Q公司保险资金股权投资的风险及其防范研究

发布时间：2018-09-08 19:58

【摘要】：在金融领域,保险业是市场化程度最高、最开放的领域,并且在资产和负债两端深入到社会经济生活的方方面面,监管难度较高。随着我国经济发展推进和金融改革深化,对于保险资金及其运用的相关监管政策逐步放开。然而,处在利率下行的经济环境中,金融监管日趋严格已成为行业的共识,监管层将防范金融风险放到更加重要的位置。中国保险监督管理委员会(以下简称“保监会”)再度重申“保险姓保、保监姓监”的监管思路,并正式实施新的监管体系“中国风险导向的偿付能力体系”(以下简称“偿二代”)。“偿二代”作为新的监管规则,推动保监会对行业的监管进行了新的定位,转向风险监管。在新的经济发展环境和政策背景下,保险公司如何更好地开展股权投资、拓宽保险资金投资渠道、完善保险资金股权投资的风险预警和风险管理机制显得尤为重要,研究并探索保险资金股权投资及其风险防范对保险公司的经营管理具有重要的实践意义。本论文采用案例研究法和文献研究法,选取近年来中小型保险公司的代表Q公司,按照现状描述、问题分析、提出建议的研究思路展开研究。Q公司运用保险资金对上市公司开展了较为密集的股权投资,成为Q公司近两年迅速发展的主要原因。然而,Q公司在股权投资过程中面临着较为严峻的风险。本论文首先对与保险资金运用的相关研究理论进行阐释,明确保险资金的定义及其来源、保险资金运用的原则和形式、保险资金股权投资的风险及保险资金运用的风险管理理论。其次,在理论框架的基础上,从主营业务、收入结构和一致行动人等方面介绍研究对象Q公司;另一方面从股权投资结构和投资收益的角度探究Q公司股权投资现状,从资产和负债两端分析Q公司的资产负债管理现状,并揭示相关风险。基于对Q公司经营状况及投资状况的研究,探究影响Q公司股权投资状况风险的因素:主要从资产负债错配风险、流动性风险、被投资标的企业财务风险和经营风险、监管政策风险以及Q公司选择不同金融工具计量股权投资所带来的风险等方面进行分析。只有分析清楚风险产生的根源,才能“对症下药”,有针对性地提出Q公司股权投资风险防范的建议,并将其推广到保险公司股权投资的实践中。本论文将保险相关理论与企业实践相结合,对保险资金股权投资风险及其防范的研究具有重要的现实意义。保险公司应加强投资风险管理,考虑保持释放的流动资产比例,控制非流动资产比重,维持合理的资产结构;加强资产与负债的流动性匹配管理,根据公司业务特点和负债特点,确定投资资产结构,从期限、币种等方面合理匹配资产与负债;定期评估投资资产的风险、流动性水平和市场价值,检验投资资产的变现能力;密切关注金融市场环境和金融监管政策对保险资金股权投资流动性的影响。
[Abstract]:In the financial field, the insurance industry is the most market-oriented, the most open field, and assets and liabilities at both ends of social and economic life deep into all aspects, supervision is more difficult. With the development of China's economy and the deepening of financial reform, the insurance funds and their use of regulatory policies are gradually liberalized. However, in the economic environment of the downward interest rate, financial regulation has become increasingly strict industry consensus, regulators will guard against financial risks to a more important position. The China Insurance Regulatory Commission (hereinafter referred to as the "Insurance Regulatory Commission") once again reiterated the idea of supervision of "insurance surname insurance, insurance supervisor". And formally implement the new regulatory system, China's risk-oriented solvency system (hereinafter referred to as "the second generation"). As a new regulatory rule, the CIRC has made a new position on industry supervision and turned to risk supervision. In the new economic development environment and policy background, it is particularly important for insurance companies to better develop equity investment, broaden the investment channels of insurance funds, and improve the risk warning and risk management mechanism of insurance funds equity investment. It is of great practical significance to study and explore the equity investment of insurance fund and its risk prevention for the operation and management of insurance companies. This paper adopts case study method and literature research method, selects representative Q company of small and medium-sized insurance company in recent years, according to the present situation description, the question analysis, Put forward the research ideas to carry out the research. Q company used insurance funds to carry out more intensive equity investment to listed companies, which became the main reason of Q company's rapid development in the past two years. However, Q company in the process of equity investment is facing a more severe risk. This paper first explains the relevant research theories about the use of insurance funds, clarifies the definition and source of insurance funds, the principles and forms of the use of insurance funds. The risk of equity investment of insurance funds and the risk management theory of the use of insurance funds. Secondly, on the basis of the theoretical framework, this paper introduces Q Company, the research object, from the aspects of main business, income structure and consistent action person, on the other hand, from the angle of equity investment structure and investment income, it explores the present situation of Q company's equity investment. This paper analyzes the current situation of asset and liability management of Q Company from both ends of assets and liabilities, and reveals the related risks. Based on the study of Q Company's operation and investment status, this paper probes into the factors that affect the risk of Q company's equity investment: mainly from the mismatch risk of assets and liabilities, the liquidity risk, the financial risk and the operating risk of the invested company. The risk of regulatory policy and the risk of Q company choosing different financial instruments to measure equity investment are analyzed. Only by analyzing the root cause of risk, can we put forward the suggestion of preventing the risk of equity investment in Q company, and extend it to the practice of equity investment of insurance company. This paper combines the theory of insurance with the practice of enterprises, which is of great practical significance to the study of the risk of equity investment of insurance funds and its prevention. Insurance companies should strengthen investment risk management, consider maintaining the proportion of liquid assets released, control the proportion of non-current assets, maintain a reasonable asset structure, and strengthen the liquidity matching management between assets and liabilities. According to the characteristics of the company's business and liabilities, the structure of investment assets is determined, the assets and liabilities are reasonably matched in terms of term and currency, the risk, liquidity level and market value of investment assets are assessed periodically, and the liquidity of investment assets is tested. Pay close attention to the impact of financial market environment and financial regulatory policy on the liquidity of equity investment of insurance funds.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F840.4;F842.3

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