我国寿险公司资产负债匹配管理问题研究

发布时间：2018-05-02 09:33

本文选题：寿险公司 + 资产负债匹配管理　；参考：《河北大学》2014年硕士论文

【摘要】：我国保险业自1980年恢复国内保险业务以来，取得了举世瞩目的成就，已日益成为我国金融体系中不可或缺的组成部分。然而，迅速增长难免带来“泥沙俱下”，其中最令人担心的“泥沙”就是寿险公司对资产负债匹配管理的疏漏。寿险公司的经营具有高负债的特点，整体而言其资金是一种长期合约，与银行资金相比流动性要求较低，投资期限也相应更长，因此实现资产负债的长期匹配，就成为寿险公司风险管理的核心问题之一。鉴于资产负债匹配管理对于寿险公司生存和发展的重要性，本文期望通过对我国寿险公司资产负债匹配管理的现状分析，找出其存在的问题及原因，并提出建议对策。本文首先以中国人寿、中国平安、中国太保、新华保险四家上市寿险公司为例，通过对这四家寿险公司的资产、负债的结构进行分析，，找到我国寿险公司资产负债匹配管理存在的共性问题：一是资产负债期限不匹配，即寿险公司的资产主要集中在中短期银行存款和债券类投资上，而负债以长期合同准备金为主；二是资产负债收益率不匹配，即寿险公司的投资收益率较低，与投保人期望的投资收益率有较大差距。在分析现状的同时，本文从外部监管、寿险公司内部、资本市场三个角度发掘资产负债不匹配的原因。接下来本文列举了国外寿险公司资产负债匹配管理的经验教训，以供我国学习借鉴。最后提出完善我国资产负债匹配管理的建议：在监管方面，建议坚持以偿付能力充足率为核心指标、积极推进公司治理监管、改进市场行为监管手段；在公司层面，建议我国寿险公司采取相对偏重负债方的资产负债并行管理模式、完善组织架构、增强投资能力、加强产品创新能力。
[Abstract]:China's insurance industry has made remarkable achievements since 1980, and has become an indispensable part of our financial system. However, rapid growth will inevitably bring "mud and sand", of which the most worrying "silt" is life insurers' omissions in the management of asset-liability matching. The operation of life insurance company is characterized by high liability. As a whole, the capital of life insurance company is a kind of long-term contract. Compared with bank funds, the liquidity requirement is lower and the investment period is longer, so the long-term matching of assets and liabilities is realized. It has become one of the core problems of risk management in life insurance companies. In view of the importance of asset-liability matching management for the survival and development of life insurance companies, this paper looks forward to finding out the existing problems and reasons through analyzing the current situation of asset-liability matching management of life insurance companies in China, and puts forward some suggestions and countermeasures. In this paper, four listed life insurance companies, China Life Insurance, China Ping an, China Taibao and Xinhua Insurance, are taken as examples to analyze the structure of assets and liabilities of these four life insurance companies. To find out the common problems of asset and liability matching management of life insurance companies in our country: first, the term mismatch of assets and liabilities, that is, the assets of life insurance companies are mainly concentrated on bank deposits and bond investments in the short and medium term. The liability is mainly long-term contract reserve, the second is that the return on assets and liabilities does not match, that is, the return on investment of life insurance company is lower, and there is a big gap between the return rate of investment and the expected return rate of the policy holder. At the same time, this paper explores the reasons for the mismatch of assets and liabilities from three angles of external supervision, life insurance company and capital market. Then this paper enumerates the experience and lessons of asset and liability matching management of foreign life insurance companies for our country to learn from. Finally, the paper puts forward some suggestions to improve the matching management of assets and liabilities in China: in the aspect of supervision, it is suggested that we should take solvency adequacy ratio as the core index, actively promote the supervision of corporate governance and improve the means of supervision of market behavior; at the corporate level, It is suggested that our country's life insurance companies should adopt a parallel management model of assets and liabilities with relative emphasis on the liability side, perfect the organizational structure, strengthen the investment ability and strengthen the ability of product innovation.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F275

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