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1 Modern Economic Science Sep Vol. 38 No A % % % 10% pearson % % % % % http / /jjkx. xjtu. edu. cn http / /www. ddjjkx. cn 1

2 1 % Comitéeuropéen des assurances CEA Comitéeuropéen des assurances CEA Dafny 3 HHI Aetna Prudential Health Care Kopit 4 Pauly HMO Health Maintenance Organizations Herfindahl - Hirschman Index HHI HMO Dafny

3 LR 2. Ineq Ineq LR 6 Ineq 1 = Σ n i = 1Σ n j = i +1 s i - s j 1 Ineq 2 = Σ n i = 1 s i - 珋 s 2 / 珋 sn s i " " n 珋 s Ineq 1 Ineq 2 Num Ineq 1 Ineq 2 Ineq Conc Ineq 1 Ineq 2 Nonlife Age Foreign LR 1. Num Num LR % 2 95% 3 95% 1 3

4 2014 Ineq 1 Ineq EI entropy Ineq 1 Ineq 2 EI - Σ n i = 1s i log 2 s i EI 3. Conc - log 2 s i EI 0 EI log 2 n 3 CCI comprehensive Conc LR concentration index Horvath 8 CCI = s 1 + Σ n i = s i CCI 1 s i s i CCI 0 < CCI 1 4 HTI Hall Tidem 9 HTI = 1 / 2Σ n i = 1is i - 1 i Σ n i = 1w i s i s i w i i i w i = 1 i = n HTI HTI 0 < HTI 1 4 HHI EI HHI EI CCI HTI CCI HTI 1 HHI = Σ n i = 1s 2 i HHI s i s i HHI 1 /n HHI 1 HHI 4-95% CR k 18 HKI 1 CR k k CR k = Σ k i = 1s i CR k k s i s i 0 CR k 90% 2 HKI Hannah Kay 10 0 < CR k HKI = Σ n i = 1s α i 1 / 1 -α HKI s i s α-1 i CR 1 CR 3 CR 10 α 15 α > 0 α 1 α 4

5 HKI EI α HKI HKI 1 /s 1 HKI n 6 α HHI 5 - CR k 95% 6 - HK1 95% Kwoka CR 1 - CR CR 2 Sleuwaegen Dehandschutter HHI CR 8 Stigler 13 CR 20 CR 4 HHI CR 4 Kilpatrick 14 CR 4 CR 8 CR 20 Lamm 15 5

6 CR 3 Bikker Haaf 19 CR 1 CR 2 CR 4 Cotterill 16 HHI CR 1 CR 4 CR 3 CR 5 HHI Panzar - Rosse CR 5 Panzar - Rosse Rhoades Nonlife HHI 2014 HHI 2. 12% 10. 7% Rhoades 6 HHI Hannan HHI LR HHI LR Nonlife Pilloff Rhoades HHI Nonlife Age Foreign 95% Nonlife Age Foreign 5. Age " " Age LR " " 6

7 GDP MedExp Age LR Age LR 7 Num Ineq 1 Ineq Conc 6. Foreign 2 Nonlife Age Foreign Income PopuDen MedExp LR Foreign 7 Income % 4 Edu ln Income PopuDen HH1 3 Edu 4 2 LR Num Ineq Ineq HHI Nonlife Age Foreign Income PopuDen / Edu MedExp

8 LR jt = α j + γ t + β 1 ln Num jt -1 + β 2 Ineq jt -1 + β 3 Conc jt -1 + β 4 Nonlife jt -1 + β 5 Age jt -1 + β 6 Foreign jt -1 + X ' jtδ + ε jt 3 LR jt j t Num Ineq Conc Nonlife Age Foreign Nonlife X it Dafny α j γ t ε jt 3 3 HHI Foreign HHI 10% / GDP / GDP HH1 4 HHI HHI EI CCI HTI CR k HKI HH1 Ineq 1 Ineq 2 EI CCI 10% HHI HHI HHI

9 HTI 10% HKI HTI 10% CR k HKI α CR 1 CR 3 CR 1 CR ln Num Nonlife Age CR 3 CR 1 CR % 10% Ineq 1 Foreign 3 HKI α HKI 10% 7-12 α HKI 3 LR Ineq 1 Ineq 2 Ineq 1 Ineq 1 Ineq 1 ln Num *** ** *** ** *** Ineq ** * * HHI *** ** *** ** ** Nonlife *** ** *** *** Age Foreign *** ** * ** ln Income * ** PopuDen Edu MedExp *** R MedExp *** ** * 1% 5% 10% 9

10 4 LR EI CCI HTI CR 1 CR 3 CR 10 ln Num * * * ** ** *** Ineq Conc ** ** * *** Nonlife *** *** *** *** *** *** Age Foreige ** * * ** * R HKI α = HKI α = HKI α = 0. 5 HKI α = 2 HKI α = 5 HKI α = 10 ln Num *** *** *** *** *** *** Ineq * * Conc * ** * Nonlife *** *** *** *** *** *** Age Foreign * * * ** * R ln Income PopuDen Edu MedExp HKI α α HKI *** ** * 1% 5% 10%

11 9 Hall M. Tideman N. Measures of concentration J. Journal of the American Statistical Association Hannah L. Kay J A. Concentration in modern industry M. MacMillan Press Sleuwaegen L Dehandschutter W V. The critical choice 2 between the concentration ratio and the H - index in assessing industry performance J. Journal of Industrial " " Economics Kwoka J E. Does the choice on concentration measure re- matter J. Journal of Industrial Economics 1981 ally " 13 Stigler G J. A theory of oligopoly J. Journal of Political - " Economy Kilpatrick R W. The choice among alternative measures of industrial concentration J. Review of Economics and Statistics Lamm R M. Prices and concentration in the food retailing industry J. Journal of Industrial Economics Cotterill R W. Market power in the retail food industry 1 Pauly M V Hillman A L Kim M S Brown D R. Competitive behavior in the HMO marketplace J. Health Affairs Dafny L S. Are health insurance markets competitive J. American Economic Review Dafny L S. Duggan M Ramanarayanan S. Paying a premium on your premium Consolidation in the US health insurance industry J. American Economic Review Kopit W G. Is there evidence that recent consolidation in the health insurance industry has adversely affected premiums J. Health Affairs Davies S W. Choosing between concentration indices The iso - concentration curve J. Economica Rhoades S A. Market share inequality the HHI and other measures of the firm - Composition of a market J. Review of Industrial Organization Kwoka J E. Herfindahl index in theory and practice J. Antitrust Bull Horvath J. Suggestion for a comprehensive measure of concentration J. Southern Economic Journal Evidence from Vermont J. Review of Economics and Statistics Hannan T H. Market share inequality the number of competitors and the HHI An examination of bank pricing J. Review of Industrial Organization Pilloff S J Rhoades S A. Structure and profitability in banking markets J. Review of Industrial Organization Bikker J A Haaf K. Competition concentration and their relationship An empirical analysis of the banking industry J. Journal of Banking & Finance J J Chen B Powers M R Qiu J. Life - insurance efficiency in China A comparison of foreign and domestic firms J. China & World Economy J

12 Market Structure and Loss Ratio Health Insurance in China from 2004 to 2014 WANG Xiangnan 1 BIAN Wenlong 2 1. Institute of Finance and Banking Chinese Academy of Social Sciences Beijing China 2. School of Finance Guangdong University of Foreign Studies Guangzhou China Abstract The loss ratio of health insurance is relatively low in China. Using the data of prefectural-level cities from 2004 to 2014 this article studies the relation between the market structure and the loss ratio of China s health insurance market for the first time. Regarding three general market structure indexes we find that the health insurance loss ratio is positively and significantly related to the number of firms and negatively and significantly related to the market concentration while the negative relation between the loss ratio and inequality of market share is not robust. For the market structure indexes with insurance market feature we find that the health insurance loss ratio is negatively and significantly related to the market share of nonlife insurers and positively and significantly related to the market share of foreign insurers while is not significantly related with the insurers ages. Those results support the structure-performance hypothesis and indicate that in order to increase health insurance loss ratio we should carry the supply side reform and expand the insurance market openness to domestic and foreign insurers. Keywords Health insurance Martket structure Loss ratio China Financial Decentralization Bank Institution Change and Economic Growth Based on the Empirical Analysis of Inter-provincial Panel Data during 1993 ~ 2012 XIE Zongfan 1 JIANG Junsong 2 1. School of Public Administration Hunan Normal University Changsha China 2. School of Business Xiangtan University Xiangtan China Abstract Chinese decentralization has been seen as one of important reasons to Chinese economic miracle. But the Chinese government delayed the decentralization process in the banking sector which has been criticized by many scholars with market-oriented view. From the perspective of power this paper reviews the repeatedly process of financial decentralization and centralization in the process of banking institution change and analyzes its reasons then analyzes the performance of banking institution change under the background of financial decentralization by using inter-provincial panel data during 1993 ~ The results find that the higher level of financial decentralization is conducive to improving the performance of the banking institution and promoting the economic growth but our country s financial decentralization level is still at a low level the government should further construct the market-oriented banking institution on the basis of improving the level of financial decentralization. Keywords Financial decentralization Financial centralization Bank institution change Economic growth How Regional Differences Affect P2P Lending Behavior Evidence from Renrendai PENG Hongfeng YANG Liuming TAN Xiaoyu Economics and Management School Wuhan University Wuhan China Abstract Using lending transaction data from Renrendai this paper empirically examines the impact of regional differences on the P2P borrowing respectively from four perspectives the economy level financial ecological environment education level and regular financial penetration. The results show that there is a significant discrepancy in the funding success rate among different regions in the domestic P2P lending market. More specifically borrowers whose provinces enjoy higher economic level better financial ecological environment and higher degree of education are more likely to obtain loans while the degree of regular financial penetration has a negative impact on the funding success rate and indicate that the P2P network lending is an effective 124

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Oates U 2018 3 94 233030 30 20002015 F061. 5 F062. 1 A 1671-9301 2018 03-0053-11 DOI:10.13269/j.cnki.ier.2018.03.005 1 1994 2018-02-22 2018-04-26 1981 13&ZD025 1708085MG172 KJ2018A0442 2017ZD003 53 2 3 4 5 Oates