《保险研究》20240202-《资管新规缓解保险企业投资扭曲了吗？》（王桂虎、侯懿芮、郭金龙）

［摘   要］部分保险企业存在期限错配、流动性错配等投资扭曲问题，2018年实施的《关于规范金融机构资产管理业务的指导意见》（资管新规）可能会对这一问题产生影响。本文首先使用Hamilton方程对二者之间的关系进行理论分析，之后将资管新规实施作为准自然实验，以手工整理的2015-2021年保险企业投资数据为样本，分析这一政策对保险企业投资扭曲的影响效应及作用机理。研究表明：第一，政策显著缓解了高杠杆保险企业的投资扭曲程度；第二，政策对保险企业投资扭曲的缓解效应具有明显的异质性。规模较大以及未设有独立董事的保险企业受到的约束更强，投资扭曲缓解效果更好；经济发展水平高、民间金融活跃、保费密度较高的地区对政策的接受度和执行力更强，缓解效果也更显著；第三，在影响机制方面，政策主要通过降低保险企业资产负债的期限错配、流动性错配与信用错配程度来缓解企业投资扭曲水平；第四，高管的政策执行能力越强，资管新规缓解资金扭曲的效果越好。

［关键词］投资扭曲；资管新规；实体经济；保险投资

［基金项目］本文得到国家社科基金后期资助项目（22FILB034）、河南省高等学校哲学社会科学创新人才支持计划（2024-CXRC-15）的资助。

［作者简介］王桂虎，郑州航空工业管理学院宏观金融与保险研究所所长、副教授、硕导，中国社科院金融研究所博士后、副研究员，研究方向：金融与保险；侯懿芮，郑州航空工业管理学院硕士，研究方向：金融与保险；郭金龙，中国社会科学院保险与经济发展研究中心主任，研究员、教授、博导，研究方向：金融与保险。

Does the New Asset Management Regulation Mitigate Investment Distortion of Insurance Companies

WANG Gui-hu,HOU Yi-rui,GUO Jin-long

Abstract：Some insurance companies have investment distortions such as maturity mismatch and liquidity mismatch,and the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (the New Asset Management Regulation) implemented in 2018 may have an impact on this issue.This paper first uses the Hamilton equation to theoretically analyze the relationship between the two,then takes the implementation of the new asset management regulation as a quasi-natural experiment,and uses the manually collected investment data of insurance companies from 2015 to 2021 as samples to analyze the impact and functioning mechanism of this policy on the investment distortion of insurance companies.The results are as follows.First,the policy significantly alleviates the investment distortion of highly leveraged insurance companies.Second,the mitigating effect of the policy on the investment distortion of insurance companies is obviously heterogeneous.Larger insurance companies and those without independent directors are more constrained and have better mitigation of investment distortions.Regions with high levels of economic development,active private finance,and higher premium density have stronger policy acceptance and enforcement,and the mitigation effect is more significant.Third,in terms of the impact mechanism,the policy mainly alleviates the distortion level of corporate investment by reducing the maturity mismatch,liquidity mismatch,and credit mismatch of insurance companies′ assets and liabilities.Finally,the stronger the executives′ ability to implement policies,the better the effect of the new asset management regulation in alleviating investment distortions.

Key words：investment distortion;the new regulation on asset management;real economy;insurance investment