Research On China's Banking Insurance System

Bancassurance has gotten a rapid development in the world since the1980s. The existing research about bancassurance is no logical link to each other which based on the economies of scope, economies of scale, transaction cost theory, asymmetric information theory, etc. There is no a clear definition of the bancassurance in the world. Based on the above thinking, the article attempts to establish an analytical framework to discuss the nature and the law about the bancassurance development starting from basic research of the bancassurance. And then make recommendations on the development of China’s.This article defines bancassurance as an institution by the concept of the reference system. According to this line of thinking, the article defines bancassurance as a combination of economic order or institutional arrangements through the introduction of the new institutional economics theory of institutional change. Study bancassurance as a dynamic development process through the introduction of the new institutional economics theory of institutional change, to explore the bancassurance from the production to the continuous development of the internal mechanism, so that we can get a relatively complete understanding about the bancassurance.This article defines bancassurance as a series of financial institutional arrangements because of the banking and insurance system innovation. This series of institutional arrangements itself is a dynamic process, the important difference is that the organizational model showed significant stage in the process of dynamic development of the bancassurance. The article uses the transaction cost theory of new institutional economics to investigate the selection of organization of the bancassurance which will determine the stage of bancassurance development. The author think transaction costs is an important indicator of the bancassurance mode selection, and changes in transaction costs determine the bancassurance organization mode selection. Through the above analysis, we grasp the connotation and the nature of the organization mode selection of bancassurance, then we can make specific recommendations to the bancassurance system in China by comparing the development experience of the international bancassurance.The analytical framework of the article:Chapter1is the logical basis and research starting point; Chapter2, Sum up the traditional definition of bancassurance, and give a new definition of bancassurance; Chapter3, analyze intrinsic motivation of development bancassurance by using theory of institutional change of new institutional economics; Chapter4, analyze dominant characteristics of organizational model at different stages in the development of bancassurance. Chapter5, revel the nature of the bancassurance organization mode selection by using transaction cost theory; Chapter6, summarize the successful experience of the bancassurance through the introduction of bancassurance development experience of western developed countries; Chapter7, verify the theory of institutional change through the study of bancassurance practice in China, and further explore current situation and problems of bancassurance product system and sale model; Chapter8and Chapter9, is the end-result of this article,which point out the stage of development bancassurance and organizational model selection in China.The innovation of the article is mainly reflected in the following aspects:Redefine the bancassurance as "a system of financial innovation", and introduce the bancassurance comprehensively by the introduction of the new institutional economics, transaction cost theory and the theory of institutional change; Using the Data Envelopment Analysis-DEA to build an efficiency model to measure the real efficiency level of domestic bancassurance market, and suggest the bancassurance organizational model that China take now; Using the transaction cost as the key factor to select the bancassurance organizational model.