市场利率波动对寿险公司股价的影响研究

Research on the Impact of Market Interest Rate Fluctuation on the Stock Price of Life Insurance Companies

近年来,尤其是新冠疫情发生以来,各国纷纷进一步开启量化宽松政策。在当前利率水平环境下,利差损风险对保险业的稳健经营和长期健康发展影响重大。本文以我国A股上市寿险公司为研究对象,实证分析利率变动对寿险公司股价的影响,研究发现:市场利率下降不利于寿险公司股价。持续的低利率可能会对寿险公司经营业绩和偿付能力等指标产生不利影响。基于此,监管部门应完善保险业应对低利率的宏观审慎监管框架,保险公司应当建立审慎经营文化,坚持审慎和稳健的产品定价和投资策略。

In recent years,especially since the outbreak of the COVID-19 epidemic,countries have further opened quantitative easing policies.Under the current interest rate environment,the spread risk has a significant impact on the sound operation and long-term healthy development of the insurance industry.This paper takes China’s A-share listed life insurance companies as the research object,and empirically analyzes the impact of interest rate changes on the stock prices of life insurance companies.The research finds that the decline of market interest rate is not conducive to the share price of life insurance companies.The continuous low interest rate may have a negative impact on the operating performance,solvency and other indicators of life insurance companies.Based on this,the regulatory authorities should improve the macro prudential regulatory framework for the insurance industry to deal with low interest rates.Insurance companies should establish a prudent operating culture and adhere to prudent and stable product pricing and investment strategies.