Research On Capital Investment Efficiency And Influencing Factors Of Insurance Asset Management Companies

As an important institutional investor in the asset management industry,insurance asset management companies increasingly show their strong financial strength and specialized investment operation capabilities in the financial market investment activities.In 2012,the China Insurance Regulatory Commission issued 13 new policies,which greatly broadened the insurance asset management company's business scope and investment channels.The New Policy also expanded the selection of insurance assets allocation,relaxed the restrictions on investment quotas and investment ratios,which promoted the deep operation and management of insurance fund marketization.As a result,the implementation of the New Policy has created a good investment environment for China's insurance asset management companies,and insurance asset management companies have entered a new stage of development.Based on this background,this paper adopts a combination of theoretical and empirical research methods.Based on the theoretical analysis of the insurance fund's investment model and investment principles,and systematically describing the concepts and evaluation methods of investment efficiency of insurance funds,this paper builds DEA-Malmquist model respectively measure 15 insurance asset management companies'technical efficiency of fund investment in DEA model and the total factor efficiency of capital investment in Malmquist index from 2013 to 2016.For the DEA model static analysis of the technical efficiency of insurance asset management companies,funds available to invest,operating cost,manpower inputs,and short-term funds are selected as input variables,and total profits,investment returns are used as output variables.Through analysis,the overall investment efficiency of China's insurance asset management companies is not high,and the number of companies with effective efficiency in each year accounts for a relatively low market share.In connection with the situation of development for the purely technical efficiency,scale efficiency,and scale of remuneration development,the pure technical efficiency of insurance asset management companies is at a higher level,however,the contribution of scale efficiency to technical efficiency is not big enough,and most companies are in a state of increasing scale;On the other hand,with the dynamic perspectives,this paper consider the total factor productivity of insurance asset management companies based on the Malmquist index,it can be seen that the efficiency level of insurance asset management companies has improved as a whole from 2013-2016,but the change of efficiency has not shown a rising trend year by year,and there appeared large fluctuations between different years.The technical efficiency change index is the main factor that promotes the improvement of the Malmquist index,while the growth rate of the technology level change index is not obvious.In the change of technical efficiency,the scale efficiency is the main contributing factor,indicating that most companies in this stage can expand the scale of funds to improve efficiency,which confirms with the static analysis conclusion.On the basis of efficiency measurement and the theoretical analysis of the influencing factors of investment efficiency,this paper attempts to construct an indicator system of influencing factors.According to the characteristics of the value of the explanatory variable technical efficiency,the Tobit model is selected to empirically analyze the factors affecting the investment efficiency of the insurance asset management company.The results show that company size,employee quality,and market share have a significant positive impact on the insurance asset management companies,while the short-term investments have a negative impact.Finally,based on the above-mentioned research results,this paper tries to put forward relevant suggestions for the problems found in the research,which will provide some references for optimizing the fund allocation of insurance asset management companies in China.