Risk management and reinsurance strategies in the Spanish insurance market (1880–1940)

Reinsurance allows insurance companies to diversify their risks. However, from this original role, insurance companies have developed various reinsurance strategies in order to expand their market share. From the last decades of the nineteenth century to the 1940s, Spanish insurance companies used reinsurance in a largely unregulated context. This article analyses the reinsurance practices and their adaptation to the singularities of the Spanish market, namely: the difficulties for the consolidation of a core of pure reinsurers; the management of reinsurance in the internationalisation process; and the use of reinsurance by mutual societies to overcome their lack of equity capital.     

“融媒体”时代保险业广告预算管理问题探讨

数字技术的发展所带来的媒体形势的变化对保险业的广告预算管理模式形成了较大的冲击.本文分析了保险业广告预算管理的现状,以及在“融媒体”时代背景下保险业广告预算管理所存在的问题,并结合保险业特点及媒体传播环境的变化,预测了保险业广告预算管理的未来发展趋势.     

互联网能力与知识能力交互效应对知识创造绩效的传导机制:一个被中介的调节效应模型

整合资源基础观、知识基础观和动态能力理论，探讨互联网背景下互联网能力、知识能力两种企业内部因素交互作用对知识创造绩效的影响过程，尤其关注了具有前瞻性与反应性特征的战略柔性在这一过程中的重要作用，从而构建了一个被中介的调节效应模型。基于我国399家企业调研数据发现，互联网能力、知识能力均对战略柔性有显著正向影响；互联网能力与知识能力的交互作用通过战略柔性的中介机制促进企业知识创造绩效提升，即存在被中介的调节效应。在理论上，丰富了资源基础观和知识基础观在组织竞争优势构建方面的前因研究，在实践上，为处于互联网背景下的企业有效提升知识创造绩效提供了实践参考。     

财政支出差异性对创业活动的激励效应分析

经济新常态下，创业是推动中国经济发展、改善民生的重要途径。创业过程的风险性、不确定性及正外部性需要政府给予积极支持。基于2007-2015年中国内地30个省市（除西藏外）数据，运用动态面板模型，考察地区财政支出和创业活动的关系。研究结果表明：财政支出规模对创业活动数量及创业活动质量具有滞后的积极作用；财政支出规模的滞后效应源于财政支出结构的滞后效应，不同财政支出结构对创业活动质量影响的差异较大；同时，创新是提升创业活动质量的重要手段。因此，政府应积极支持“大众创业、万众创新”，各地区财政创业扶持资金应该从规模和结构上进行调整，重点优化有利于创新的支出结构，为创业提供良好的公共环境。     

A Review of Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry

This book indeed goes a long way towards clearing up misconceptions about insurance both on the part of consumers and, even more importantly, insurance managers and regulators. However, in the eyes of this reviewer, the authors are too quick to jump on the bandwagon of ‘Behavorial Economics’ in their attempts to explain seeming anomalies in decisionmaking with repect to insurance. This said, the case studies included, statistics cited, and arguments proffered in this the volume make for interesting reading.     

An empirical analysis of the factors influencing farmer demand for forest insurance: Based on surveys from Lin’an County in Zhejiang Province of China

The lack of effective farmer demand is a major factor that restricts the development of China's forest insurance. To solve this problem, this study uses a Logit model to conduct an empirical analysis of relevant factors in the farmers’ demand for forest insurance, based on field survey data of Lin’an County, Zhejiang Province. The results show that the farmers’ understanding of forest insurance, the proportion of forestry revenues in the total household income, forest size, forest disaster frequency, forest insurance liability, insurance amount setup, and the farmers’ satisfaction regarding the premium subsidy policy, are the main factors that affect the farmers’ demand for forest insurance. Therefore, we propose to expand forest insurance promotion, raise the farmers’ income, rationally design insurance products, and optimize the forest premium subsidy policy to enhance the farmers’ willingness to participate in forest insurance.     

金融创新如何缓解信任品市场失灵?——中国食品安全责任强制保险的自然实验

信任品市场(如食品、医药等)存在的问题一直困扰着中国和世界很多国家。关于产品和服务质量的信息不对称(道德风险和逆向选择)会导致信任品市场失灵。缓解信任品市场失灵,一种常见的解决方案是政府监管;而经济学家认为更加基于市场的解决方案(例如强制责任保险等金融创新)可能更为有效。在理论上,强制责任保险有两种相反的效应:保险公司的监督减少了道德风险 vs. 保险加剧了企业的道德风险,但一直亟待实证检验。幸运的是,中国食品安全责任强制保险的改革实验走在了世界的前列。本文利用了中国在不同地区、不同时间推行的这个自然实验,通过双重差分的方法识别出责任保险对于信任品市场的因果效应。本文的研究发现,强制责任保险能显著降低食品安全事故发生概率。这表明政府强制推行的金融创新可以成为信任品市场失灵的一种有效的替代性解决方案。     

The synergistic effect of insurance and banking sector activities on economic growth in Africa

It is widely understood that the insurance and banking sectors of every economy perform some functions in driving economic growth. What is not yet well documented is whether their roles are complimentary or substitutive. With the aid of the dynamic panel generalized method of moments (GMM) estimation technique, this paper evaluates the synergistic effect of both sectors on economic growth in a panel of 10 African countries that are responsible for most of the activities in the continent’s financial sector. The insurance-banking-growth nexus was also examined through bootstrap panel causality tests. The results show that the life insurance market and the banking sector, as well as the non-life insurance market and the banking sector, are complimentary. We find that, overall, the relationship between the insurance and banking sectors in Africa is a complimentary one and that their synergistic impact on economic growth is positive. The feedback hypothesis was also confirmed in the relationship between the insurance sector and economic growth and between the banking sector and economic growth.     

Optimal dividend strategies with time-inconsistent preferences

This paper studies the optimal dividend strategies of an insurance company when the manager has time-inconsistent preferences. We consider the problem for a naive manager and a sophisticated manager, and analytically derive the optimal dividend strategies when claim sizes follow an exponential distribution. Our results show that the manager with time-inconsistent preferences tends to pay out dividends earlier than her time-consistent counterpart and that the sophisticated manager is more inclined to pay out dividends than the naive manager. Furthermore, we extend these results to the case with claim sizes following a mixed exponential distribution, and provide a numerical analysis to reveal the sensitivity of the optimal dividend strategies to changes in the premium, claims and surplus volatility.     

不确定性容忍度、决策逻辑与突破式创新关系研究

以位于武汉市产业园、孵化器、创业园等多家公司的255位产品开发及技术研发人员、市场开发人员为有效样本，采用层级回归方法探讨不确定性容忍度、决策逻辑与突破式创新的关系。结果表明:不确定性容忍度与突破式创新显著正相关；不确定性容忍度与因果逻辑显著负相关，与效果逻辑显著正相关；突破式创新与因果逻辑显著负相关，与效果逻辑显著正相关；因果/效果决策在不确定性容忍度与突破式创新关系中发挥部分中介作用；不确定性容忍度正向调节效果逻辑与突破式创新的关系，对因果逻辑与突破式创新的关系没有显著调节作用。研究结论对企业创新管理实践具有重要指导价值。