保险资金运用的理论研究

【作者】 杨朝民；

【导师】 艾孙麟； 曾晓玲；

【作者基本信息】 西南财经大学 ， 金融学， 2000， 硕士

【摘要】 承保业务和资金运用业务并重是现代保险业的重要特征，但是在我国，保险资金运用在保险公司整个业务中始终处于从属的地位，被列为保险公司的兼营业务。我国保险资金运用的这种定位使其无论在监管制度的建设上，还是保险公司的业务开展上，都受到不利的影响。这种不利的影响在资金运用的监管上表现为，监管制度和监管政策落后于宏观经济环境的变化和保险业自身的发展；监管手段和方法落后，严格监管的要求在实际中仅仅体现为对保险资金运用的压制，不能合理兼顾保险资金的安全性和收益性要求。在保险公司资金运用业务的开展上表现为，资金运用的管理体制不健全，资金运用手段不科学，造成资金运用的结构不合理，不仅资金运用的收益率低下，而且形成大量的不良资产，严重威胁保险公司的偿付能力。目前，我国保险资金运用业务的现状已严重落后于承保业务的发展，成为我国保险事业发展的瓶颈。因此，在我国市场经济体制改革不断取得进展，各种条件逐步成熟的今天，如何提高对保险资金运用的认识，寻求推动我国保险资金运用发展的措施成为保险理论研究和保险实践都必须面对的问题。本文以马克思主义经济理论为指导，同时借鉴西方市场经济理论，主要采用理论分析和比较分析方法，对保险资金运用及监管等相关问题进行了研究和探索。笔者的研究思路为，首先研究保险资金运用的必要性和作用，其次在分析保险资金来源和资金运用的环境基础上，研究了保险资金运用的原则和方式，并且分析了保险资金运用的风险管理问题，然后，在这些理论研究的基础上，比较和分析了国外保险资金运用及其监管，并结合我国保险资金运用和监管的实际，对促进我国保险资金运用及其监管的发展作了一些有益的探索。在行文结构上，将保险资金运用的必要性和作用作为本文的第一部分；将保险资金运用的资金来源和资金运用的环境分析作为文章的第二部分；与研究思路略有不同的是，考虑到国外保险资金运用比较及我国保险资金运用的探索基本是围绕保险资金运用原则的贯彻和对保险资金运用方<WP=3>式的选择进行的，因此将它们放在一起作为文章的第三部分；另外，考虑到保险资金运用的风险也是保险资金运用政府监管的首要问题，因此将两者结合在一起作为本文的第四部分内容。本文的第一部分主要分析了保险资金运用的必要性和作用，笔者认为保险资金运用的必要性和作用是保险资金运用的基本理论问题，是保险资金运用研究的逻辑起点。我国保险资金运用多年来得不到重视和应有的发展，应该说与对保险资金运用的必要性和作用的认识仍然不足有关。作为全文的起始部分，本章首先界定了保险资金运用的概念，然后从保险经营过程的特点出发，分析了保险资金的主要组成部分保险基金的形成和保险资金运用的可能性，在此基础上，以市场经济和竞争的金融市场为背景初步分析了保险资金运用的必要性，然后，从保险的两大职能的关系和保险资金运用的经济地位的角度，进一步深化对保险资金运用必要性的研究，最后，从保险企业、保险业和宏观经济三个角度分析了保险资金运用的作用，保险资金运用的这些积极效果事实上也是保险资金运用必要性的内在要素。本文第二部分是对保险资金的来源和资金运用内外环境的分析。第一节首先分析了保险资金来源的构成及特点，然后，分析了保险资金的性质及其对资金运用的要求；第二节分析了保险资金运用的内外环境。该部分的目的在于阐明保险资金运用的约束条件，这种分析不仅是保险企业制定保险资金运用原则、方式及策略的依据，而且对保险资金运用的政府监管具有积极的意义，因为监管者也只有充分评价和理解保险资金运用的环境因素，才能根据保险业及社会经济发展的客观要求，制定合理的监管规制，对保险企业的资金运用状况进行正确的评价和监督，也才能理解保险资金运用面临的困难和障碍，并根据环境因素的变化适时调整保险资金运用的监管政策和规制，为保险企业的资金运用创造条件。该部分的内容为本文下面的分析作了理论准备。本文的第三部分共分为四节，第一节在前两章的基础上，首先分析了保险资金运用的原则，从根本上讲，保险资金运用的原则是由保<WP=4>险资金的性质决定的，是保险资金来源对保险资金运用要求的集中体现，本文将保险资金运用的原则归纳为安全性、收益性、流动性和社会性原则，保险资金运用的四个原则是相互联系的，它们之间既有一致的一面，也有相互矛盾的一面，保险资金运用的实践中，必须根据实际情况，统筹兼顾，实现各个原则之间的均衡。此外，保险资金运用的原则也受客观经济条件的影响，因此，保险资金运用的原则并非一成不变，它将随着保险业的发展及保险资金运用环境的变化而变化，在不同的历史时期表现出不同的特点。第二节分析了保险资金运用的方式，客观经济环境的发展为保险资金运用提供了多样化的资金运用方式，但是不同的资金运用方式具有不同的特点，保险公司的资金运用必须综合考虑保险资金的来源结构和资金运用所处环境，在保险资金运用原则的指导下，对它们进行合理选择。第三节比较分析了国外部分国家和地区保险资金运用及其演进过程，通过分析我们看到，各国或者同一国家?更多还原

【Abstract】 Both underwriting operation and investment operation have the same importance in the whole business operation of an contemporary insurance company. But in China, investment is at a subordinate status, made as an auxiliary operation by insurers. This status leads to unfavorable influence on the development of both the insurance investment and the authority supervision on insurance investment. The unfavorable influence on supervision includes the supervision regulation and policies which fall behind the change of macroeconomic circumstance and the development of insurance industry. The unfavorable influence on the investment includes incomplete management system of investment, unreasonable measures and structure of investment, which induce not only low investment return but also unhealthy assets. This situation does harm to the solvency of insurers. Nowadays, insurance investment put strict constraint on the development of Chinese insurance industry. So how to improve the insurance investment becomes a very important problem in insurance theory research and practice.This dissertation makes some research and exploration on interrelated topics of insurance investment and its supervision. This research is guided by Maxi’s economic theory and draws on western market economic theories. I do this research under the following trail of thought. At first, I research the necessity and function of investment. Second, I do research on the principles and modes of insurance investment on the basis of the analysis of the fund source and investment circumstance. Third, I compare and analyze the insurance investment and its <WP=7>supervision of foreign countries. Then exploration on the development of Chinese insurance investment and its supervision is made after my analyzing the present status of Chinese insurance investment and its supervision.The first chapter mainly analyzes the necessity and function of insurance investment. The author thinks they are the basic theoretic problem and logical starting point of research on insurance investment. At first, this chapter introduces the definition of insurance investment. Then, analysis of the form of insurance fund and possibility of investment is made from the characteristics of the whole insurance business operation. Meanwhile, the necessity is analyzed at the background of the market economy and the competent financial market. At the end, the function of the insurance investment is analyzed from three sides including insurers, insurance industry and macroeconomic.The second chapter analyzes the factors of insurance investment including the source of insurance fund and insurance investment circumstance. The first part of this chapter analyzes the components of insurance fund and their characteristics. Then, the nature of insurance fund and its requirement on investment are analyzed. The second part analyzes internal and external circumstances of insurance investment. This part tries to research the constraints on insurance investment. This analysis provides the ground for the insurers to make the principles of investment, select the investment modes and sets up the strategies of investment. Meanwhile, it has a very important sense on insurance investment supervision because the authority supervision institutes must understand and assess the circumstance of insurance investment before making proper <WP=8>policies. This part makes theoretic preparation for the following content.The third chapter is divided into four parts. The first one introduces the principles of insurance investment on the basis of the analysis of the above two chapters. Basically, the principles are determined by the nature of insurance fund. The principles must reflect the requirements of insurance fund on insurance investment. This dissertation introduces four principles including security, profitability, liquidity and sociality. These principles are interrelated and show different characteristics in different historical periods with the changes of objective economic circumstance. The second part analyze更多还原