RBC制度實施對台灣壽險業投資收益與風險之影響分析The Effects of Risk Based Capital System on the Rate of Return and Risk

摘要
　　風險基礎資本額制度(Risk-Based Capital, RBC)對於保險業各項資產的風險係數及適足資本額之規定，可能對保險業的各項投資比率產生一定程度的影響，並影響其投資績效。故本文主要目的在於分析RBC制度對於國內壽險公司資金運用績效之影響。實證結果發現：(1)RBC制度對於壽險公司的投資收益率並無顯著的影響效果。(2)RBC制度對於投資風險有顯著的負向影響，顯示RBC制度的實施，使得壽險公司較不易投資於RBC風險係數高的投資標的上，進而降低其投資風險。
關鍵字：風險資本額制度、資金運用績效、壽險業
Abstract
　　Through the risk-based capital (RBC) system, the regulator assigns different weights to both asset and liability. As a result, the RBC system may change the capital allocation of the insurer. In turn, the change in capital allocation may further influence the performance of the investment. The purpose of this paper is to analyze the rate of return and the risk of investment portfolios in Taiwan’s life insurance industry before and after the implementation of the RBC system. The main results were as follows: (1) the influence of the RBC system on the investment return of life insurance companies is of no statistical significance. (2) the effect of the RBC system on the investment risk of life insurance companies is negative with statistical significance.
Keywords: RBC, performance of capital utilization, life insurance industry