【作者】 李曼；

【导师】 杨绍杰；

【作者基本信息】 东北大学 ， 会计学， 2005， 硕士

【摘要】 保险公司的投资业务是支撑现代保险业发展的两大业务之一，关系到保险公司经营的成败，乃至整个金融体系的稳定和经济的健康发展。在西方发达国家，保险资金投资经过200多年的发展不论是投资理论的研究还是投资的实践都已经相当成熟。但在我国，对保险资金的投资问题的研究才刚刚起步。尤其是加入世界贸易组织之后，我国保险公司只有在学习国外先进投资理论和方法的同时，发展适合我国保险资金投资的方法和管理技术，才能在与国外同行的竞争中立于不败之地。基于此，本文选择了保险资金投资资本市场问题研究，其研究对象是保险资金中的寿险资金在资本市场的运用。 由于我国保险资金投资的历史较短，经验较少，本文主要分析国外先进的投资理论和成功经验，及其对我国保险资金投资资本市场的指导作用和借鉴意义；探讨在改进Markowitz模型的基础上，建立适合我国保险资金投资资本市场的理论模型；并提出未来我国保险资金投资资本市场的一些建议。 全文共分七章，结构如下： 第一章，提出研究保险资金投资资本市场问题的背景和现实意义，进而从投资理论的发展和保险投资的研究进展两个方面对这一问题做出回顾和总结。 第二章，对保险资金与资本市场进行概要阐述，分析保险资金投资资本市场的意义，并从寿险特征及其产品变迁的角度分析了对寿险资金投资的影响。 第三章是本文的重点，阐释现代资产组合理论和资产负债管理理论，及其对保险资金投资资本市场的指导作用，为论文提供理论框架。 第四章，对Markowitz模型进行修正，讨论投资组合模型在寿险资金投资资本市场中的具体应用。 第五章，对国外主要国家保险资金投资进行比较分析，认为国外保险资金投资的成功经验和失败教训同样是需要我国学习和汲取的。 第六章是本文的重点章。从我国保险资金投资资本市场的现状及问题入手，提出发展我国保险资金投资资本市场的建议。 第七章对本文进行总结并提出需要进一步深入研究的问题。更多还原

【Abstract】 Investment is one of the two supporters that accelerate the development of the modern insurance industry. The investment results in capital market can affect the insurance companies, the whole economic system and financial fields. After developing over 200 years, not only investment theories but insurance investment experiences have already become mature in western developed countries. At present, the research of insurance investment is just taking the first step in China. Especially, after China entering into WTO, we must learn foreign advanced technologies and scientific management in order to compete with foreign counterparts. The paper research object mainly focuses on life insurance assets which can match with capital market.Because of short history and little experience in China, the paper mainly aims to study on the developed theories and experiences which can make good benefits for our investment of insurance assets in capital market; based on the Markowitz model, we set up the academic model which is adapt to Chinese realities and explore those problems with solutions.The paper is organized as follows. The Chapter 1 starts with the meaning of insurance investment problem, and discusses the development of investment theories and the relevant research on insurance investment. And then, the concepts of insurance assets and capital market are introduced in Chapter 2. In Chapter 3, Modern Portfolio Theory and Capital-debt Management Theory are the fundamental theories about insurance assets investing into capital market. The Chapter 4 improves the Markowitz model applying to Chinese life insurance investment. Furthermore, The Chapter 5 analyses the successful and unsuccessful experiences about insurance investment in western developed countries. The Chapter 6 is the important part of the paper, which proposes some feasible suggestion that promote the Chinese insurance assets investment involved in capital market. Finally, the Chapter 7 concludes the paper and considers the future work.更多还原