基于面板数据模型的险资投资效率影响因素实证研究

The Empirical Study on Factors Influencing Investment Efficiency of Insurance Funds Based on the Panel Data Model

摘要: 投资收益是保险公司的主要利润来源，保险资金投资效率体现了保险公司资金运用能力，对保险公司的持续稳健经营和长远发展至关重要。本文利用2007~2014年中国23个保险公司的面板数据对险资投资效率与其影响因素之间关系进行实证研究，结果表明：资产规模与保险资金运用效率呈现负相关；定期存款投资比例对保险资金投资效率的影响显著负相关，而长期类证券投资比例对保险资金投资效率的影响显著正相关；市场份额扩大显著提高了保险资金的投资效率；综合营业费用率对保险资金投资效率起消极作用，投资部门劳动者素质对投资效率有正向影响，但影响结果都不显著。

Abstract: Return on investment is the major source of profits of insurance companies. Investment efficiency of insurance funds reflects ability of capital operation of insurance companies, which is crucial of great importance to the continuous stable operation and long-term development of insurance companies. By using panel data of 23 insurance companies of China in 2007-2014 on an empirical study on relationship between investment efficiency of insurance funds and factors influencing investment efficiency, result shows that asset size is negatively correlated with using efficiency of insurance funds; fixed term deposit-rate has significantly negative effects on investment efficiency of insurance funds, long-term securities investment-rate does prominently positively; Market share significantly improves investment efficiency; Comprehensive operating fee-rate has a negative effect on investment efficiency. The quality of investment department staffs plays a positive role on investment efficiency, but results are not significant.