中文摘要：

文章主要研究了财产保险公司发展＂非传统＂的投资业务对经营效率的影响。文章首先通过一个理论模型来说明产险公司的投资功能如何与风险汇聚和损失补偿功能相联系并影响公司经营成果,然后利用2009-2013年中国44家产险公司的面板数据进行了实证分析。研究发现：由于存在范围经济和交叉补贴效应,发展投资业务显著正向影响了产险公司的成本效率;而由于投资收益率不高且投资比例受限,发展投资业务对利润效率的影响方向不确定且效应不显著。这些结论在分样本回归中以及控制了规模变量可能的内生性和非线性效应后仍成立。文章建议监管层逐步放弃投资比例等硬性指标,而更多地关注资本监管和偿付能力监管,提高监管的灵活性。

英文摘要：

This paper mainly investigates the impact of nontraditional investment business developed by property insurance companies on operation efficiency.Firstly,this paper uses a theoretical model to interpret the relation between insurance investment function and risk pooling losses compensation and also firm operation efficiency.Secondly,based on the panel data of China＇s 44 property insurance companies during the period from 2009 to 2013,it makes an empirical study and finds that owing to scale economy and cross-subsidy effects,the development of investment business significantly affects cost efficiency of property insurance companies.And due to low ratio of investment income to total income and limited investment ratio,the effect of the development of investment business on profit efficiency is uncertain in terms of direction and not significant.These conclusions are also robust in sub-sample regression analysis and after the control of possible endogeneity and nonlinear effects of scale variables.It suggests that regulation authorities should give up mandatory indicators like investment ratio step by step,pay more attention to capital control and solvency regulation,and raise regulation flexibility.