台灣壽險業者基金投資組合探討-以四大壽險業者為例

Abstract

本研究分析由公開資訊觀測站所搜集，自 2015 年 1 月至 2016 年 4 月共 1,064 筆的資料，研究者得到以下結論：國泰人壽、南山人壽、富邦人壽均逐漸擴張自身基金部位，新光人壽則小幅縮減自身基金部位。不僅如此，私募基金 (Private Equity) 為所有四大壽險中申購比例最為顯著之基金，大幅領先其他類型。從本研究的時間區段中，國泰人壽主要申購風險分散行之全球型基金，並且贖回風險較集中之單一場基金，顯現其風險分散之需求。南山人壽主要申購歐美市場基金，並且贖回新興市場基金，顯現其對已成熟市場之偏好。富邦人壽減持股票基金部位，並且顯著申購新興市場與美國市場之固定收益型基金，顯現其對新興市場與美國市場之樂觀態度。新光人壽降低整體基金部位，主要為減持固定收益基金部位。本研究歸納出我國壽險業者對於私募基金之一致性偏好，並且提供四大壽險業者各自的偏好。

By analyzing 1,064 data range from January 2015 to April 2016 that retrieved from Taiwan Market Observation Post System, it was found that 'Cathay Life', 'Nanshan Life', and 'Fubon Life' were gradually increasing its fund investment position, while 'Shin Kong Life' slightly reduced it. Besides, PE (private equity) fund was the most significant part among all the investment portfolio of four major lifer insurance companies in Taiwan. In the research period, Cathay Life mainly purchased global fund and redeemed single market fund, which reflects their intention of risk spreading. Nanshan Life mainly purchased the US and Eurozone fund and redeemed emerging market fund, which reflected their appetite for assets of developed market. Fubon Life reduced its equity fund position and purchased the fixed income fund of emerging market and the US market, which reflected their positive attitude toward emerging and the US market. Shin Kong Life gradually reduced its fund position, which reflected their conservative attitude of this period.