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特许权价值是保险公司具有的从受保护市场获取未来租金的牌照价值,是保险公司自律的执行动力。特许权价值高的保险公司为避免破产后被吊销执照,会采取审慎的经营战略。反之,特许权价值较低的保险公司则具有较高的冒险动机。本文采用了11家我国产险公司2001年～2007年的数据,构建面板模型实证分析我国财产险保险公司特许权价值与风险行为之间的关系。结果发现两者之间存在负相关关系,即我国产险公司的特许权价值存在自律效应。然而随着我国保险业竞争的加剧,特许权价值正逐渐减弱,提高特许权价值以及其自律效应,对于防范保险公司风险具有很强的现实意义。
The value of the franchise is the value of the license that the insurance company has to obtain the future rent from the protected market and is the driving force for the self-discipline of the insurance company. Insurance companies with high concessions will adopt prudent business strategies to avoid revocation of their licenses after bankruptcy. Conversely, insurers with lower concessions have a higher risk motivation. In this paper, we use the data of 11 Chinese property insurance companies from 2001 to 2007 to build a panel model to empirically analyze the relationship between the value of franchise and the risk behaviors of property insurance companies in China. The results show that there is a negative correlation between the two, that is, the self-regulatory effect exists in the value of franchise of Chinese property insurance companies. However, with the intensification of competition in insurance industry in our country, the value of franchising is gradually weakened, and the value of franchising and its self-regulation effect are strengthened. It is of great practical significance to prevent the risks of insurance companies.