恒大人寿操纵市场的案例分析
发布时间：2018-12-28 17:41
【摘要】：2005年我国保险资金被正式准许投资股票市场,经过十几年的发展,保险资金入市规模逐年增加,截止2015年底保险资金入市规模达20000亿人民币,已经成为我国股票市场中重要的机构投资者之一。然而,由于我国保险资金入市时间较短,相关监管制度还不完善,许多保险资金利用监管漏洞进行违规操作,以此来获得超额收益,给股市带来了极其恶劣的影响。其中,恒大人寿短期操纵市场事件成为保险资金入市违规操作的一个典型案例。本文通过对恒大人寿短期操纵股票事件过程进行深入剖析提出,当前保险公司在运作过程中存在以下问题:新型保险产品即可以丰富保险业市场结构,又会因监管不力带来安全性风险;保险公司治理结构存在缺陷,导致操作风险和资金错配风险;利用法律法规存在的漏洞,获取超额收益;股票市场信息披露制度不健全,容易引发操纵市场风险。结合案例分析研究,论文对当前保险资金运作过程中存在的监管问题进行了深度挖掘。通过分析结果提出以下对策建议:建设现代化的保险公司,实现企业管理现代化;加快保险资金投资范围和偿付比例指标的法律法规建设;完善信息披露制度,加强风险指标动态监控制度;充分发挥保险行业自律组织的作用,强化保险业协会的协同监管作用。
[Abstract]:In 2005, China's insurance funds were officially allowed to invest in the stock market. After more than ten years of development, the scale of insurance funds entering the market has increased year by year, and by the end of 2015, the scale of insurance funds entering the market has reached 2 trillion RMB. It has become one of the important institutional investors in the stock market of our country. However, because of the short time of entering the market of insurance funds in our country and the imperfect regulatory system, many insurance funds use the loopholes of regulation to operate illegally to obtain excess returns, which has brought an extremely bad influence to the stock market. Among them, Evergrande Life-short-term manipulation of the market has become a typical case of insurance funds entering the market. Based on the deep analysis of the short-term stock manipulation process of Evergrande Life, this paper points out that the insurance companies have the following problems in their operation: new insurance products can enrich the structure of the insurance market. And it will bring the safety risk because of the weak supervision; There are defects in the governance structure of insurance companies, which leads to operational risk and mismatch risk of funds; making use of loopholes in laws and regulations to obtain excess returns; imperfect information disclosure system of stock market, which can easily lead to market manipulation risk. Based on the case study, the paper deeply excavates the supervision problems existing in the process of insurance fund operation. Through the analysis of the results of the following countermeasures: to build modern insurance companies, to achieve the modernization of enterprise management, to speed up the scope of investment in insurance funds and reimbursement ratio of the construction of laws and regulations; Improve the information disclosure system, strengthen the dynamic monitoring system of risk indicators, give full play to the role of self-regulatory organizations in the insurance industry, and strengthen the cooperative supervision role of insurance associations.
【学位授予单位】：河北金融学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3
[Abstract]:In 2005, China's insurance funds were officially allowed to invest in the stock market. After more than ten years of development, the scale of insurance funds entering the market has increased year by year, and by the end of 2015, the scale of insurance funds entering the market has reached 2 trillion RMB. It has become one of the important institutional investors in the stock market of our country. However, because of the short time of entering the market of insurance funds in our country and the imperfect regulatory system, many insurance funds use the loopholes of regulation to operate illegally to obtain excess returns, which has brought an extremely bad influence to the stock market. Among them, Evergrande Life-short-term manipulation of the market has become a typical case of insurance funds entering the market. Based on the deep analysis of the short-term stock manipulation process of Evergrande Life, this paper points out that the insurance companies have the following problems in their operation: new insurance products can enrich the structure of the insurance market. And it will bring the safety risk because of the weak supervision; There are defects in the governance structure of insurance companies, which leads to operational risk and mismatch risk of funds; making use of loopholes in laws and regulations to obtain excess returns; imperfect information disclosure system of stock market, which can easily lead to market manipulation risk. Based on the case study, the paper deeply excavates the supervision problems existing in the process of insurance fund operation. Through the analysis of the results of the following countermeasures: to build modern insurance companies, to achieve the modernization of enterprise management, to speed up the scope of investment in insurance funds and reimbursement ratio of the construction of laws and regulations; Improve the information disclosure system, strengthen the dynamic monitoring system of risk indicators, give full play to the role of self-regulatory organizations in the insurance industry, and strengthen the cooperative supervision role of insurance associations.
【学位授予单位】：河北金融学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3
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