생명보험회사의 자본적정성 수준과 경영효율성의 관계에 관한 연구

This study examined the relation between life-insurer’s capital adequacy and efficiency, and analysed whether this relation is differentiated according to their risk characteristics. High level of capital adequacy may looks like a positive signal in the respect of stability, however, large capital of insurers may cause the high cost of capital and capital regulation would be the restriction on their assets management. Therefore, high level of capital adequacy may have a negative effect on firm’s efficiency. The empirical study was performed by using the samples of life-insurers’ annual financial data which was reported over the year 2011 to 2015. The results are as follow; First, it was found that there is a significant negative relation between life insurers’ capital adequacy and efficiency. This result suggested that high level of capital adequacy could be the ambivalent signal about operating of insurance business, good for firm’s stability, but bad for efficiency. This will be the important consideration for the life insures’ managements to run their business. Second, this study revealed that the negative relation between capital adequacy and efficiency is getting stronger in the samples with higher insurance risk and operational risk, but lessened in the samples with higher interest rate risk and credit risk. Lastly, the market risk level is not the factor which have an effect on the aforementioned relation.