Output voltage regulation is an essential technology for achieving stable wireless power supply. A receiver-side switching voltage regulator is useful for realizing output voltage regulation. However, this paper shows that the switching voltage regulator degrades the transfer efficiency to below 50% in a wireless power transfer system that consists of a class-D power inverter and series-resonant transmitting and receiving resonators. Such efficiency degradation is caused by the instability of an operating point where the efficiency is >50%. The input resistance value of the switching voltage regulator at a stable operating point is much higher than the optimum value for maximizing the efficiency. To stabilize the high-efficiency operating points, this paper formulates a stability condition and derives its sufficient condition. The sufficient condition facilitates a system design method using a K-impedance inverter that allows for the optimum input resistance value to lie in the range of allowable input resistance values. In addition, we introduce an input-voltage-based efficiency maximization method for the system with the receiver-side switching voltage regulator. By combining these two methods, efficiency maximization is realized with the receiver-side switching voltage regulator. The proposed methods were verified by both simulations and measurements.