THE COMPARATIVE DYNAMIC STUDY OF THE BUSINESS FAILURE RISK OF INSURANCE COMPANY AND ITS STRATEGIC INVESTMENT BEHAVIOR

保险公司经营失败风险及其战略投资行为的比较动态研究

• 批准号: 13630128
• 负责人: TAMADA Satoshi
• 金额: $ 1.28万
• 依托单位: OSAKA UNIVERSITY OF COMMERCE
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2001
• 资助国家: 日本
• 起止时间: 2001 至 2002
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-13630128/
• 关键词: business slump; failure; business failure risk; investment risk; latent loss in assets; investment environments; adaptation-behavior; deregulation; 保険企業の経営破綻; 資産運用リスク; 株式の含み損; 産業構造の変化; ソルベンシー・マージン; 信用リスク

Since 1996 in Japan, the increasing competition in insurance industry owing to the deregulation of Insurance System and the continuing economic depression, brought about 7 life insurers and 2 non-life insurers failures. As the result, besides the saturation of the insurance demand, both the volumes of new business and business in force through the increasing distrust to these insurance industries have decreased, and moreover the extraordinary fall in the stock market price and interest rate are now prevailing. Therefore, at present Japanese insurance industry is facing many severe conditions that have never experienced.It is always said that the business slump or failure in insurance enterprise, in many cases, is the result of the unskillful or missing investment behavior of the management. However, except for bad management itself, these insurance business risks consequent upon that kind of slump could not be exactly grasped without examining the adaptation-behavior to the changing nature of business environments. Those findings that we could verify, are the large mismatch between their insurance operations and investment operations, namely the excessive adaptation-behavior to the changing business environments.After examining these factors, our approach is to analyze the US insurer's creative management behaviors, particularly timely & adequate adaptation-behaviors to the changing business environments. More specifically, in the context of the development of IT technology, the changing nature of demographic factors and the increasing nature of competition, we confirmed the details of product-creative behaviors and investment-creative behaviors. Those findings here will be useful to the business practices for Japanese insurance sector in the future, we are firmly convinced.

自1996年以来，日本保险业的竞争日益激烈，由于保险制度的放松和持续的经济衰退，导致7家寿险公司和2家非寿险公司倒闭。结果，除了保险需求饱和之外，由于对这些保险业的不信任增加，新业务和有效业务的数量都减少了，而且股票市场价格和利率的异常下跌现在普遍存在。因此，目前日本保险业正面临着前所未有的严峻形势，人们常说，保险企业的经营不景气或倒闭，在很多情况下是由于管理层投资行为的不熟练或缺失造成的。然而，除了管理不善本身之外，如果不考察保险公司对商业环境变化的适应行为，就无法准确把握这种衰退所带来的保险业务风险。这些发现可以验证的是，美国保险公司的保险业务和投资业务之间存在着很大的不匹配，即对不断变化的商业环境的过度适应行为。在考察了这些因素之后，我们的方法是分析美国保险公司的创造性管理行为，特别是对不断变化的商业环境的及时和充分的适应行为。更具体地说，在IT技术的发展，人口因素的变化性质和竞争的日益激烈的背景下，我们确认了产品创造行为和投资创造行为的细节。我们坚信，这些发现将对日本保险业今后的业务实践有所帮助。