我国保险集团不动产投资探析

发布时间：2018-06-24 09:41

本文选题：保险集团 + 不动产投资　；参考：《中国社会科学院研究生院》2014年硕士论文

【摘要】：2009年保险资金重新涉及不动产领域，这为我国保险集团完善资产配置，更好的匹配负债结构提供了新的途径。随着之后保险资金运用监管政策的松动，不动产投资开始逐渐成为我国保险集团保险资金运用的重要方式。保险资金投资不动产主要理论是源自资产负债管理理论（ALM），而对于保险集团公司而言，如何对各个保险子公司汇聚的不同期限的保险资金产生的各类型负债，进行资产匹配是比较现实的问题。当今我国保险资金运用效率较低，大多保险集团仍然依靠保险业务收入产生的利润，而投资收益较低，不动产投资更是刚刚起步。本文通过分析国外主要保险集团的不动产投资，从资产负债结构、不动产投资模式、投资物业标的来对比我国保险集团，通过逐一类比，结合企业资源理论和企业边界理论，得出了保险集团需要建立专业的不动产投资平台的结论。通过对于国际主要保险集团不动产投资物业类型的分析，结合资产负债管理理论，提出了不同类型保险集团应投资不同的物业类型：寿险为主的保险集团应该偏重经营型物业的投资，以匹配寿险资金负债的长期性，而以非寿险业务为主的保险集团应当侧重开发型物业的投资，，以物业出售获取相对短期的较高收益，减少资金占用时间。最后通过对资产负债的相应计算和国内外保险集团的比较，得出我国保险集团不动产投资仍有较大空间，为了匹配新增负债结构应该加大不动产投资力度。最后本文结合对我国保险集团的不动产投资的分析，发现了其不动产投资方面还存在的不足。结合对并对我国保险行业的展望，对保险集团投资不动产提出了相应的建议。
[Abstract]:In 2009, the insurance fund was again involved in the field of real estate, which provided a new way for China's insurance groups to improve asset allocation and better match the structure of liabilities. With the loosening of the supervision policy of insurance funds, real estate investment has gradually become an important way to use insurance funds of insurance groups in China. The main theory of investment of insurance funds in real estate is from the theory of asset liability management (ALM). However, for insurance group companies, how to generate various types of liabilities for the insurance funds with different maturities that each insurance subsidiary gathers, Asset matching is a realistic problem. At present, the efficiency of using insurance funds in our country is low, most insurance groups still rely on the profits generated by insurance business income, but the investment income is low, and the real estate investment is just beginning. By analyzing the real estate investment of major foreign insurance groups, this paper compares the real estate investment of China's insurance groups from the structure of assets and liabilities, the real estate investment model, and the subject matter of investment property. By analogy one by one, combining with the theory of enterprise resources and the theory of enterprise boundary, Draw the conclusion that insurance group needs to establish professional real estate investment platform. Based on the analysis of the types of real estate investment in major international insurance groups, combined with the theory of asset and liability management, This paper puts forward that different types of insurance groups should invest in different types of property: the life insurance groups should emphasize the investment of operating properties in order to match the long-term nature of life insurance funds and liabilities. The insurance group with non-life insurance business should focus on the investment of the development property, obtain the relatively short term higher income by the property sale, and reduce the time of the capital occupation. Finally, through the corresponding calculation of assets and liabilities and the comparison between domestic and foreign insurance groups, it is concluded that there is still much room for real estate investment of insurance groups in China. In order to match the new debt structure, real estate investment should be strengthened. Finally, based on the analysis of the real estate investment of the insurance group in China, we find the deficiency of the real estate investment. Combined with the prospect of China's insurance industry, the paper puts forward corresponding suggestions on the investment of real estate by insurance groups.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F840.4

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