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首页> 外文期刊>The journal of risk and insurance >ORGANIZATION STRUCTURE AND CORPORATE DEMAND FOR REINSURANCE: THE CASE OF THE JAPANESE KEIRETSU
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ORGANIZATION STRUCTURE AND CORPORATE DEMAND FOR REINSURANCE: THE CASE OF THE JAPANESE KEIRETSU

机译：组织结构和对再保险的企业需求：以日本人Keiretsu为例

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This study investigates the impact of organization structure on corporate demand for reinsurance. Previous research has shown that the unique corporate groupings in Japan known as the keiretsu have relatively low bankruptcy costs, low agency conflicts, low information asymmetry, and low effective taxes. These conditions should mitigate the benefits of reinsurance purchase. This conjecture is tested by examining demand for reinsurance of Japanese non-life insurance companies during 1974-2010. Consistent with the prediction, keiretsu non-life insurers have lower reinsurance purchase than independent non-life insurance companies. The effects of the keiretsu structure also receded when keiretsu groupings' power was weakened after the asset bubble burst and the breakdown of the convoy system in mid 1990s. Consistent with previous studies, Japanese mutual insurers also purchase more reinsurance than stock insurers.
机译：这项研究调查了组织结构对公司对再保险需求的影响。先前的研究表明，日本独特的企业集团keiretsu具有相对较低的破产成本，较低的代理冲突，较低的信息不对称性和较低的有效税收。这些条件应减轻再保险购买的好处。通过研究1974-2010年间日本非寿险公司对再保险的需求，检验了这一推测。与预测一致，keiretsu非人寿保险公司的再保险购买量比独立非人寿保险公司低。在1990年代中期资产泡沫破裂和车队系统崩溃后，keiretsu集团的力量减弱时，keiretsu结构的影响也减弱了。与以前的研究一致，日本的共同保险人也购买了比股票保险人更多的再保险。

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