Does the New Asset Management Regulation Mitigate Investment Distortion of Insurance Companies
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 Regula-tion)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 experi-ment,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 with-out independent directors are more constrained and have better mitigation of investment distortions.Regions with high levels of e-conomic 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.
investment distortionthe new regulation on asset managementreal economyinsurance investment
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