政策金融與保險資金運用之研究

Policy Finance and the Use of Insurance Fund

謝德宗(Der-Tzon Hsieh)

《風險管理學報》 1卷1期 (1999/05) Pp. 13-33

摘要

本文係研究政策金融在經濟發展過程中扮演的角色，探討國內中長期資金市場潛存的問題，以及保險產業累積龐大保險資金的運用方式及所受限制。從實際資料顯示：保險產業安排資產組合必須面對眾多限制，此即意謂著該產業受到嚴格的金融壓抑，促使其無從發揮中介中長期資金的功能，從而降低對經濟發展與累積資本的貢獻。是以本文認為求提升保險資金的運用效率，使其能夠導向生產性用途，現行的政策金融應做適度調整，提供低風險的中介管道讓保險資金可以選擇轉換用途，從而改善中長期資金市場欠缺效率的現象。

關鍵字

政策金融 ； 保險資金 ； 中長期資金市場 ； 金融發展 ； 金融壓抑

並列摘要

This paper firstly attempts to study the role of policy finance in the process of economic development, then to discuss the hidden defects of the domestic medium-long term fund market, and to inspect the constraints of the arrangements of the insurance fund. The empirical data exhibits when insurance industry decides to arrange their portfolios, they must encounter multiple and strict constraints. McKinnon and Shaw had named this phenomenon as financial repression, and it makes insurance industry can not function well in the financial intermediation process of medium-long term fund market, then to reduce their contributions to economic development and capital accumulation. This paper suggests the authority should adjust the working pattern of current policy finance, and provides a safe channel to induce the insurance fund to transfer its inefficient utilization. This adjustment will release the financial repression imposed on the insurance industry, and may be helpful to induce the insurance fund to invest in productive capital. Then the increase of the efficiency of the utilization of insurance fund should improve the financial intermediation functions of medium-long term fund market.

並列關鍵字

Policy Finance ； Insurance Fund ； Medium-long Term Fund Market ； Financial Development ； Financial Repression