| In November 2013,the "Decision of the CPC Central Committee on Several Major Issues Concerning Comprehensively Deepening Reform" adopted by the Third Plenary Session of the 18 th CPC Central Committee clearly stated that "economic system reform is the focus of comprehensive deepening reform.The core issue is to handle the government and the market.The relationship makes the market play a decisive role in resource allocation and better play the role of the government." This expression determines the decisive role of the market in resource allocation.As an important financial tool,insurance can play an important and unique role in the allocation and optimization of social resources.In October 2017,the 19 th National Congress of the Party(hereinafter referred to as the “Nineteenth National Congress”)made such a statement.“Adhere to the new development concept...We must uphold and improve China's socialist basic economic system and distribution system.Unswervingly consolidate and develop the public-owned economy,and unswervingly encourage,support,and guide the development of the non-public economy,so that the market plays a decisive role in resource allocation and better plays the role of the government." This discussion of the 19 th National Congress guides us on how to implement it comprehensively and accurately in our work.In August 2014,the State Council officially issued the "Several Opinions of the State Council on Accelerating the Development of Modern Insurance Services"(hereinafter referred to as "New China Ten Articles").The "New China Ten" is in the form of the country's "top-level design",which clarifies the social status of the insurance industry in the contemporary era,clarifies the goals and direction of the future development of the insurance industry,and outlines a new blueprint for the transformation and upgrading of the insurance industry.It can be seen that the insurance industry plays a pivotal role in the development of the entire country.Since the reform and opening up,China has resumed its insurance business,and China's insurance industry has made great progress and tremendous development.In 2016,China's gross domestic product(GDP)was 744.27 billion yuan,the national original insurance premium income was 305.59 billion yuan,and the insurance depth was 4.16%.As of the end of 2016,China's total population was 1,42,566,000 and the insurance density was 2,173.24 yuan.China's insurance industry's premium income in 2016 has surpassed that of Japan,ranking second only to the United States and becoming the world's second.China's insurance industry also occupies an increasingly important position in the international insurance industry.The development of China's insurance industry has a strong characteristics of the times.It is in line with China's reform and opening up process.It is mainly introduced from abroad and does not completely solve social problems and has no social attributes.In October 2017,the 19 th National Congress of the Communist Party of China stated that "the major contradictions in our society have been transformed into contradictions between the people's growing needs for a better life and the development of inadequate imbalances." As an effective means of risk management and social governance,insurance can allocate social resources in many industries and fields such as pension,medical care,manufacturing,and automobile,so that supply demand is more matched and tends to balance and improve residents.Welfare levels and improve the efficiency of the use of related resources.Under the current new social civilization,the world's economy and information have entered a new era,and the links between various market entities have become more and more close.Internet,artificial intelligence and big data have also become new opportunities and keywords for insurance development.Insurance has also added more ways to participate in social governance and improve social utility.The topic of the paper is to analyze how insurance can better perform its resource allocation function and quantitatively evaluate its efficiency.Specifically,insurance has the functions of risk management,value creation,and resource allocation.Insurance can use its own characteristics to participate in social governance and improve the allocation efficiency of resources such as medical care,pension,health,etc.This paper will explain the resource allocation function in detail and evaluate the efficiency of this function.Most of the existing researches focus on the relationship between insurance and economic growth,the internal resources input and output of insurance companies,and little research on the contribution of insurance to the resource allocation of the entire society.Therefore,this paper focuses on the resource allocation function of insurance,proposes a better path for insurance to participate in the allocation of social resources,and quantitatively evaluates the efficiency of this function.Finally,through the theoretical and empirical results of this paper,it provides great reference for the better participation of insurance in social governance and optimization of matching social resources,and is conducive to solving the biggest problems in China at present.It has great theoretical and practical significance.This paper first analyzes the basic characteristics of the development of China's insurance industry.The basic characteristics include the development history,development characteristics,financial status and existing problems of China's insurance industry.Firstly,it introduces the development history of China's insurance industry after the founding of New China,and expounds the different measures and achievements of China's insurance industry at different stages such as the initial stage,the recovery stage,the standardized development stage of China's insurance industry and the rapid development stage of China's insurance industry.Then,from the aspects of business model and capital utilization,the development trend and trend of the insurance industry in recent years are analyzed.The ownership structure of insurance companies is also characterized by the increasingly diversified nature of the rapid development of the insurance industry.From the registration of insurance companies,it also shows obvious regional differences.Compared with other financial institutions in the financial industry,China's insurance industry is in the rapid growth period of the industry.The expansion of insurance assets and the use of funds are on the rise,and the status of the industry is gaining more and more recognition.At the same time,it should be noted that there are still many problems in the development,such as insufficient insurance innovation practice,inadequate use of insurance functions,too rough insurance development model,and weak insurance awareness of residents.As a mature risk management tool,insurance has been developed for hundreds of years.Then,the logic of interaction between insurance and economic society has not been fully explained.This paper comprehensively sorts out the functions of insurance,and systematically explains the resource allocation function proposed by Li Xiaolin(2015).Insurance is a widely used risk management tool,and its risk management of exposed units can effectively optimize social resources.Configuration.Social resources can be adjusted in various industries and fields such as pension,medical care,manufacturing,and automobile,so that supply demand is more matched and tends to be reasonable,the welfare level of residents is improved,and the utilization efficiency of related resources is improved.The insurance industry's integrated resource model can be summarized as industry chain matching,capital flow matching,and risk matching.This paper uses resource allocation theory to explain the phenomena in economic society,and uses the actuarial principle to support the theory.According to the above analysis,the resource allocation function of insurance plays a vital role in the matching and adjustment of social resources.This paper continues to analyze the theory in empirical form.This paper constructs two sets of efficiency evaluation models for insurance social resource allocation,which are industrial efficiency assessment model and income distribution assessment model.Among them,the industrial efficiency assessment model is to link the three industries with the degree of insurance development,and select the national data from 2003 to 2017 to analyze the industrial efficiency assessment model;the income distribution assessment model is based on the income distribution status as an intermediate variable.To measure the contribution of insurance to economic growth,this paper selects the panel data of 25 provinces,autonomous regions and municipalities directly under the central government from 2006 to 2014,and conducts regression analysis on the income distribution assessment model.The research results show that from the perspective of the impact of insurance development on the three major industries,the development of insurance will have a positive impact on the development of the secondary industry.When the insurance depth is increased,the development rate of the secondary industry,that is,the industry will also increase.The efficiency of industrial development will also increase;the development of insurance will have a positive impact on the development speed of the tertiary industry.When the insurance density increases,the growth rate of the tertiary industry,namely the service industry,will also increase.The operating efficiency will also increase;from the perspective of the entire insurance market,the development of insurance does not have a significant positive relationship with the primary industry,namely agriculture.Considering that there are many non-market behaviors in agriculture,such as government intervention,the operation of agriculture is not completely market-oriented.It is also reasonable that insurance does not have a significant positive impact on agricultural development;Agricultural insurance has a significant positive impact on agricultural development.When agricultural insurance develops better,agricultural development is also faster and better.From the perspective of the impact of insurance on income distribution,the depth of property insurance has the greatest impact on the Gini coefficient.Property insurance has the most significant impact on the Gini coefficient,reaching 13 in the province.In most of these provinces,the regression coefficient of most provinces is negative,that is,when other conditions remain unchanged,the proportion of property insurance premium income is larger,the smaller the Gini coefficient is,the more the social income distribution tends to average;the accident risk to the Gini coefficient The impact is weak.In the fitting results of the Gini coefficient of various insurance types,the provinces with significant impacts of accident insurance are in the second place in property insurance,which is in the second place;the life insurance has no obvious influence on the Gini coefficient,and the Gini coefficient in various insurance types Among the fitting results,the number of provinces with significant impact on life insurance is lower than property insurance and accident insurance.Generally speaking,life insurance has a long insurance period,and investment in life insurance funds will also choose some long-term projects.During the year when the premiums collected may correspond to longer liability periods,China's life insurance development has been 40 years since the announcement by the China Insurance Regulatory Commission.Life insurance claims and life insurance premiums,the loss ratio of life insurance in 2018 is 23.5%,most of the life insurance has just entered the peak period,so its role in the income distribution of the region has not yet reflected;for long-term return-type life insurance Since China's pension system is a dual system,a large number of retirees will not buy insurance,and China's commercial annuity has not yet entered the peak period of return,so its impact on income distribution is not large,enterprises and institutions reserve for themselves.Commercial pension insurance has not entered the return period,so the impact on income distribution is also small.In summary,the development of the local life insurance industry has little effect on the income distribution of the region in a short period of time.Through the combing of the insurance function,this paper systematically expounds the functions of insurance in the new era,especially the resource allocation function,and empirically analyzes the relationship between insurance development degree and social resource allocation efficiency,trying to get valuable conclusions.This article has some innovations in the following points:1.People's understanding of insurance functions has been deepened with the changes in economic and social development levels.From the initial development of compensation for risks to the participation of insurance in social governance,people's understanding of insurance functions has changed a lot.This paper consults a large number of research literatures at home and abroad,sorts out the insurance function,and systematically explains the resource allocation function proposed by Li Xiaolin(2015),and summarizes the resource allocation functions of insurance into risk matching,cash flow matching and industrial chain matching.The reality case is analyzed by this theory.2.Most of the existing literature focuses on the interpretation of the definition of insurance itself and the management of insurance companies.Although some articles have empirically analyzed the relationship between insurance and economic growth,trying to find evidence to support economic growth,there is no specific Explain how insurance works in economic life.Based on the previous studies,this paper proposes the specific form of insurance participation in social resource allocation,constructs an industrial efficiency assessment model and an income distribution efficiency assessment model,and provides evidence support for the theory of this paper through empirical methods.Due to the author's lack of experience and the geographical limitations of the data,there are some shortcomings in this paper.Future improvements and further research directions include:1.Since China's insurance started late,for life insurance,40 years of investment is not enough to make its impact on income distribution completely released.In the case that the future conditions are mature and supported by relevant data,an in-depth comparative study of the more developed insurance market can be conducted,and a more comprehensive evidence of the theory can be tried.2.Before the study of this paper,most of the research was based on the whole country or the whole region.Therefore,this paper focuses on the differences between provinces and regions,and sorts out the impact of insurance on the economy and society.However,after drawing conclusions,this paper finds that for certain insurance products,such as life insurance,due to the characteristics of its use of funds,the contribution of the insurance to the economy and society is more suitable for long-term,broader regional research.Due to the limitations of this paper and the lack of data,the paper does not discuss the larger areas,which is the next research focus of the theory. |
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