保险投资论

【作者】 张学江；

【导师】 邱华炳；

【作者基本信息】 厦门大学 ， 财政学， 2002， 博士

【摘要】 保险经营活动往往随着宏观经济环境的变化而发生周期性的改变。当市场上的风险保障需求超过保险公司对风险保障承保能力的供给时，保险公司的承保业务与投资业务都是保险经营活动的主要利润来源；当保险市场对风险保障的需求小于保险公司对风险保障的承保能力时，由于保险公司相互竞争致使承保业务出现亏损，这时保险投资收益就会超过承保收益而成为保险经营的最主要利润来源。因此，保险投资已经成为国际保险经营业的核心业务。发达国家保险业的主要特征就是承保业务(负债业务)与投资业务(资产业务)并重，保险公司成为既有补偿职能又有融资职能的金融服务企业。一方面，保险投资业务早已成为保险公司获得丰厚利润的主要手段，另一方面，保险投资活动也已经成为发达国家资本市场投资活动的重要组成部分。长期以来，我国计划经济体制下形成的保险企业依靠高费率获取承保利润的局面，致使我国的保险投资业务一直未能得到重视和发展。实践上的滞后，直接造成目前我国的保险投资无论是在理论方面还是在实务方面都还处于起步阶段。近些年来，我国的保险市场开始从严格监管向放松管制逐步过渡，保险主体迅速增加，保险供给骤然扩大。这就与我国保险市场需求相对不足的现状产生矛盾。保险市场承保能力大于保险需求的直接结果，就是保险公司之间相互压低费率而展开恶性竞争。承保业务成本的大大提高，使得相当部分的保险公司面临着经营亏损甚至是业务萎缩的危险。基此现状，尽快提高我国保险投资的理论与实务水平，已经刻不容缓。本文以保险投资的资金来源、性质和运动规律为出发点，以保险资金的运用、保险投资工具的选择、保险投资技术和保险投资管理为主线，对我国的保险投资活动进行分析和研究。在剖析现存问题的基础上，提出了针对加强我国保险投资活动的若干建议。全文共分六章：第一章《保险资金的来源、性质及运动规律》。本章从保险投资的源头--保险资金开始入手，在研究了保险资金不同来源渠道的基础上，分析了各种保险资金所具有的四个共同性质：“备用性、增值性、差异性和对称性”。接着，进一步分析了来源于财产保险和人身保险以及不同险种的保险资金的运动规律。通过对保险资金的性质以及运动规律的分析，为下文对保险投资活动的深入研究作以铺垫。 第二章《保险投资的原则、规模与结构》。本章结合保险投资的历史以及我国保险投资的实践，具体研究了保险投资的四大原则，即安全性、盈利性、流动性和匹配性原则。在分析了四大原则的基础上，结合保险资金的性质与运动规律以及保险投资的实践活动，强调选择保险投资方式必须依据保险资金的性质特点和政府对保险投资的监管要求。接着，进一步分析了保险投资实践中的两大投资方式，即金融资产投资和实物投资。最后，本章还对保险投资规模和结构的决定因素分别进行了研究，这些因素包括：保险人的财务能力、保险业务结构、政府监管情况以及相关的法律法规等。 第三章《保险投资工具的运用》。本章通过分析金融资产的特点和作用，揭示了保险投资主要选择金融资产的原因，同时也阐述了保险企业进行金融资产投资的基本过程。在此基础上，文中进一步分析了保险投资所涉及的主要金融资产性投资工具，以及保险企业进行金融资产投资的特点。此外，对于保险投资的其他投资工具，如房地产投资和实业投资等也进行了较为深入地分析。 第四章《保险投资的资产负债管理》。本章结合国际上流行的资产负债管理理论与我国保险投资的实际情况，对资产负债管理技术在我国保险投资中如何加以运用进行了分析。首先从保险投资的特点出发，分析了实行资产负债管理的重要性，也分析了资产负债管理在保险投资中的重要作用。接着分析了与资产负债管理息息相关的保险风险问题，主要包括精算方面的风险和财务方面的风险。在此基础上，文中又着重探讨了与保险投资有关的四种常用的资产负债管理技术，即现金流测试、现金流匹配、免疫管理和动态金融分析等，并且对四种技术在不同资金来源的保险投资中的作用进行了比较，进而探讨了资产负债管理技术在保险投资中的实际应用策略，主要包括管理流程、管理机构、投资组合和风险控制等内容。最后，本章针对我国保险投资的现状，对如何运用资产负债管理技术来加强我国的保险投资工作提出了若干建议。 第五章《提高我国保险投资管理水平的基本思路》。本章从三个方面对提高我国保险投资的管理水平进行了研究。首先，对提高保险投资管理水平的出 发点——科学的保险投资政策进行了分析，揭示了制定科学的保险投资政策所 必须考虑的因素，并阐述了我国保险投资政策的初步设想。其次，文中从投资 风险管理的角度入手，提出了加强保险投资管理的方式方法，同时也对主要的 保险投资风险即信用风险、流动性风险、利率风险和市场风险进行了较为深入 的分析。在此基更多还原

【Abstract】 Insurance industry shows development cycle with the change of business environment. When the demand for the risk protection is greater than the capacity which insurers can offer, then it is a "hard market" and in this period, both investment return and underwriting income are resources of the profit for insurers. When the demand for the risk protection is smaller than the capacity which insurers can offer, then it is a "soft market" and in this period, insurers compete with each other by lowering the premium rates, which leads to underwriting losses, the investment return becomes the only source of profit. So insurance investment has become one of the core businesses of insurance industry. In developed countries, one of the major characteristics of insurance is that both underwriting (or liability business) and investment (or assets business) are equally important. Insurance companies have become financial services houses, which are not only just playing the function of indemnity and risk protection, but also capital financing. In one hand, investment has become the most important channel for the profit of insurance companies as well as the fatal factor for survive; in the other hand, insurance fund has become a major part of capital market.Since many years, Chinese insurance industry has been making profit by high tariff rates imposed under planned economic system, which prevents insurance investment from being valued and developing. As a result, either theory or practice of insurance investment is still in the infant stage. Chinese insurance market is now under the transition from highly regulated to deregulating. The demand for risk coverage has been suppressed by strict regulation and planned economic system in past decades, while the start of deregulation has created rapid increase of number of insurers in the market, resulting in sudden increase of capacity, which is much greater than risk protection demand. Under the situation, insurers are competing with each other by lowering the rates and increasing operation cost, which leads to shrinking of underwriting profit, even underwriting loss. So to guarantee the healthy development of Chinese insurance industry, it is a key factor to upgrade both theory and practice of Chinese insurance investment.This dissertation focuses on the analysis and study of insurance investment in China by following the resources, characteristics, nature and deployment of insurancefunds, the tools, technique and management of insurance investment. The proposals are made on how to upgrade insurance investment in China based on the above study. There are six chapters in this dissertation:Chapter One: "Resources, Characteristics and Movement Nature of Insurance Funds". This chapter starts from the very beginning of insurance investment -insurance funds, based on the study of various resources of the funds, four common natures are summarized, which are: "Reservation, Appreciation, Differentiation and Symmetrization", then the chapter further studies the different natures of different funds orienting from both non-life and life business. This chapter builds up the foundation of study on insurance investment.Chapter Two: "Principles, Scale and Structure of Insurance Investment". By combining the history of insurance investment and practice in China, this chapter studies the foundation of insurance investment - Four Principles: "Security, Appreciation, Liquidation and Matching Principles". Based on those four principles, by combining the nature of insurance funds with investment practice, it concludes that the grounds for choice of insurance investment must be the characteristics of funds and government supervision requirement. Then this chapter focuses on the study of two major choices of insurance investment: financial assets and tangible assets, the factors which are decisive for scale and structure of insurance investment, which include: financial soundness of insurers, structure of insurance portfolio, supervision requirement and other government regulations.Cha更多还原