【作者】 曲东；

【导师】 王维安；

【作者基本信息】 浙江大学 ， 社会保障， 2004， 硕士

【摘要】 目前最困扰保险企业的是保险资金的投资问题,表现在:一方面由于资本市场发育的不完善,寿险公司缺乏有效的手段来匹配负债的敞口风险,另一方面由于政策上的限制,寿险资金的投资渠道有限,这两方面的因素使得寿险公司的经营存在很大的隐患。因此本文就以寿险资金的投资问题为研究对象,为寿险资金的投资选择提出对策。 本文对这一问题的分析主要从以下几个方面进行论述,一是对寿险业发展与寿险投资现状进行了总结。其次是寿险投资存在的问题进行了分析并进一步指出了扩展寿险投资的必要性。本文将目前保险投资存在的问题分为三类,一类是投资渠道少,另一类由前一类问题所导致的投资效益差的问题,第三类是投资结构不合理。再次就是进行寿险投资的国际比较,文中对美、英、日等几个保险业发达国家的保险投资情况进行了介绍。最后,对我国寿险投资的渠道选择与风险控制提出了建议。本文对存在争议的几种投资渠道进行了分析,这其中既包括投资基金、股票、抵押贷款、也包括不动产和基础设施建设,此外本文还指出应进一步发展我国的国债市场,以便为保险资金提供更多投资选择的同时为央行创造更多的宏观调控工具。本文对风险控制分两个层面进行讨论,一个层面是从保险公司内部的角度进行控制,本文主要讨论的不是风险控制的技术而是风险控制的理念,即如何在投资业务和承保业务之间寻找平衡点;另一个层面是从监管者的角度出发,本文认为随着保险投资渠道的进一步放宽,应建立保险行业的资本充足率指标,并对这一指标建立的模式提出了建议。更多还原

【Abstract】 The very most problem plaguing domestic insurance company nowadays is the investment of its insurance funds. The imperfect growth of capital market, which is incapable to provide effective alternatives for life insurance company to offset open debt risks, and the relatively narrow investment channels due to policy confinement as well, both bring upon great hidden trouble for the operation of insurance company. Thus, after carefully study the investment problem plaguing life insurance company, we will try to figure out some possible better solutions.This paper is divided into the following five parts. Firstly some initial effort will be engaged in summarize the development and investment of life insurance industry. Secondly, we will outline some unique headaches concerning the investment of life insurance funds, then later on point out a must for further expand investment channels. In the paper, we will categorize the investment problem into three as: one is the insufficient investment channels, giving rise to the second poor investment returns, and the third in our opinion is due to the bad investment mix. Further on, an international comparison with American, Britain, Japan and some other developing countries regarding life insurance investment will be introduced. Finally, concerning the selection of investment channels and risk-control we will give out some suggestion. We also compared various deputed investment options in detail including investment funds, securities and mortgage backed securities or the so-called MRS, hard assets and infrastructures. Besides, our paper also points out that the development of domestic public funds market will not only enrich the alternatives of insurance investment funds, but concurrently create even more regulating tools in macro-level as well. Risk-control in this paper will be discussed from the following two dimensions: one is inner manipulating mode adopted by insurance company, which mainly focus on risk-control tenet, that is how to maintain a balance between investment operation and insurance accept, rather than technical measures, another is from regulator’s perspective. We argue that with the expansion of investment channel for insurance funds, capital abundance index of insurance industry should be established, and also how to implement will be discussed.更多还原