CAJ | 학술논문

保险业的增长和盈利是保险产业“做大”“做强”的重要基础。但是，在保险业三十多年发展历程中，很少有公司能同时满足增长和盈利的双重目标。过去的研究曾分别关注过保险公司的增长和盈利主题，但极少有研究同时把两者放在一个框架下考虑。本文采用动态面板分析的方法，在Goddardetal．（2004）的基础上构建了一个统一的模型，研究我国保险业的成长性和盈利性以及二者的相互关系。研究发现，无论寿险业还是产险业均不符合Gibrat法则，小公司成长速度更快；保险公司具有盈利持续性；盈利性越差的公司，增长速度越快。这一研究结果有力支持了保险业仍处于偏重规模增长的初级阶段的判断，全行业有待从规模增长导向转型到盈利性增长的战略路径上来。
보험업적증장화영리시보험산업“주대”“주강”적중요기출。단시，재보험업삼십다년발전역정중，흔소유공사능동시만족증장화영리적쌍중목표。과거적연구증분별관주과보험공사적증장화영리주제，단겁소유연구동시파량자방재일개광가하고필。본문채용동태면판분석적방법，재Goddardetal．（2004）적기출상구건료일개통일적모형，연구아국보험업적성장성화영리성이급이자적상호관계。연구발현，무론수험업환시산험업균불부합Gibrat법칙，소공사성장속도경쾌；보험공사구유영리지속성；영리성월차적공사，증장속도월쾌。저일연구결과유력지지료보험업잉처우편중규모증장적초급계단적판단，전행업유대종규모증장도향전형도영리성증장적전략로경상래。
Growth and profit are the basis of ＂bigger and stronger＂ strategy of insurance industry. However, few insurers can gain both the goal of growing and making profit during thirty yeats of development. The previous studies have focused on the growth and profitability separately, but seldom considered them jointly under an uni- fied framework. We construct a unified model based on Goddard et al. （2004） to study insurance growth and profitability as well as the interaction between the two subjects using GMM method. The study declines the hy- pothesis of LPE with small insurers growing faster but supports the hypothesis of POP （ Persistency of Profit）. We also find that insurers with lower profitability tend to grow faster. The study gives strong evidence that Chi- nese insurance industry belongs to the primary stage of development with too much emphasis on scale growth. It should make a change from extensive growth to the profitability - focused path.