论保险投资新政对寿险公司投资收益的影响
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引用本文:陈迪红,易 者.论保险投资新政对寿险公司投资收益的影响[J].经济数学,2018,(3):62-69
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作者单位
陈迪红,易 者 (湖南大学 金融与统计学院湖南长沙 410079) 
中文摘要:近年来,保险监管部门颁布了多项保险投资新政,保险资金运用上的限制得到了放松.保险投资新政的实施对寿险公司投资收益有着怎样的影响呢?运用双重差分模型(DID模型),定量估计了保险投资新政实施前后的寿险公司投资收益的具体变化,并分析了何种因素对寿险公司的投资收益有显著影响.研究发现,保险投资新政对寿险公司的总投资收益率的提高有着积极的影响,保险投资新政对不同规模的寿险公司投资收益的影响存在着差异,仅考虑政策的调整因素,大型寿险公司的总投资收益率增量超过中小型寿险公司1.13%,综合考虑其它指标的影响后,其总投资收益率增量仍然超过中小型寿险公司0.097%.实证结果为保险监管部门的政策实施以及寿险公司的经营提供了新思路.
中文关键词:保险学  保险投资新政  DID模型  投资收益  寿险公司
 
A Study of the Effects of the Innovation Policies in Insurance Investment on the Investment Income of Life Insurance Companies
Abstract:In recent years, China's insurance regulators have promulgated a series of innovation policies in insurance investment, and restrictions on the utilization of insurance funds have been relaxed. How does the implementation of the innovation policies in insurance investment affect the investment income of life insurance companies? This thesis uses the Difference in Difference models to quantitatively estimate the specific changes in the investment income of life insurance companies before and after the implementation of the innovation policies in insurance investment, and to analyze which factors have a significant impact on the investment income of life insurance companies. Empirical research has found that the innovation policies in insurance investment has a positive impact on the growth of the total investment yield of life insurance companies, and found that the impact of the innovation policies in insurance investment on the investment income of life insurance companies in different sizes is different. Considering the policy factor only, since the innovation policies in insurance investment implemented, large scale life insurance companies exceed medium and small scale life insurance companies in the increment of rate of return on total investment to 1.13%. While considering with other influential factors, the rate of return on total investment of large scale life insurance companies go beyond by 0.097% with comparing of its counterpart. The empirical results provide new ideas for the policy implementation of the China's insurance regulators and the management of the life insurance companies.
keywords:insurance  innovation policies in insurance investment  difference in difference model  investment income  life insurance company
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