寿险投资分析

【作者】 曾好；

【导师】 陈朝先； 胡益芬；

【作者基本信息】 西南财经大学 ， 金融学， 2000， 硕士

【摘要】 现代保险业的重要特征就是承保业务与投资业务并重。随经济的发展，保险公司传统的承保业务已不能适应保险业进一步发展的需要，客观上要求资产性业务的开展。不仅投资收益对寿险经营成果的作用已愈来愈大，寿险投资还对促进社会生产和公共福利事业的发展、繁荣和活跃金融市场起到了积极的作用。随着中国加入WTO的步伐的加快，市场对保险公司的竞争力和偿付能力都提出了更高的要求，保险资金的运用就显得迫切和必要。本文对寿险投资的方式、基准等进行了分析研究，通过对西方发达国家寿险投资制度的比较并结合我国寿险投资现状分析，对完善我国的寿险投资制度提出了一些构想。全文由前言和五章正文构成。前言部分简要介绍了寿险投资的迫切性以及目前我国寿险投资内、外部环境的制约。第一章 寿险投资概述一、 寿险投资的概念、必要性介绍了保险投资和寿险投资的概念，指出随着经济的发展，寿险投资将日益受到重视，并具体分析了目前我国完善寿险投资制度的必要性在于（一）资金压力 寿险公司所拥有的保险基金不断积聚，需要寻找出路，以实现基金的保值增值。（二）利率风险 低银行利率和高预定利率所引起的利差倒挂极大的威胁着寿险公司的财务稳定性。（三）竞争风险 刚刚起步的我国民族保险业面临的是历史悠久、资产雄厚、经验丰富的跨国保险企业的冲击，且对民族保险业而言，投资业务是较经营业务更薄弱的环节。（四）投资业务对经营业务财务稳定性的贡献 价格竞争是保险竞争的主要手段之一，随着竞争的加剧，降低费率也一度成为保险公司的法宝。这就造成业务收入减少，导致承保业务亏损，影响了寿险公司的财务稳定性。因此，运用投资手段来弥补费率降低后的业务损失，扩大承保业务，增加保费<WP=3>收入是十分必要的。二、 寿险投资可能性分析寿险投资的可能性，在于寿险基金收支的时间差和规模差。 三、寿险资金的来源包括资本金、准备金以及其他投资资金来源。 四、寿险投资的基准 有安全性、收益性和流动性原则。第二章 寿险投资资金运用方式选择 一、资金运用方式的影响因素根据我国的情况和国际惯例，寿险投资方式的选择应考虑如下因素（一）金融市场状况 由于我国金融市场发育不充分，金融工具少，因此为了维护基金的安全性，《保险法》限制了基金的投向。（二）基金的数量与性质 寿险基金的规模越大，寿险投资的规模也越大。且由于寿险资金的长期性和储蓄性等特点，可用于长期投资。（三）国家的宏观经济政策 经济体制和政策制度对寿险基金投资的方式、规模等有着直接的影响。（四）寿险业自身的制约 偿付能力、人员素质等都会影响到投资方式的选择。 二、保险投资方式包括有（一）债券；（二）股票；（三）贷款；（四）有动产投资；（五）存款；（六）其他投资方式第三章 西方寿险投资制度简介一、美、英、日三国的投资制度。（一）美国的寿险投资制度；（二）英国的寿险投资制度；（三）日本的寿险投资制度。二、美、英、日三国的投资制度特点。（一）投资形式的多样性 各种投资形式的组合不但很好的实现了资产负债的配比，而且通过建立优化的资产运用组合有效的分散了风险。此外，其资金运用的证券化程度很高。（二）投资方式选择的侧重性 各国在投资方式选择上不是盲目的，而是在资产负债管理理论和现代投资理论指导下自觉地、有计划、有步骤地设计资产组合，对资产和负债两方面进行科学的管理。（三）健全的法律机制对寿险投资的约束性 健全的法律机制不<WP=4>但有效控制了投资风险，很好的保护了被保险人的利益，而且赋予投资者灵活投资的权力，有利于其在投资三性中寻找最佳平衡点。（四）寿险投资制度的独特性 由于寿险业和非寿险业的投资比例、原则、期限结构均不相同，因此，寿险投资和非寿险投资在制度规定上应体现出一定的差别。第四章 我国寿险投资现状分析一、 寿险投资现状分析从我国目前寿险资金运用的现状来看，主要有以下问题：（一）强投资需求和弱资本市场的矛盾 寿险业面临着两难决择：一方面，限制寿险公司投资，将增大负债风险，另一方面，若放宽投资渠道，在资本市场不成熟、不规范的情况下，又将增大寿险公司的资产风险。（二）历史包袱的化解问题；（三）寿险资金投资渠道狭窄 我国保险资金运用方式主要是银行存款，占资金运用总额的一半以上，《保险法》对资金运用亦作了严格的限制。（四）寿险资金运用结构不合理 我寿险资金的负债结构和投资结构存在着明显的不协调性，增大了寿险资金的再投资风险。二、 国外经验借鉴它山之石，可以攻玉。分析西方寿险投资制度的特点，有以下经验可供借鉴：首先，是观念的转变；其次，应加强监管的力度；第三，寿险投资应向理性化、规范化、效益化发展；第四，针对产险与寿险的不同特点，在管理和运用上，应做到因“险”而异。第五章 完善我国寿险投资制度的构想完善寿险投资制度，应在稳妥渐近的基础上有步骤的扩大资金运用渠道，提高资金运用效益。一、适度拓宽寿险投资渠?更多还原

【Abstract】 Nowadays, the most important character of insurance industry is taking into consideration not only underwriting, but also investment. Investment income makes a vital contribution to an insurer’s profits, so the investment must produce a satisfactory yield so that shareholders can be paid good dividends and any underwriting losses can be balanced by investment gains. Failure to do so will lead to insolvency. Moreover, life insurance investment plays a positive role in money market and promotes the development of social producing and welfare. Market will raise the standards of the solvency and power of competition after China entering WTO. So it is inevitable to practice in insurance investment activity. The dissertation analyzes the instruments, principles of investment etc. After comparing insurance investment system between China and other countries, the dissertation gives some suggestions to perfect the system of Chinese life insurance investment.The main contents are divided into five chapters:Chapter 1: Introduction to Insurance InvestmentThe first part of this chapter is the conception and urgency of life insurance investment. Life insurance companies have substantial funds at their disposal. Such funds are a necessary part of insurance operations and can be used to invest. However, in China, considering the inefficiency of capital market and lacking of investment professionals, the supervisor prefers to limit investment channels. With more and more foreign insurance companies entering Chinese insurance market, the pressure of competition become harder and harder. What is more, the People’s Bank of China (PBOC), the center bank of China, have reduced interest rate for seven times, thus, insurance companies have to face the high predetermined rate <WP=7>with low interest rate. Having experienced the continuous rate reductions, the operation costs of insurance companies are getting higher and higher while the ability of asset maintaining weaker and weaker. If investment channels of insurance asset keep narrow as before, the insurance companies will soon encounter insolvency crisis. It is the high time to research the investment behaviors.The second part shows that the inconsistency of premium collecting and claim paying makes it possible to use insurance funds.The third part points out that capital, reserves are the main sources of life insurance funds.The forth part shows the principle of life insurance investment: liquidity, safety and security, profitability.Chapter 2: The Life Insurance Investment InstrumentsGenerally speaking, there are numerous investment instruments available, offering a broad range of alternatives and such instruments are split into two broad types: higher risk and lower risk. Somehow, four factors should be taken into consideration when choose the investment instruments: *Condition of capital market*Scale and nature of insurance funds*Policy of macroeconomic*Limitation on life insurance industryFixed-income instrument, such as savings accounts, treasury securities, corporate bonds beyond investment grade, have specific payment promised at predetermined times. Thus, the risk is lower. On the contrary, equity, property etc have less secure than fix-income instrument although these instruments would be expected to give higher return to compensate. <WP=8>Chapter 3: Introduction to the Life Insurance Investment System of Western CountriesAfter the general situation of the investment system in US, UK and Japan is showed, some characters are concluded:*Diversification*Alternatives*Perfect system of rules and regulations*Difference between life and non-life insurance investmentChapter 4: Analysis on the current situation of Chinese life insurance investment"To be or not to be." If investment channels of insurance asset keep narrow as before, the insurance companies will soon encounter insolvency crisis. On the other contrary, the inefficiency of capital market and lacking of investment professionals will enlarge the risk of insuranc更多还原