关键词: 投保人市场,市场约束,风险承担行为

Abstract: Based on the data of 48 property insurance companies, this paper conducts an empirical analysis of the impact of the policy-holders’ market discipline on the risk-taking behaviors of property insurance companies. The findings of the research show that at the market supervision stage the policy-holder market has produced a more significant price constraint effect but no quantity constraint effect; while at the market impact stage, the insurance companies failed to change their risk-taking behaviors according to the price constraint and quantity constraint signals of the policy-holder market. In view of the conclusion that the constraint mechanism of the policy-holder market is non-effective, the supervising ideas should be actively changed. It is necessary to speed up the market constraint ability of the policy holders, improve the insurance information disclosure system, encourage the establishment of professional rating agencies for insurance companies, push forward continuously the process of insurance marketalization, and strengthen the internal governance structure of the insurance companies.

Key words: policy-holder market; market discipline; risk-taking behaviors