我国保险资金投资不动产问题研究

发布时间：2018-04-19 07:14

本文选题：保险资金 + 不动产投资　；参考：《兰州商学院》2014年硕士论文

【摘要】：随着我国保险业务发展水平的提高，逐渐积累了不少保险资金，为我国保险资金的运用提供了丰厚的资金，为此我国保险监管机构不断出台保险资金运用的相关政策，拓宽保险资金投资渠道。2006年我国保险资金以信托方式间接投资了基础设施项目，之后我国保险资金在不动产投资方面的步伐比较缓慢，在2009年新《保险法》放开保险资金投资不动产渠道后，我国保险资金在不动产投资上迈出了一大步，但相关细则未出台，致使保险资金迟迟不能进入不动产领域，我国保险资金投资不动产仍处于起步阶段，作为投资组合保险资金不可避免的面临着一系列风险，，将VaR模型融入到保险投资中，符合保险资金投资的安全性、盈利性和流动性的要求，本文正是基于VaR方法的角度对保险资金投资进行研究。本文首先从保险资金及不动产的概念界定、方式和特点着手，阐述了我国保险资金投资不动产的发展概况、保险资金投资不动产的相关政策和模式。其次，对我国保险资金投资不动产基于VaR模型的理论概述和模型进行了实证分析。然后，借鉴国外保险市场发达的美国、英国、日本的投资实践，结合目前我国保险资金所处的投资环境，即我国保险资金面临专业投资人才匮乏、投资机构建设不成熟、投资模式不完善、保险投资监管水平有待提高等客观不足，以及所投资的房地产市场周期性变化和投资比例的难以确定等挑战。最后，对我国保险资金投资不动产提出对策建议以及投资不动产的前景展望。本文认为我国保险资金投资不动产在加强投资人才培养、投资模式及比例的选择、提高保险资金投资监管水平的情况下，不断向养老实体、基础设施建设和REITs等不动产领域投资是一个很好的方向。总体来说，我国保险资金进入不动产领域的空间是非常大的，由于保险资金投资不动产还是存在一定的风险，因此在投资时更应该注重投资风险的管控以及选择适当的投资模式和比例。当前我国保险资金只有直接模式可选，考虑到保险资金对稳健性的要求，作为尝试不动产市场的保险公司，必须积极探索多种创新性保险资金投资不动产的模式，我国保险市场将朝着更大更强的方向前进。
[Abstract]:With the development of insurance business in our country, a lot of insurance funds have been accumulated gradually, which provides abundant funds for the use of insurance funds in our country. For this reason, the insurance regulatory bodies in our country continue to issue policies related to the use of insurance funds.In 2006, China's insurance funds indirectly invested in infrastructure projects by way of trust. After that, the pace of our country's insurance funds in real estate investment was relatively slow.After the new Insurance Law opened up the channels for insurance funds to invest in real estate in 2009, China's insurance funds have taken a big step forward in real estate investment, but the relevant rules have not been issued, resulting in the insurance funds being unable to enter the real estate field.China's insurance fund investment in real estate is still in its infancy. As a portfolio insurance fund, it is inevitable to face a series of risks. The VaR model is integrated into the insurance investment, which is in line with the safety of the insurance fund investment.This paper studies the investment of insurance fund based on VaR method.This paper begins with the definition, mode and characteristics of insurance fund and real estate, and expounds the development of insurance fund investment in real estate in China, and the relevant policies and models of insurance fund investment in real estate.Secondly, the paper analyzes the theory and model of insurance fund investment real estate based on VaR model.Then, drawing lessons from the investment practices of the United States, the United Kingdom and Japan, which have developed insurance markets abroad, and combining the investment environment in which our country's insurance funds are currently located, that is, our insurance funds are facing a shortage of professional investment personnel, and investment institutions are not mature.The investment model is not perfect, the level of insurance investment supervision needs to be improved, and the challenges such as the periodic changes of the real estate market and the uncertainty of the investment ratio are also discussed.Finally, the paper puts forward some countermeasures and prospects for investment of insurance funds in real estate.In this paper, the author thinks that under the condition of strengthening the training of investment talents, the choice of investment mode and proportion, and the improvement of the level of supervision of insurance fund investment, the real estate investment of insurance funds in our country continues to turn to pension entities.Investment in real estate such as infrastructure construction and REITs is a good direction.In general, there is a great deal of room for insurance funds to enter the field of real estate in our country, because there is still a certain risk for insurance funds to invest in real estate.Therefore, we should pay more attention to investment risk management and choice of appropriate investment model and proportion.At present, there are only direct modes of insurance funds in China. Considering the requirements of insurance funds for robustness, as insurance companies trying to find out the real estate market, we must actively explore a variety of innovative insurance funds to invest in real estate models.Our country insurance market will move towards bigger and stronger direction.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842

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