《保险研究》20210803-《寿险公司业务的保障属性对经营绩效的影响》（张智超、郭振华、张雯昕、肖勇）

［摘   要］目前,寿险业面临着深化改革的难题,不少寿险公司的发展也遇到了困难,在此背景下,一些偏离“保险姓保”政策导向的寿险公司的经营绩效表现不佳,且抗风险能力堪忧。回归“保障”能否改善寿险公司的经营绩效,进而增强寿险业整体的抗风险能力，成为当下亟待研究的问题。本文聚焦寿险公司业务保障属性强弱对其经营绩效的影响,采用“保险风险占比”指标来度量寿险公司业务的保障属性强弱,综合构建寿险公司绩效评价方式,选取61家寿险公司作为样本,组成非平衡面板数据,采用固定效用模型、多项Logit模型进行实证分析,并采用更换模型法和子样本回归法对实证结果进行稳健性检验。研究发现,寿险公司业务的保障属性强会对其经营绩效产生显著正向影响。具体而言,寿险公司业务保障属性越强,其盈利能力越强,同时其经营稳健性越好,具体表现为该公司的投资风险、退保风险、偿付风险和流动性风险越低。基于此,本文提出相关的监管政策建议和寿险公司经营战略建议。

［关键词］保障属性；盈利能力；经营稳健性；保险风险占比

［作者简介］张智超,上海对外经贸大学金融管理学院保险系硕士研究生；郭振华,上海对外经贸大学金融管理学院保险系系主任、教授；张雯昕,南京航空航天大学马克思主义学院硕士研究生；肖  勇,上海对外经贸大学金融管理学院保险系硕士研究生。

The Impacts of Insurance Business′s Protection Attribute on Performance of Life Insurance Companies

ZHANG Zhi-chao,GUO Zhen-hua,ZHANG Wen-xin,XIAO Yong

Abstract：At present,the life insurance industry is facing the difficulties of deepening reform,and many life insurance companies have encountered difficulties in their development.In this context,some life insurance companies,who deviated from the protection-oriented business focus,witness poor performances.And their risk resistance ability was also a concern.So,whether returning to the protection-oriented business focus can improve the performance of life insurance companies and strengthen the overall risk resistance ability of the whole industry has become an urgent question.This paper focused on the impact of protection-oriented business on operating performances of life insurance companies,used the "insurance risk proportion" index to measure the strength of the protection attributes of life insurance business,and comprehensively constructed the performance evaluation method of life insurance companies.Then,this paper selected 56 life insurance companies as samples to form unbalanced panel data,and adopted fixed utility model and Logit model to conduct an empirical analysis.The results of the empirical results were tested with the replacement model and sub sample regression method.The research finds that the consistent protection-oriented business focus has a significantly positive impact on the operating performance the life insurance companies.Specifically,the stronger the protection attributes of a life insurer′s business,the stronger its profitability,and the better its operation stability which can be demonstrated by its lower investment risk,surrender risk,solvency risk and liquidity risk.Based on this,this paper put forward the relevant regulatory policy suggestions and operating strategy suggestions for life insurance companies.

Key words：insurance company;the protection attribute of business;profitability;operation stability;proportion of insurance risk