|
|
|
| The Effects of Investment Function on Insurers’ Risk |
| BIAN Wenlong, WANG Xiangnan
|
Sungkyunkwan University;
Chinese Academy of Social Sciences |
|
|
|
|
Abstract Using a unique hand-collected panel data on 50 nonlife insurers and 57 life insurers over the period 2009-2014, we examine the impact of investment business on the risk level of nonlife and life insurers from multiple dimensions, respectively. The results show that the investment business for nonlife insurers improves the solvency capacity with no bad effects on liquidity and bankrupt probability. In contrast, the investment business for life insurers increases the likelihood of bankruptcy and exacerbates the surrender rate. To reduce the risk of insurers, the regulatory authority should encourage nonlife insurers to develop investment business to reduce the risk, and restrain life insurers’ aggressive investment behavior and curb the overheating tendency of investment-based products.
|
|
Received: 14 October 2016
Published: 02 April 2018
|
|
|
|
|
| [1] |
边文龙和王向楠,2016,《中国产险公司的投资业务对经营效率的影响研究》,《财经研究》第7期,第16~27页.
|
| [2] |
郭文旌和李心丹,2009,《最优保险投资决策》,《管理科学学报》第1期,第118~124页.
|
| [3] |
黄枫和张敏,2014,《费率市场化与企业财产保险需求》,《金融研究》第12期,第164~177页.
|
| [4] |
李心愉和赵景涛,2014,《产险资金运用效率与影响因素研究——基于DEA模型与面板固定效应模型》,《保险研究》第10期,第52~63页.
|
| [5] |
陆磊和王颖,2005,《金融创新、风险分担与监管:中国转轨时期保险资金运用的系统性风险及其管理》,《金融研究》第6期,第1~16页.
|
| [6] |
孙祁祥、边文龙和王向楠,2015,《业务集中度对寿险公司利润和风险的作用研究》,《当代经济科学》第3期,第27~38页.
|
| [7] |
张健华和王鹏,2012,《银行风险、贷款规模与法律保护水平》,《经济研究》第5期,第18~30页.
|
| [8] |
Arellano M.,S. Bond, 1991, “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”,Review of Economic Studies, 58(2): 277~297.
|
| [9] |
Bian W. L.,X. N. Wang, and Q. X. Sun, 2015, “Non-interest Income, Profit, and Risk Efficiencies: Evidence from Commercial Banks in China,”Asia-Pacific Journal of Financial Studies, 44(5): 762~782.
|
| [10] |
Hancock J.,P. Huber, and P. Koch, 2001, “Value Creation in the Insurance Industry,”Risk Management and Insurance Review, 4(2): 1~9.
|
| [11] |
Hidayat W. Y.,M. Kakinaka, and H. Miyamoto, 2012, “Bank Risk and Non-interest Income Activities in the Indonesian Banking Industry,”Journal of Asian Economics, 23(4): 335~343.
|
| [12] |
Lepetit L.,E. Nys,P. Rous, and A. Tarazi, 2008, “Bank Income Structure and Risk: An Empirical Analysis of European Banks,”Journal of Banking & Finance, 32(8): 1452~1467.
|
| [13] |
Mercieca S.,K. Schaeck, and S. Wolfe, 2007, “Small European Banks: Benefits from Diversification?”Journal of Banking & Finance, 31(7): 1975~1998.
|
| [14] |
Spellman L. J.,R. C. Witt, and W. F. Rentz, 1975, “Invest Income and Non-life Insurance Pricing,”Journal of Risk and Insurance, 42(4):567~577.
|
| [15] |
Stiroh K. J.,2004, “Diversification in Banking: Is Noninterest Income the Answer?”Journal of Money, Credit and Banking, 36(5): 853~882.
|
| [16] |
Stiroh K. J.,A. Rumble, 2006, “The Dark Side of Diversification: The Case of US Financial Holding Companies,”Journal of Banking & Finance, 30(8): 2131~2161.
|
| [17] |
Swiss Re., 2001, “Profitability of the Non-life Insurance Industry: It's Back-to-basics Time,”Sigma, (5): 1~38.
|
| [18] |
Swiss Re., 2006, “Measuring Underwriting Profitability of the Non-life Insurance Industry,”Sigma, (3): 1~36.
|
| [19] |
Barth M. M.,D. L. Eckles, 2009, “An Empirical Investigation of the Effect of Growth on Short-term Changes in Loss Ratios,”Journal of Risk and Insurance, 76(4): 867~885.
|
| [20] |
Foos D.,L. Norden, and M. Weber, 2010, “Loan Growth and Riskiness of Banks,”Journal of Banking & Finance, 34(12): 2929~2940.
|
|
|
|
