我国保险公司次级债的市场约束机理和效应分析

发布时间：2018-06-11 17:29

本文选题：保险公司 + 次级债　；参考：《西南财经大学》2013年硕士论文

【摘要】：作为现代保险监管体系的核心组成部分——偿付能力监管,其不仅是保护投保人利益的关键,更是保险业长足、稳定、可持续发展的主导因素。然而,行业急速增长以及资本市场不景气影响投资收益的情况下,保险公司的偿付能力下滑成为了一个普遍趋势。为了弥补偿付能力不足,各保险公司积极寻求各种渠道以筹集资金。然而,目前我国保险公司面临着筹资渠道狭窄的问题。从国际实践来看,保险公司发行次级债补充资本、提高偿付能力是非常有效的途径。2004年9月中国保监会发布了《保险公司次级定期债务管理暂行办法》(以下简称“《暂行办法》"),这一法规的颁布将我国保险公司次级债融资合法化了。2011年,中国保监会再次发布了《保险公司次级定期债务管理办法》(以下简称“《新办法》”),这是对《暂行办法》的修订与完善。根据2011年10月6日发布的《保险公司次级定期债务管理办法》,保险公司次级债是指保险公司为了弥补临时性或者阶段性资本不足,经批准募集、期限在五年以上(含五年),且本金和利息的清偿顺序列于保单责任和其他负债之后、先于保险公司股权资本的保险公司债务。按照新《办法》,可以按一定的比例将通过次级债募集到的资金计入附属资本,增加保险公司的实际资本,改善它的偿付能力状况。可见,保险公司次级债可以被视为是资本金的“补充”,具有一定的资本性。然而,保险公司次级债作为一种特殊的债务,其基本属性仍然是债务性,本质上体现的是保险公司与投资主体之间的一种借贷关系：保险公司向投资者募集资金,并(在符合条件的情况下)到期返还本金、利息；而投资主体把本金借给保险公司,到期享有请求偿还本息的权利。保险公司次级债与其他普通债务最大的区别就是“次级性”,此处的次级性是偿还的次级性,即只有在满足了其他普通债务本息的偿还后,次级债权人才有权请求清偿。但这种次级性并不是绝对的,只有在保险公司出现财务、经营危机导致破产、清算或重组时,次级债的次级性才得以体现。在保险公司正常、稳定经营的情况下,次级债权人可以如期得到保险公司偿付的次级债本息,此时保险公司次级债的次级性对次级债权人并无实质性的影响。次级债作为一种新的金融工具,产生了一个新的利益相关者群体——次级债权人,由于次级债权人与其他保险公司利益相关者相比,存在诸多特性。与股权资本相比,首先,次级债的名义利率是固定的,次级债权人分享不到保险公司风险活动带来的收益。而且由于次级债的长期性、次级性、偿还的非保障性,保险公司一旦经营失败、破产清算,次级债权人获得清偿的顺序在所有普通债务之后,因此,次级债投资者承担了因保险公司风险活动而可能带来的损失。与保费收入相比,保险公司次级债也显示出一些特性。由于投保人(被保险人)受到保险保障基金的保护,就削弱了投保人(被保险人)监督保险公司经营的积极性。与监管当局相比,次级债券市场对保险公司信息的反应更快。当新的信息披露时,市场可以及时地通过利差变化来反映新的变化,而监管当局在做出一项决定前需要经过较为烦琐的程序。因此,理论上,市场比监管者能更有效地约束保险公司。也就是说,次级债权人的利益特殊性(次级性、无保障性等)决定了它可以提供不同于股东和普通债权人(除次级债债权人之外的债权人)的市场约束机制,改善保险公司的风险承担行为。本文旨在研究我国保险公司次级债的市场约束机理和效应,并结合10家样本保险公司,采用案例分析的方式,分析了我国保险次级债市场约束的现实状况,最后分析结论、提出改进建议。文章共分为五部分,主要内容大致如下。第一部分是绪论,主要介绍论文的研究背景及意义,总结分析了国内外相关研究成果,阐述论文的研究思路及框架,以及主要研究方法。第二部分是保险公司次级债的基本理论分析。首先界定了保险公司次级债的含义,并分析了其本质属性——债务性、资本性及次级性,最后对保险次级债的作用进行了介绍。第三部分是保险公司次级债市场约束机理分析。首先,分析了市场约束的内涵和运行机制。在此基础上,提出了保险公司次级债的市场约束问题,并具体分析了其作用机理。由于次级债的利率是相对固定的,其债权人享受不到保险公司高风险行为带来的额外收益,相反,由于次级债的次级性、无保障性,保险公司一旦经营失败,其获得赔付的顺序很靠后(仅排在保险公司股权之前)。因此,与股东、投保人等其他利益相关者相比,次级债投资人对保险公司的风险行为更为敏感,从而更有动机去对保险公司的风险行为进行分析、监控及约束。第四部分是对我国保险公司次级债市场约束效应的现状分析。虽然我国保险公司越来越依赖于次级债融资来弥补偿付能力的不足,次级债发行金额逐年攀升,但是由于我国现实状况的制约,保险次级债的市场约束效应并未体现出来。本章采用案例分析的方式,通过对比分析中国人寿、平安寿险等10家样本保险公司,得出结论：选取的样本保险公司次级债的市场约束是不存在的,并分析了导致这种市场约束作用不存在的可能原因。第五部分主要是根据研究结论,提出一些政策建议,使得保险公司次级债的功能得到充分、有效的发挥,从而促使保险市场稳健发展。本文可能的特色或创新主要有以下几点：第一,本文的选题顺应中国保险市场的最新发展状况。2011年10月6日,《保险公司次级定期债务管理办法》正式发布,可以看出,我国保险公司次级债的发展历程很短,相关的配套政策也处于不断完善的过程中,此次政策的出台,标志着保险公司次级债进入到了里程碑式的发展阶段。在这种情况下,对保险公司次级债进行详细研究,具有深远的理论和实践意义。第二,研究方法比较新颖。本文采用案例分析的方式研究保险公司次级债的市场约束作用机理和效应,而前人对保险次级债的研究大多集中于理论分析,因此这也算是我国保险次级债研究的一个小小的进展。第三,前人对保险次级债市场约束的存在性研究较多,而有效性没有得到重视。本文对保险公司次级债市场约束效应的作用机理做了深入而系统的分析。不仅分析了保险次级债市场约束的存在性,也探讨了其有效性,既是对前人研究的一个总结,也为今后更为深入的研究奠定基础。
[Abstract]:As the core component of the modern insurance supervision system , it is not only the key to protect the interests of the insured , but also the dominant factor in the long - term , stable and sustainable development of the insurance industry .

The subordinated debt of an insurance company can be regarded as " supplementary " of capital and has certain capital . However , the subordinated debt of the insurance company can be regarded as " supplementary " of the capital , and it has certain capital . However , the subordinated debt of the insurance company can be regarded as the " supplement " of the capital , which is characterized by a loan relationship between the insurance company and the investment subject .
The secondary nature of the subordinated debt of the insurance company is not absolute , that is , when the insurance company is in a normal and stable operation , the secondary creditor can obtain the subordinated debt principal and interest of the insurance company if the insurance company is normal and stable , and the secondary nature of the secondary debt of the insurance company has no substantial influence on the secondary creditor .

As a new financial instrument , subordinated debt , as a new financial instrument , has produced a new stakeholder group _ sub - creditor .

The purpose of this paper is to study the market restriction mechanism and effect of the subordinated debt of insurance companies in our country , and combine with 10 sample insurance companies to analyze the real situation of our insurance sub - debt market restriction by using case analysis . Finally , the conclusion is analyzed and suggestions are put forward . The article is divided into five parts . The main contents are as follows .

The first part is the introduction , mainly introduces the research background and significance of the paper , summarizes the relevant research results at home and abroad , expounds the research thoughts and framework of the thesis , and the main research methods .

The second part is the basic theory analysis of the subordinated debt of the insurance company . Firstly , it defines the meaning of the subordinated debt of the insurance company , and analyzes its essential attribute _ debt , capital and secondary nature , and finally introduces the function of the insurance secondary debt .

The third part is the analysis of the restriction mechanism of the secondary debt market of the insurance company . Firstly , it analyzes the connotation and the operating mechanism of the market restriction . On the basis of this , the author puts forward the market restriction problem of the subordinated debt of the insurance company and analyzes its mechanism of action .

The fourth part is the analysis of the current situation of the restraining effect of the subordinated debt market of our insurance companies . Although our insurance companies increasingly rely on the subordinated debt financing to make up for the shortage of solvency , the issuance amount of the subordinated debt has not been reflected . In this chapter , we draw the conclusion that the market restriction of the subordinated debt of the sample insurance company is not in existence because of the restriction of the reality of our country .

In the fifth part , according to the research conclusion , some policy suggestions are put forward , so that the function of the subordinated debt of the insurance company is fully and effectively played , so as to promote the sound development of the insurance market .

The possible features or innovations of this article are as follows :

First , this thesis is in compliance with the latest development of China ' s insurance market . On Oct . 6 , 2011 , the development course of subordinated debt of insurance company is very short . It can be seen that the development course of subordinated debt of insurance company is short , and the related supporting policy is also in the process of continuous improvement . In this case , the secondary debt of insurance company has entered the milestone development stage . In this case , it has far - reaching theoretical and practical significance .

Second , the research method is novel . In this paper , we study the mechanism and effect of the market restriction of the subordinated debt of the insurance company by case analysis , and the previous research on the secondary debt of insurance is mostly focused on the theoretical analysis , so it is also a little progress of our country ' s insurance sub - debt research .

Third , there are many researches on the existence of the restriction on the secondary debt market of insurance companies , and the validity is not paid much attention . This paper makes an in - depth analysis on the mechanism of the restraining effect of the secondary debt market of the insurance company . It not only analyses the existence of the constraint of the insurance sub - debt market , but also discusses its effectiveness , which is not only a summary of the previous study , but also lays the foundation for further research in the future .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3

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