The Effect of Foreign Investment Inflow on the Efficiency of Insurance Industry of China
研究了外资流入对中国保险业效率的三种影响机制：资本投入效应、市场竞争效应和技术溢出效应，发现外资持股比例与效率呈U型关系。
This paper firstly tests three hypotheses regarding the effect of foreign investment inflow,namely, capital investment effect,market competition effect and technology spillover effect.The study finds that:(1) the capital investment effect has significantly positive impact on the efficiency of insurance operation,but has no influence on the efficiency of investment operation.(2) The market competition effect has significantly positive impact on the efficiency of insurance industry.Compared with the increasing assets and market share of foreign insurers,the increasing number of foreign insurers has more significant effect on the efficiency improvement; (3) The insurance companies' efficiency and foreign investors' holding ratio shows a U-shaped relationship, which indicates that the technical spillover effect will have positive impact on the efficiency of China's insurance industry when the ratio of foreign shareholders reaches a certain level.