保险资产证券化研究

发布时间：2018-01-26 16:41

本文关键词： 资本市场保险市场保险资金资产证券化　出处：《中南民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：证券化对现如今的金融业有着非常深刻的影响。中国己加入WTO，尽管中国的保险业无论从资本实力还是偿付能力方面来讲都同国外竞争对手存在巨大差距，但是一定要用国际金融市场的标准要求自己，这样中国的民族保险业才能拥有竞争优势。举例来讲，在偿付能力的提高方面，中资保险公司因偿付能力不足，难以跟上我国整体保险市场的发展速度。运用以前的传统模式（增大分出业务和增加资本金）提高偿付能力具有一定的限制性，通过更大的资本市场扩大其偿付能力具有必要性和紧迫性。为此，中资保险公司要在保证最低自有资本金的基础上，利用保险资产证券化产品这种资本市场新产品，动态地补充保单持有者盈余，或者动态地减少超额的承保损失，减低提高偿付能力的成本，从而来提高保险公司承保竞争力。当前，国际金融市场的充分发展，一般集中在资本市场、商业银行和投资银行业务等方面，保险业作为金融市场的重要组成部分，却似乎是在一直走自己的路，得益于金融市场发展的不多。从另一个角度看，这正给金融市场在新的条件下获得新的发展提供了契机可以向保险市场进击。就保险业的证券化来说，尽管中国无论从资本市场还是法律环境来看，都同西方发达国家有很大差距，以致条件还不成熟。但是，理论需要超前研究。更为重要的是，从本文的分析将看到，中国的保险业具有证券化的强烈需求。保险业作为金融业的三大支柱之一，它的发展状况对金融结构和市场经济的发展起着举足轻重的作用。同样，资本市场对保险业也有着深远的影响；从上个世纪开始，国外的保险业先由注重承保业务的盈利，然后到主要依靠保险资金投资收益弥补承保利润率很低甚至亏损的阶段。我国保险业一直以来都采取的是粗放型的经营模式，同时，由于经济周期和保险周期的原因，在竞争激烈的保险市场，保险供给的收缩和扩张导致保险收益出现上升和下降之间重复发生，，保险公司之间恶性的竞争，会因为在保险周期下降时候导致保险公司面临偿付能力不足的风险。如何有效的规避偿付能力不足是理论与实践活动中都亟待解决的问题，同时，如何解决传统的保险和再保险的需求和供给之间的矛盾也是亟需解决的问题。证券化中，证券发行活动迫使保险业改变了传统的商业信息保密的规范，保险资金的投资渠道渐宽，保险公司通过资产证券化融资，保险公司发挥着原始权益人的作用，使保险业务更加透明，由此看来，我国推行保险资产证券化具有很强的现实意义。本文在界定了保险资产证券化的含义之后，对保险资产证券化的理论支撑———资产证券化进行了理论分析，为下文的保险资产证券化的分析做了一个理论铺垫。然后，从保险投资的重要性、风险性和我国推行保险资产证券化的动因、必要性、可行性、现状、制约因素、路径及其对策等方面进行具体的分析。从本文的分析将看到，中国的保险业具有证券化的强烈需求，希望能够为我国以后开展保险资产证券化提供一些帮助。
[Abstract]:Securitization has a very profound impact on the financial industry nowadays. China has joined the WTO, although Chinese insurance in capital or solvency point with foreign competitors there is a huge gap, but must ask themselves with international financial market standards, such Chinese national insuranceindustry can have a competitive advantage. For example, in the aspect of improving the solvency of Chinese insurance companies, due to lack of solvency, it is difficult to keep up with the pace of development of China's insurance market overall. The use of the old traditional model (increase cent gives business and capital increase) have certain restriction to improve solvency, by expanding its solvency greater capital market it is necessary and urgent. To this end, the Chinese funded insurance companies to ensure that the minimum equity capital based on the use of the capital of insurance asset securitization products Market new products will dynamically supplement the policy holders' surplus, or dynamically reduce the excess underwriting losses, and reduce the cost of improving solvency, so as to improve the underwriting competitiveness of insurance companies.
At present, the full development of the international financial market, generally concentrated in the capital market, commercial banks and investment banking business, the insurance industry as an important part of the financial market, it seems to always go its own way, thanks to the development of the financial market is not much. From another perspective, this is new the development in the new condition can provide an opportunity to attack the insurance market to the financial market. The insurance securitization, although China both from the capital market and legal environment, with the western developed countries have a big gap, so that the conditions are not mature. But the theory needs to study in advance is more important. Yes, from the analysis of this paper will see Chinese, the insurance industry has a strong demand for securitization.
The insurance industry as one of the three pillars of the financial industry, plays an important role in the development of the development of the financial structure and the market economy. Also, the capital market also has a profound impact on the insurance industry; from the beginning of last century, the foreign insurance industry by focusing on underwriting profit, then to rely mainly on the insurance fund investment income to make up for the underwriting profit margin is very low or even loss. China's insurance industry has been taken extensive mode of operation, at the same time, due to the economic cycle and the cycle, in the fierce competition in the insurance market, insurance supply due to contraction and expansion of the insurance income has been rising and falling between repeat occurrence of vicious competition between the insurance companies, because in insurance period decreased when the insurance company faces solvency risks. How to effectively avoid solvency Is the lack of need to be solved in theory and practice activities, at the same time, how to solve the contradiction between the supply and demand of traditional insurance and reinsurance is needed to solve the problem. The securities in the securities issue forced insurance activities has changed the traditional standard of confidential business information, the investment channels of insurance funds gradually wide, insurance through asset securitization financing, insurance companies play the function of the original rights, make insurance more transparent, so it has great practical significance to implement the insurance asset securitization in China. Based on the definition of the insurance asset securitization, to support the insurance asset securitization Theory -- Asset Securitization by theoretical analysis, provides a theoretical groundwork for the following analysis of the insurance asset securitization. Then, from the importance of insurance investment, risk and insurance in our country Driver, insurance asset securitization the necessity, feasibility, current situation, restriction factors, path and countermeasures and other aspects of a specific analysis. From the analysis of this paper will see China, the insurance industry has a strong demand for securitization, hoping to provide some help for the future of our country to carry out the insurance asset securitization.

【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F842

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