The Impact Of Insurance Structure On The Quality Of Regional Economic Growth In Shandong Province

Since 2000,there have been more and more studies on economic growth related to economic structural optimization.A number of relevant literature and empirical analysis have shown that the financial system in which countries have developed is good.This country can usually achieve long-term stable economic growth.As an important part of the financial structure,the insurance industry,after more than 30 years of development,has made great progress in the context of economic and social development.Since the redevelopment of insurance business in 1980,the Chinese insurance market has been one of the best and fastest-growing insurance markets in the world.Not only has the insurance industry made rapid progress on its own,it has also become more and more significant in promoting the economy.In the current context of Shandong’s active implementation of the transformation of old and new kinetic energy,the insurance industry’s participation in the transformation of old and new kinetic energy should be accelerated.A large number of articles and demonstrations have shown that the optimization of the insurance industry structure is helpful for economic development,but there are few studies on the role of the development of the insurance industry structure in promoting the quality of regional economic growth in Shandong Province.This paper creates a multi-dimensional evaluation system of economic growth quality,covering 19 indicators in four aspects: the driving factors of economic growth,the structure of economic growth,stability,and the role of welfare.Choose the factor analysis method to calculate the amount of economic growth quality;choose the system GMM Methods: The panel data of 16prefecture-level cities in Shandong Province from 2000 to 2015 were analyzed to analyze the specific correlation between the development of insurance industry structure and the quality of economic growth.The study found that: Shandong’s insurance industry market concentration decreased year by year,the type structure of insurance gradually balance;the quality of economic growth showed an upward trend,despite a certain degree of volatility.The measurement results show that: Increasing the degree of concentration of the insurance industry is conducive to promoting the quality of economic growth.The blindlyanti-monopoly of the insurance industry structure will hinder the quality of economic growth;changes in the insurance industry insurance share will affect the quality of economic growth.The reduction of insurance market share will also promote the quality of economic growth.The depth of insurance and insurance density are positively related to the quality of economic growth,but the depth of insurance is significantly different between developed and under developed regions.The author found that they have the significant correct correlation between the depth of insurance and the quality of economic growth in the developed insurance industry.In the underdeveloped insurance sector,the depth of insurance and the quality of economic growth have turned into a negative correlation.Moreover,the quality of economic growth in the past was affected by the quality of economic growth in previous years.The higher the quality of economic growth in previous years,the greater the current value.The economic structure has a positive effect on the quality of economic growth.There is a mutually reinforcing role between the economic structure and the insurance industry structure.In addition,the results of the study also show that other control variables related to the insurance industry structure have different effects on the quality of economic growth.Based on the above research,combining with the economic and social background of implementing the transformation of old and new kinetic energy in Shandong Province,the paper gives suggestions for improving the quality of Shandong’s economic growth,that is,to strengthen the development of large-scale insurance companies,not to blindly oppose the monopoly of insurance companies,and to strengthen the positive effect of the depth of the insurance industry on the quality of economic growth.