寿险资金投资养老社区的风险及其管控

发布时间：2018-06-12 13:14

本文选题：寿险资金 + 养老社区　；参考：《西南财经大学》2016年硕士论文

【摘要】：2014年,我国65岁以上老年人口达到1.37亿人,以137462万人口总数为基数计算,65岁以上人口约占我国总人口比重的9.967%,老龄化问题相对严重。面对日益严重的老龄化压力,现有养老体系中的传统养老模式已经无法满足老年人的养老需求,探索新的养老服务模式迫在眉睫。在人口老龄化及当前的养老市场背景下,我国养老社区模式的探索具有广阔的市场前景和庞大的发展潜力。2008年,国务院发布了《关于当前金融促进经济发展的若干意见》。其中,关于促进保险企业涉足医疗行业及养老实体建设相关规定的出台表达了国家对保险企业探索养老服务行业的支持；2009年,新版保险法拓宽了保险公司资金运用渠道,将不动产列入保险资金投资范围,为寿险公司投资建设养老社区的设想提供了法律保证；2016年3月17日,“十三五规划”正式发布,文章中明确表明国家对养老问题的关注,呼吁各类市场主体通过多种方式增加养老服务和市场供给。寿险公司作为社会养老保障体系的重要补充,是养老体系的重要支柱。寿险公司投资建设养老社区较房地产企业在可运用资金规模及资金成本上具有较大优势,同时寿险公司在养老产业建设方面的专业程度也是房地产企业无法比拟的。寿险资金投资养老社区一方面可以完善我国养老服务体系,缓解老龄化压力；另一方面,巨大的养老服务需求也可以为寿险公司带来更多的盈利。此外,投资养老社区具有长期性、稳定性,同时预期收益率高于保险资金平均收益率,与寿险资金的运用原则相符合,有利于寿险资金保值增值,而多元化的投资渠道也能降低损失风险。本文希望通过对国内寿险资金投资养老社区的具体实践案例进行分析,由于投资养老社区建设资金需求规模大,期限长,对寿险公司的资金流动性会造成一定影响,为公司的安全经营带来一定挑战。所以本文希望通过对建设及运营过程中可能存在的风险进行识别,运用相关风险管理措施尽可能的降低未来损失,达到为寿险公司做出投资养老社区的决策提供一定参考的目的。全文共分八部分,七章内容。本文第一部分为绪论。该部分主要叙述了在我国当前存在的老年人口数量激增、养老需求不断上升的社会背景下,传统的养老模式已不足以满足老年人的需求,而养老社区作为一种新型养老模式对我国的养老体系建设是一种很好的补充。随后从投资的现实性、存在风险及管控措施三方面对现有的养老社区的相关研究进行简要述评,并在随后部分阐述了本文主要采用的三种分析方法,分别为理论研究、比较分析及定性分析法。在本部分的最后,指出本文可能存在的对寿险资金投资养老社区风险识别及风险管控措施的提出等方面的创新及在数据缺乏条件下无法进行实证解释的不足。第二部分为寿险资金投资养老社区的概述。在该部分中,笔者对寿险资金的来源进行了简单的分类,主要分为资本金、资本公积、留存收益、保险准备金及其他资金来源。之后结合寿险资金投资的安全性、流动性及收益性三项基本原则对寿险资金现有投资渠道进行简要分析,得出寿险资金投资需面临风险与收益相平衡的选择。随后综合现有文献给出的各种版本的定义对养老社区的概念进行初步的界定,并根据最常用的按照医疗护理程度不同的分类方式将对养老社区分为生活自理型、生活协助型、特殊护理型及持续照顾型四类。最后阐述了我国现有的养老体系主要由传统家庭式养老、机构养老及社区居家养老三种模式构成,并对我国的养老社区实践探索进行简单的分类。第三部分为寿险资金投资养老社区的必要性及可行性分析。该部分首先对寿险资金投资养老社区的必要性进行分析,投资养老社区可有效改善寿险资金的资产负债匹配结构、降低投资组合的风险,并可达到促进我国经济发展和资本市场完善的目的。随后从我国现有的政策条件及市场环境下对寿险资金投资养老社区的可行性及现实性进行分析,新“国十条”及“十三五规划”的相关内容均体现出政府对寿险公司投资养老实业建设给予大力支持,同时市场的潜在需求也预示着寿险资金投资养老社区具有广阔的发展前景。第四部分是寿险资金投资养老社区的国内实践：基于典型案例。该部分通过对我国已进入试运行的泰康之家养老社区及合众优年养老社区进行比较分析,首先对二者的选址、建设标准等基础建设进行简单介绍,随后分别从购买保险产品或交纳租金入住两种角度对二个养老社区进行对比分析,得出二者竞争优势及可能存在的缺陷。第五部分为寿险资金投资养老社区的风险分析。该部分主要是针对寿险资金投资养老社区可能面临的风险进行分析。首先从宏观上对寿险资金投资养老社区主要面临的风险进行分析,其中包括政策风险、利率风险、房地产波动风险等可能存在的风险。随后从微观角度出发,提出了寿险资金投资养老社区可能面临流动性风险、业务操作风险、成本回收风险等潜在风险。第六部分为寿险资金投资养老社区风险管理的国际经验及其启示。该部分通过对美国、日本、英国投资建设的养老社区的相关案例进行分析,美国的RETIs为我国寿险资金通过间接投资方式对养老社区进行投资的设想提供了参考,日本的住宅养老呈现了一种通过买卖产权的方式入住养老社区的案例,为我国养老社区运营提供借鉴,而英国Southern Cross养老机构的破产则为我国养老社区运营敲响警钟,需增强风险防范意识。国外的相关案例充分展现了养老社区建设对政策及专业性的依赖,所以加快政策体系健全及促进与专业机构的合作成为我国寿险资金投资养老社区发展的重中之重。第七部分为中国寿险资金投资养老社区风险管控的对策建议。此部分针对前文提出的宏、微观风险给出合理化风险管控建议。寿险公司方面应由专项部门负责社区的建设及运营,建立完善的内部风险管控机制,同时需加强与专业机构的合作,增加社区的专业化程度,产品证券化探索及住房抵押养老保险的探索均可增加寿险资金的投资稳定性及流动性。政府方面应该尽快完善法律体系建设,对相关标准进行约束,强化政府监管,以促进我国寿险公司投资养老社区尝试的发展。最后一部分是结论。该部分对本文的所述内容进行总结,得出我国寿险资金投资养老社区具有理论与现实基础,但现有尝试还不太成熟,需要加强风险管控和政策环境的建设。
[Abstract]:In 2014, the population of aged 65 and above reached 137 million, with the total population of 1 billion 374 million 620 thousand as the base number. The population aged 65 and above accounted for 9.967% of the total population of our country, and the problem of aging was relatively serious. Facing the increasing aging pressure, the traditional old-age system in the existing pension system had not met the elderly's needs for the aged. In the context of the aging of the population and the current old-age market, the exploration of the old-age community model in China has a broad market prospect and a huge potential for development in.2008 years. The State Council has issued a "if" on the current financial promotion of economic development. The relevant provisions of the medical industry and the pension entity construction expressed the support of the state for the insurance enterprises to explore the old-age service industry. In 2009, the new insurance law broadened the fund utilization channel of the insurance companies, put the real estate into the insurance fund investment scope, and provided the legal guarantee for the life insurance companies to invest in the construction of the pension community. 2 In March 17th 016, the "13th Five-Year plan" was formally issued. The article clearly showed the state's attention to the pension problem, and called on all kinds of market subjects to increase the service and market supply through various ways. As an important supplement to the social endowment insurance system, life insurance companies are the important support of the pension system. On the one hand, the life insurance fund investment pension community can improve our old-age service system and alleviate the pressure of aging. On the other hand, the pension fund investment in the old-age community can not be compared. The large pension service demand can also bring more profit to the life insurance company. In addition, the investment pension community has long-term, stability, and the expected rate of return is higher than the average rate of income of insurance funds, which is in line with the application principle of life insurance funds, which is beneficial to the value of life insurance funds, and the diversified investment channels can also reduce the loss wind. This article hopes to analyze the concrete practice case of the domestic life insurance fund investment pension community, because the capital demand of the investment pension community is large and the time limit is long, it will have a certain impact on the liquidity of the life insurance company, which will bring a definite challenge for the company's safe operation. So this article hopes to pass the construction and operation. The possible risks in the process are identified, and the related risk management measures are used to reduce the future losses as much as possible to provide a reference for the decision of the life insurance companies to make investment in the pension community. The full text is divided into eight parts and seven chapters. The first part of this paper is the introduction. This part mainly describes the current existence in China. Under the social background of the increasing number of elderly population and the rising demand for the aged, the traditional old-age mode is not enough to meet the needs of the elderly, and the old-age community is a good supplement to the construction of the old-age system in China as a new type of old-age model. Then, three aspects of the existing investment, the existence of risk and the management and control measures are available. The related research on the pension community is briefly reviewed, and in the following part, the three main analytical methods used in this paper are discussed, which are theoretical research, comparative analysis and qualitative analysis. At the end of this part, it points out the possible risk identification and risk management measures for the pension community in this part of this article. The second part is an overview of the life insurance fund investment pension community. In this part, the author makes a simple classification of the sources of life insurance funds, which are mainly divided into capital, capital stock, retained earnings, insurance reserve and other sources of funds. The three basic principles of the security, liquidity and profitability of the insurance funds are briefly analyzed in the current investment channels of life insurance funds. It is concluded that the investment of life insurance funds should be balanced by the risks and benefits. According to the different classification methods of medical care, the old-age community can be divided into four types: life self-care, life assistance, special care and continuous care. At last, the existing old-age system in China is composed of three modes of traditional family pension, institutional pension and community home, and the old-age society of our country The third part is the necessity and feasibility analysis of the life insurance fund investment pension community. This part first analyzes the necessity of the life insurance fund investment pension community, and the investment pension community can effectively improve the assets and liabilities matching structure of the life insurance funds, reduce the risk of the investment portfolio, and can be achieved. The purpose of promoting the development of China's economy and the perfection of the capital market is analyzed. The feasibility and reality of the pension community are analyzed from the existing policy conditions and market environment in China. The relevant contents of the new "country ten" and the "13th Five-Year plan" are all reflected in the government's construction of the investment for the pension industry for the life insurance companies. The fourth part is the domestic practice of the life insurance fund investment pension community: Based on the typical cases, this part is compared to the old community in Taikang and the elderly community in China. Analysis, first of all, a simple introduction to the two parties, construction standards and other basic construction, then from the purchase of insurance products or pay rent in two aspects of the two pension communities to compare and analyze the two competitive advantages and possible defects. Fifth divided into the risk analysis of life insurance investment pension community. This part is mainly to analyze the risks that may be faced with the pension community of life insurance investment. First, it analyzes the main risks faced by the pension community of life insurance funds, including the risk of policy risk, interest rate risk, real estate volatility and so on. Then, from the micro point of view, it puts forward the life of life. Risk capital investment pension community may face liquidity risk, business operation risk, cost recovery risk and other potential risks. The sixth part is the international experience and Enlightenment of life insurance fund investment pension community risk management. This part analyses the related cases of the pension community in the United States, Japan and the UK, and the American RETI S provides a reference for China's life insurance funds to invest in the old-age community through indirect investment. The housing pension in Japan presents a case of living in the old-age community through the way of buying and selling property rights, providing reference for the operation of the elderly community in our country, while the bankruptcy of the Southern Cross pension institution in the UK is the old-age community in China. In the seventh part, the seventh part is the capital investment of Chinese life insurance. This part gives suggestions on the rationalization of risk management for the macro and micro risks proposed in the previous article. The life insurance companies should be responsible for the construction and operation of the community by special departments, establish a perfect internal risk management mechanism, and strengthen the cooperation with the specialized institutions to increase the degree of specialization of the community. The exploration of product securitization and the exploration of housing mortgage pension insurance can increase the investment stability and liquidity of the life insurance funds. The government should improve the construction of the legal system as soon as possible, restrict the relevant standards, strengthen the government supervision, and promote the development of our life insurance companies to invest in the old-age community. The final part is the conclusion. This article summarizes the contents of this article, and concludes that China's life insurance fund investment pension community has a theoretical and realistic basis, but the existing attempt is not too mature, and the risk management and policy environment need to be strengthened.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D669.6;F842.62

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