。실증결과표명：불관시정체보험시장환시인신험화재험분시장，보험업발전적경제증장효응도존재명현적궤제전이특정，기영향불시일성불변적，이시의뢰우구역금융발전수평。정체보험화인신험여은행업존재현저적경쟁관계，재험시장여은행업지간적호보화경쟁관계무특별돌출적일방。정체보험시장、인신험시장화재험시장여고표시장적호보의뢰관계점주도，협동효응득도료발휘。
In the perspective of financial synergy, this paper adopts the new methodologi- cal approach panel smooth transition regression （PSTR） model to analyze the effect of insur- ance development on economic growth in China. The empirical result shows that, no matter in the whole insurance market or in the submarket of life insurance and property insurance, there is an outstanding characteristic of regime switching in the effect of insurance develop- ment on economic growth, whose influences are not immutable, but relying on the devel- opment of regional finance. There exists significant competition between the whole insur- ance, life insurance and banking, while there is no particularly prominent complementary or competitive relationship between the property insurance market and the banking sector. There are obvious complementary and dependence relationships between insurance and se- curity market, which makes synergy exerts its function.