保险公司视角的万能险产品结算利率定价实证研究  

An Empirical Study on Settlement Rate Pricing of Universal Insurance Products from the Perspective of Insurance Companies

作　　者：许荣[1] 李延胤 方明浩 张俊岩[2] XU Rong;LI Yan-yin;FANG Ming-hao;ZHANG Jun-yan

机构地区：[1]中国人民大学财政金融学院暨财政金融政策研究中心、保险研究所 [2]中国人民大学财政金融学院 [3]中国人民大学经济学院

出　　处：《中央财经大学学报》2022年第11期26-38,共13页Journal of Central University of Finance & Economics

基　　金：中国人民大学中央高校基本科研业务费专项资金(项目编号:18XNI006)。

摘　　要：万能险产品结算利率是否过高是当前保险政策监管与市场关注的焦点。已有研究大都是从理论层面探讨万能险产品利率制定,实证研究较为缺乏。本文基于我国56家寿险公司2014—2018年的相关数据,从寿险公司经营模式、资金需求和风险承担能力等多个保险公司层面特征实证研究影响我国寿险公司万能险产品结算利率定价的影响因素。研究结果表明:(1)保险公司经营模式与万能险产品结算利率的定价显著相关,偏向资产驱动型经营模式的寿险公司对万能险产品结算利率的定价更高。(2)寿险公司万能险产品结算利率与其在金融市场资金需求程度正相关。(3)风险承担能力强的寿险公司偏向于发行高结算利率的万能险产品。此外,保险公司的退保率、审计质量和员工学历结构等其他公司特征也可能会对万能险的结算利率产生影响。本研究有助于认识万能险结算利率制定与潜在的金融机构资金需求以及风险管理之间的逻辑关联,从实证研究的视角帮助监管层和实务界更好地认识到万能险的保险属性有可能受到保险公司金融市场融资需求的影响甚至扭曲。Whether the settlement rate of universal insurance products is too high is the focus of current insurance policy supervision and market attention.Most of the existing researches discuss the interest rate formulation of universal insurance products from the theoretical level, but empirical research is relatively lacking.Based on the relevant data of 56 life insurance companies in China from 2014 to 2018,this paper empirically studies the factors influencing the settlement rate pricing of universal insurance products of life insurance companies in China from the perspectives of life insurance companies’ business model, capital demand and risk bearing capacity.The results show that :(1) the business model of insurance companies is significantly correlated with the pricing of universal insurance product settlement interest rate, and life insurance companies that prefer asset-driven business model have higher pricing of universal insurance product settlement interest rate.(2) The settlement rate of universal insurance products of life insurance companies is positively correlated with its capital demand in the financial market.(3) Life insurance companies with strong risk bearing capacity tend to issue universal insurance products with high settlement interest rate.In addition, other corporate characteristics of insurance companies, such as surrender rate, audit quality and staff education structure, also affect the settlement rate of universal insurance.This study helps to understand the logical relationship between the setting of universal insurance settlement rate and the potential capital demand and risk management of financial institutions, and helps regulators and practitioners to better understand that the insurance property of universal insurance may be affected or even distorted by the financing demand of insurance companies in the financial market from the perspective of empirical research.

关 键 词：万能险 结算利率 资金需求 风险管理 

分 类 号：F842[经济管理—保险]