CAJ | 학술논문

保险公司在盈利策略选择上存在“山派”和“海派”两种不同观点，前者将保险公司定位为追求承保利润的风险分担机构，后者定位为追求投资收益的金融机构。基于中外保险公司的经验证据，本文实证分析发现，目前“海派”理论在中国保险行业有更好解释力，保险公司承保的目的不是为承保业务自身造血，而是为公司的投资输血。另外，保险公司承保利润与投资收益之间明显存在不可兼得的“替代”关系。虽然保险公司发展的两大车轮是承保和投资业务，但是真正驱动其发展的“轮轴”是保费规模和投资收益，偏离了这两大驱动要素，无助于保险公司的绩效价值提升。基于这些研究，文章认为短期内我国保险公司应沿袭“海派”理论对险企的定位，充分扮演好金融机构的经济角色，在注重公司未来现金流基础上对公司资金进行有效配置、运用。但从长期来看，随着保险市场发展的进一步完善，保险公司应遵从“山派”理论的初衷。
보험공사재영리책략선택상존재“산파”화“해파”량충불동관점，전자장보험공사정위위추구승보리윤적풍험분담궤구，후자정위위추구투자수익적금융궤구。기우중외보험공사적경험증거，본문실증분석발현，목전“해파”이론재중국보험행업유경호해석력，보험공사승보적목적불시위승보업무자신조혈，이시위공사적투자수혈。령외，보험공사승보리윤여투자수익지간명현존재불가겸득적“체대”관계。수연보험공사발전적량대차륜시승보화투자업무，단시진정구동기발전적“륜축”시보비규모화투자수익，편리료저량대구동요소，무조우보험공사적적효개치제승。기우저사연구，문장인위단기내아국보험공사응연습“해파”이론대험기적정위，충분분연호금융궤구적경제각색，재주중공사미래현금류기출상대공사자금진행유효배치、운용。단종장기래간，수착보험시장발전적진일보완선，보험공사응준종“산파”이론적초충。
Insurance company's profitable strategy choice exists"mountain"and"sea"schools in China. In the former theory, insurance company is defined as a risk sharing mechanism and pursuit of underwriting profit. However, the latter locates in the pursuit of investment returns of financial institutions. Based on the empirical evidence of Chinese and foreign insurance companies, this paper finds that "sea" theory in China insurance industry has a better explanatory power. Insurance company's purpose is not to underwrite insurance business to make money, but to transfer blood for investment business. In addition, between insurance company insurance profits and investment income, there exists an apparent trade-off relation. Although the development of the insurance company's two big wheels is underwriting and investment business, the real driver of the development wheel is the size of the premium and return on investment. Deviated from them, insurance company will do little to improve its performance. Then, it is suggested insurance companies'short-term should follow the theory of "sea". However, in the long run, with the development of insurance market, insurance company should comply with the purpose of the"mountain"theory.