论保险投资新政对寿险公司投资收益的影响
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.
关键词保险学；保险投资新政；DID模型；投资收益；寿险公司
中图分类号F842.0文献标识码A
A Study of the Effects of the Innovation
Policies in Insurance Investment on the Investment
Income of Life Insurance Companies
Dihong Chen， Zhe Yi
（College of Finance and Statistics，Hunan University，Changsha，Hunan410079，China）
AbstractIn 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.
Key wordsinsurance； innovation policies in insurance investment； difference in difference model； investment income； life insurance company
1引言
壽险公司的经营不仅有负债端的管理，也有资产端的管理，而资产端的管理离不开投资.随着2012年来中国保险监管部门连续发布的多项保险投资新政，保险资金运用上的限制得到了放松，拓宽了投资范围和比例限制.随着中国保险业的发展，寿险公司能够进行投资的资本也越来越多，投资逐渐成为了寿险公司获取收入的主要途径之一.