中国寿险公司权益类投资影响因素分析——基于TPB理论的模型构建与实证分析

Analysis of Influencing Factors for China's Life Insurance Companies' Equity Investment——Model Construction and Empirical Analysis Based on TPB Theory

本文在计划行为理论基础上构建了一个分析寿险公司权益类投资行为的分析框架,并采用2009～2016年我国60家寿险公司的经营投资数据,运用动态面板模型从行为信念、社会信念、约束信念三个方面对我国寿险公司权益类投资行为的影响因素进行实证分析。结果表明,现阶段我国寿险公司权益类投资存在显著的个体差异性,且易受相同资本规模寿险公司同期资金配置行为的影响,存在明显的从众效应;同时,寿险公司的权益类资产配置行为更多地受其行为信念和社会信念类当期及滞后因素的影响,而偿付充足率、寿险责任准备金等约束信念类指标对寿险公司权益类资产配置的影响并不显著。据此,本文从资产配置战略、资产配置结构、市场监管等方面对我国寿险公司资产配置的优化提供一定的启示建议。

This paper constructed an analytical framework to analyze the investment behavior of life insurance companies based on the theory of planned behavior,and did a dynamic panel empirical analysis from the aspects of behavioral beliefs,social beliefs and constraint beliefs on the influencing factors of equity asset allocation behaviors based on operating and investment data of 60life insurance companies from 2009to 2016in China.The results showed that:there were significant individual differences in equity asset allocation of China's life insurance compa- nies at present;and the insurer tended to be affected by the asset allocation of others with similar capital scale, namely,there were obvious herd effects;At the same time,the equity asset allocation behaviors of life insurance companies were more influenced by their behavioral beliefs and social beliefs,while the constraint beliefs such as solvency ratio and life insurance liability reserve had no significant effect on equity asset allocation of life insurance companies.In view of the above,this paper made some recommendations for the optimization of life insurance companies'asset allocation from the aspects of asset allocation strategy,asset allocation structure and market supervision.