Research On Asset Allocation Efficiency Of China's Insurance Listed Companies

With the rapid development of China's insurance industry,the insurance industry can quickly accumulate funds for investment.As of the end of 2017,the insurance industry's original insurance fee income reached 3658.101 billion yuan,a year-on-year increase of 18.16%,and the insurance industry's total assets reached 167489.37.Billion yuan,an increase of 10.80%from the beginning of the year,of which the insurance assets can be used to reach 1.496601 trillion yuan,an increase of 11.42% over the beginning of the year.The insurance industry in the national economy has become an indispensable part,and insurance institutions have also become important institutional investment participants in the capital market.The use of funds as an important activity of insurance companies plays an important strategic role in improving the company's investment return rate and enhancing the company's overall competitiveness.This article is in this context,in the form of case analysis to explore the issue of China's listed insurance investment efficiency.The article studies the current status of asset allocation in China's insurance industry,compares it with the current status of asset allocation in foreign insurance industry,and then uses data envelopment analysis method and financial index analysis method to measure the investment efficiency of domestic and foreign listed insurance companies.,And then put forward the reasons for the low investment efficiency of China's listed insurance companies,in order to provide feasibility advice for Xinhua insurance companies in the use of funds.Through analysis,the conclusions and innovations of the paper are as follows:Defined the investment efficiency of insurance assets.From the point of view of the insurance company,investment efficiency is the ratio of the use income of the insurance company's funds and the application cost,thus suggesting that the insurance company should control the capital utilization cost and optimize the effective allocation of assets while increasing the investment return rate.Compare the asset allocation status of the nine listed insurance companies in China with the current situation of asset allocation in the United States and Japan,and conclude that China is too conservative in the allocation of insurance assets,has insufficient flexibility in the rapidly changing capital market,and relies too much on a regular basis.Deposit and bond investment products,resulting in inefficient investment in insurance funds.Using data envelopment analysis method and financial index analysis method,we analyze and evaluate the investment efficiency of China's nine listed insurance companies and the top three listed insurance companies in the world.Through the DEA empirical research method,we conclude that there are different levels of redundancy in the labor force investment,investment capital investment and operating expense expenditure compared with foreign insurance companies in China's listed insurance companies.Finally,we conclude that the impact of China's listed insurance companies The main reason for the low efficiency of asset investment.According to the qualitative analysis of the status quo and quantitative empirical analysis results,combined with China's capital market environment and Xinhua Insurance Company's own asset allocation characteristics,targeted optimization measures for Xinhua Insurance Company's asset allocation situation.