金融学保险产品中英文对照外文翻译文献.docx
《金融学保险产品中英文对照外文翻译文献.docx》由会员分享,可在线阅读,更多相关《金融学保险产品中英文对照外文翻译文献.docx(14页珍藏版)》请在冰豆网上搜索。
金融学保险产品中英文对照外文翻译文献
中英文翻译
原文:
RegressionAnalysisonInvisibleDemandofInsuranceProducts
Abstract:
Inthecontextofin-depthstudyoninvisibledemand,thispaperdescribesdifferentresultsofdomesticandforeignscholarsininvisibledemandinviewsoftherelevantresearches.Fromthreeperspectivesthispaperqualitativelyanalyzesthedifferencebetweeninsuranceproductsandtangibleproducts,highlightingtheintangiblenatureofinsuranceproducts.Throughthecorrelationanalysisandregressionanalysisoninsuranceproductsandincome,consumption,wefoundthatrisingincomeleadstotheconstantconsumptionofinsuranceproducts,namelyacertainincomereachestoavoidrisksstronger.Soitisanimportanttasktodevelopnewinsuranceproductstomeetthecontinuousneedsofthepeoplebasedoninvisibledemand.
Keywords:
insuranceproducts;invisibledemand;regressionanalysis;correlationanalysis
1Introduction
Manyinsurancecompaniesrealizethatcustomeroftenfailtoexpresstheirdemandsclearly.TheinvisibledemandresearchofChinesescholarswerescatteredindifferentareasofresearchanddocumentation,andthepapergraduallyhasformedarelativelyareaofstudyandresearchcontextincurrent.WangBaoxin(2003)believedthatthereisalargenumberoftheinvisibledemandforthecustomerexcepttheprofilingdemand.Especiallytheinvisibledemandofthecustomismorepotential,soithasabilitytopayandimpulsivityshoppingbelongstoinvisibledemandorsemi-invisibledemand.LuoYongtai(2006)putforwardtheproductbasedonthedepthofthedevelopment,whichwillhelpenterprisestakefulladvantageofconsumerinvisibleresourcesdemand.
Thevariationandevolutionoftheinvisibledemandresearchofforeignscholarsisunderstandingearlier,KeithGoffinFredLemke(2005)believedthatsometimescustomersdonotcomprehendwhattheirdemands,thatis,consumersorusersonlyhavenotdirectlycognizantfortheirdemands.Becausetheserequirementsaretheawarenesslevel,userscannotclearlyexpressthesedemands.AdrianSlywotzky,RichardWise,KarlWeber(2005)proposedtheoriginofinnovationwasgraspingtheinvisibledemandofcustomer.Enterprisesmustunderstandtheexistingproductandservicerelatedfieldwhichcustomersspendmoretimeandmoney,and“demandinnovation”createsnewprofits.
FromtheaboveLiteratures,wecanseethattherearemanyscholarstoresearchontheinvisibledemandbasedonnotquantitativeanalysisofcombineddatabutthetheoreticalanalysismostly.Therefore,thisarticleaimstousecombinationmethodsofqualitativeandquantitativetoofstudyinvisibledemandforinsuranceproducts.
2TheDifferenceComparisononInsuranceProductsandTangibleProducts
2.1Greaterflexibilityinproductquality
Tangibleproductscanbemass-producedbythelabor.Thedifferentproductionmaterials,differentproductionprocess,differentproductiontechnologieslevelcanleadtodifferencesinproductquality.Afterall,thereisameasurestandardfortangibleproducts.Thesamekindsofproductcanalsobeusedtocomparedandidentified.Whethertheinsuranceproductisagoodornotcanbedifficulttomeasurebyitsservicequality.
2.2Theambiguityofformerproductsconsumption
Peoplebuyproductsbeforewecandoacertainunderstandingsuchasdebugging,touch,somemanufacturersalsosellanumberofdaystomakethepromiseofatrial,sothattheconsumerproducthasaclearerunderstandinginordertohelptomakethefinalpurchasedecision,sothatconsumershaveaclearerunderstandingforproductswhichhelppeopletomakepurchasedecisions.Althoughpeoplehaveanunderstandingfortheinsuranceproductsbeforebuying,theconsumercannottouchitbutseeitsappearance.Therefore,theremaybelotsofambiguitybeforemakingdecisions.
2.3Thesynchronizationprocessofproductionandconsumption
Tangibleproductshavetheproduction,storage,transportation,salesandsoon.Thisprocesshastheproductionbehaviorformanufacturers,transport,storagebehaviorandthesalebehaviorforbusinesses,thusexpandingtheproductcontactsurfaceandthesphereofinfluence.Insuranceproductsaserviceprocesswhichareofferedbythesellertothebuyer,theproductionprocessistheconsumptionprocess.Thesynchronizationofthetwolimitsthesphereinsuranceproducts.Thescaleandgeographicalscopeoftheinsuranceproductshavelimitationsinthecompetition.
Inthepurchaseoftangibleproducts,theownershiphastransferred.Afterthepurchase,consumerscantransfertheproducttoothersandifconsumersarenotsatisfiedwiththeeventandcanalsobechangedback.Thetransferofownershiprightsdoesnotoccurinthepurchaseofinsuranceproductsinandthetransferrightswillnolongergoout.Itwillbedifficulttochangeiftheconsumerisnotsatisfiedwiththeproducts.
3TheQuantitativeAnalysisofInvisibleDemandofInsuranceProducts
Withthelevelofpersonalincomesrising,people’sconsumptionisalsorising.Inthepast,peopleonlyfocusedonthefoodissueandclothingwell-being,andnowconstantpursuitthespiritualdemand,thenwhichledthedevelopmentofrelatedservices.Theinsuranceindustryisakindofessentialdemandandthedemandisalsoconstanttoincrease.Itisdifferentfromordinaryproducts,afterthepaymentyoubuyastablepsychologicalandakindofrisk.
3.1Dataselection
Wemainlyresearchtheinvisibledemandofinsuranceproductsinthispaper.Becausetheinvisibledemandisdifficulttomeasureinpracticeandprofilingdemandisshiftfrominvisibledemand,weselectedprofilingdemandtoreplaceinvisibledemand.Inthispaper,weselecttheretailpriceindex(RETAIL),percapitadisposableincome(INCOME)astheconsumptionandincomelevelofpeopleandselectpremiumincome(BAOFEI)astheinsuranceconsumptionforconsumers.Thesethreeindicatorsarebased1978=100asthebaseperiodindex.AccordingtotheNationalBureauofStatisticswebsite,wegetthedataintervaltimewhichis1985,1990,from1993to2007.Thedataareasfollows:
Table1.Dataindicatorsfrom1985to200
Year
BAOFEI
INCOME
RETAIL
1985
192.3
160.4
128.1
1990
1200.0
198.1
207.7
1993
3507.7
255.1
254.9
1994
2892.3
276.8
310.2
1995
3484.6
290.3
356.1
1996
4138.5
301.6
377.8
1997
5938.5
311.9
380.8
1998
9661.5
329.9
370.9
1999
10815.4
360.6
359.8
2000
12292.3
383.7
354.4
2001
16223.1
416.3
351.6
2002
23492.3
472.1
347
2003
29846.2
514.6
346.7
2004
33215.4
554.2
356.4
2005
37938.5
607.4
359.3
2006
43384.6
670.7
362.9
2007
54123.1
752.3
376.7
3.2Correlationanalysis
UsingEViews3.1softwareaccordingtothedatainTable1,weprocessthecorrelationanalysisforthelevelofpremiumsrespectively,consumptionandincome(INCOME).Theresultsareasfollows:
Table2.Therelateddegreeamongindicators
CORR
BAOFEI
INCOME
RETAIL
BAOFEI
1.0000
0.9864
0.4566
INCOME
0.9864
1.0000
0.5858
RETAIL
0.4566
0.5858
1.0000
FromTable2wefindthattherelevantdegreeofthepremiumincomeandpercapitadisposableincomeis0.9864,whiletherelatedleveloftheconsumptionlevelandpercapitadisposableincomeis0.5858;thisshowsthatwiththeincomelevelsrising,peopletendtokeepconsumptionofinsuranceproducts,whileconsumptionofotherproductsdonotincreasegreatly.Thisismainlybecausetheincomehigher,theriskawarenessstrongerandtheinsuranceproductsconsumemore.
3.3Regressionanalysis
Premiumincomeastheinterpretedvariable,personalincomelevels,theretailpriceindexasexplanatoryvariablesforregression,theregressionresultsareasfollows:
Table3.Theregressionmodelofpremiumlevel
DependentVariable:
BAOFEI
Method:
LeastSquares
Date:
06/17/09Time:
10:
48
Sample(adjusted):
19912007
Includedobservations:
17afteradjustingendpoints
Variable
Coefficient
Std.Error
t-Statistic
Prob.
INCOME
108.8407
2.223533
48.94943
0.0000
RETAIL
-44.73793
5.418658
-8.256276
0.0000
C
-11957.34
1484.072
-8.057115
0.0000
R-squared
0.995402
Meandependentvar
17196.84
AdjustedR-squared
0.994745
S.D.dependentvar
16734.44
S.E.ofregression
1213.076
Akaikeinfocriterion
17.19849
Sumsquaredresid
20601735
Schwarzcriterion
17.34553
Loglikelihood
-143.1872
F-statistic
1515.428
Durbin-Watsonstat
1.423726
Prob(F-statistic)
0.000000
Table4.Autocorrelationtest
Breusch-GodfreySerialCorrelationLMTest:
F-statistic
3.995125
Probability
0.056793
Obs*R-squared
6.795025
Probability
0.078456
Table5.Whitetest
WhiteHeteroskedasticityTest:
F-statistic
0.202972
Probability
0.931873
Obs*R-squared
1.077287
Probability
0.897859
AccordingtothePvaluefromTable3,wecanseethattheestimatedvaluesofcoefficientsofexplanatoryvariablesaresignificantlynon-zero(95%confidencelevel).Bytheadjustinggoodness-of-fit
is0.99whichshowsthatpremiumindicatorshavebeentoexplaintheextentof99%.Theresultisrelativelyexcellent.FromTable4andTable5,Pvalueisshownintheconditionsof95percentsconfidencelevel,themodelhasnotheteroscedasticityandautocorrelation.Sowedrawwiththeregressionrelationshipofpremium,incomeandtheconsumptionlevel.Theformulaisasfollows:
(1)
Fromtheformula
(1)wecanseethatthelevelofpersonalincomeincreasesoneunit,thepremiumlevelincreases108.84units,whichfullyreflectswhenpeoplereachacertainincomelevel,peopledislikerisk.Themorerisk-averseinsured,hehopestopayhigherinsurancepremiums.Wepurchasetheinsurancetoavoidunnecessaryrisksandincreasethesecuritysense.
Therelation