不動產投資對於台灣壽險公司經營穩定度的影響

Abstract

保險業作為金融體系重要組成部分，其資金規模龐大且充裕。然而，低利率環境給保險業帶來挑戰，因此不動產投資成為吸引人的選擇，提供穩定現金流和資本增值的潛在管道。近年來保險業在不動產投資上表現相當活躍，常投資位於核心地段的商辦大樓，追求長期穩定租金收入，並且不斷創下保險業在不動產投資金額的歷史新高。然而，不動產投資也帶來風險和挑戰，保險業需要謹慎評估和管理投資以確保回報和風險控制的平衡。本研究旨在深入瞭解壽險公司投資不動產行為對經營穩定度的影響，並考慮不動產相關風險、公司財務槓桿風險、市場價格風險和利率風險等因素，並納入金控子公司、疫情年度和法規修訂年度等特定因素。研究結果有助於深入理解壽險業在不動產市場中的角色和行為，並為壽險業在不動產投資方面的決策提供實證支持。綜合發現，由於不動產投資提供了穩定的收入來源和提升了資產多樣性，增加不動產投資比重可以促進壽險公司的經營穩定度，但過高的租金收入比重卻會增加了公司對租金市場的依賴程度，使得經營穩定度受到影響。因此，在不動產投資策略中需要謹慎考慮租金收入的比重，以確保營運的穩定性。總之，本研究提供了對壽險業在不動產投資方面的決策提供實證支持，對於未來制定相應策略和發展方向具有參考價值。

In recent years, the insurance industry has been very active in real estate investment, often investing in commercial and office buildings in core locations in pursuit of long-term stable rental income, and has continued to reach record highs in the amount of real estate investment made by the insurance industry. However, real estate investment also poses risks and challenges, and the insurance industry needs to carefully evaluate and manage its investments to ensure a balance between return and risk control. This study aims to gain a deeper understanding of the impact of life insurers' investment in real estate on operating stability, taking into account factors such as real estate-related risk, corporate financial leverage risk, market risk and interest rate risk, as well as incorporating specific factors such as financial holding subsidiaries, years of outbreaks, and years of regulatory revisions. The findings of the study contribute to an in-depth understanding of the role and behavior of the life insurance industry in the real estate market and provide empirical support for the life insurance industry's decision-making in real estate investment, which will be of reference value in formulating the corresponding strategies and development directions in the future. The empirical results of this study show that increasing the proportion of real estate investment can contribute to the operating stability of life insurance companies as real estate investment provides a stable source of income and enhances asset diversity, but too high a proportion of rental income increases the company's dependence on the rental market, which makes the operating stability suffer. Therefore, the proportion of rental income needs to be carefully considered in the real estate investment strategy to ensure operational stability.