影響台灣保險業不動產投資行為因素的分析

The Determinants of Real Estate Investment for the Insurance Industry in Taiwan

本研究使用36家保險公司在2007年1月～2016年3月的資料，分析影響其投資於不動產的因素。實證結果發現：（1）在制度性因素方面，保險公司如隸屬之集團同時經營建築業者，或經營權為地產公司主導者，其不動產投資比重的成長率會顯著高於同業。當保險公司的風險性資本適足率越低，負債／資產的財務槓桿程度越高時，則會減少不動產的持有。（2）在總體因素方面，低利率與利差與不動產投資為反向關係；租金或房價水準越高時，則會增加不動產的持有。（3）在個體因素方面，資產規模越大、獲利程度越好，以及設立年份越久者，越傾向持有更多的不動產投資。

Using 36 insurance firms and quarterly data from 2007Q1 to 2016Q3, this paper investigates the determinants of real estate investment for the insurance industry in Taiwan. There are three main findings. First, the affiliated group between the insurance and construction business is shown to be highly related to the ratio of real estate investment. The regulation ratio of risk-based capital (RBC) and the leverage (proxied by debt/assets) are negative in relation to the real estate investment. Second, the level of spread and interest rate also exhibit a negative relationship with the growth ratio of real estate investment. However, the level of rent and housing price are both positively related to the growth ratio of real estate investment. Finally, the insurance firms that are larger in terms of assets, have better performance (proxied by ROA and ROE), and have been in operation longer tend to increase the ratio of real estate buying.