QH公司保险资金股票投资风险及其防范研究

发布时间：2018-01-07 18:14

本文关键词：QH公司保险资金股票投资风险及其防范研究　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,随着我国经济的持续高速增长,我国金融市场日益活跃。作为金融活动的重要载体,股市的入市管控也逐步放开,使得股市交易的资金来源日趋广泛。但由于股市风险高企,之前受限进入股市的资金突然解禁,这些资金怎样根据自己的特性制定风险控制体系应该得到学界和金融界更多关注。不同资金进入股市的风险及应对机制亟待研究,但目前我国现有研究集中在对国外相关理论的学习和消化阶段,根据企业实际情况进行的案例分析还不够丰富。以保险资金为例,我国直到2004年才从政策上允许保险资金直接投资股票市场;13年来经过数次调整,保险资金投资股市占总资产的比例上限才达到30%,这足以看出监管层对保险资金投资股市的谨慎。保险资金相比其他投资资金而言,抗风险能力弱,而且保险资金一旦大额亏损造成的关联影响会很严重。可见,从实践角度出发,在投资组合理论、行为金融理论等理论的指导下为保险资金投资股票建立风险防控体系,极具意义。因此,为了研究保险资金在股市准入放宽的背景下采取较为激进的投资策略可能产生的风险,本文以QH公司为例,从资金特点、收益要求、决策者个性等角度,对保险资金的股票投资风险进行深入分析。并在此基础上探讨针对性的风险防范建议,促进保险资金股票投资活动的稳健发展。本研究结合实际案例,探讨QH公司经营特点与其投资风险之间的关系,探究了投资回报要求与投资风险偏好的相关性,并讨论了行为金融理论对投资风险的影响。通过研究QH公司的股票投资案例,发现该公司投资的股票具有股权分散、价值低估、高现金流等特点。这些特点让QH公司可以进行快进快出的短期套利操作,但同样也面临来自自身操作、股市表现、政府监管以及被投资公司等方面的风险。在应对这些风险时稍有不慎便会造成重大经济损失和负面影响。针对这些风险,QH公司可以从加强内部风险控制、加强守法自觉性等方面进行防控。同时,投资风险的防范光靠保险公司的自觉性难以达成,监管部门和行业协会应更加细化对保险资金投资的管控,根据不同的资金来源提出对应的监管措施。
[Abstract]:Since the reform and opening up, as China's sustained rapid economic growth, China's financial market has become increasingly active. As an important carrier of financial activities, the stock market control has gradually liberalized, the stock market funds become more and more widely. But because of the stock market risk is high, before the limitation of funds into the stock market suddenly lifted, these funds how to according to their own characteristics to develop risk control system should have the financial and academic circle pay more attention. The research should be different risk funds into the stock market and the coping mechanism, but at present our current research focuses on theories related to foreign learning and digestion phase, case analysis according to the actual situation of enterprises is not enough. The insurance funds for example, in China until 2004 to allow the policy on the direct investment of insurance funds in the stock market; 13 years after several adjustments, the investment of insurance funds in the stock market in total The upper limit of the ratio of assets to reach 30%, it is enough to see the investment of insurance funds in the stock market regulators cautious. Compared to other insurance funds investment funds, weak anti risk ability, and the relationship of insurance funds once caused large losses will be very serious. Therefore, from the practical angle, the portfolio theory, the stock for insurance capital investment guidance behavioral finance theory to establish risk prevention and control system, is very important. Therefore, in order to study the relaxation of insurance funds in the stock market access under the background of risk by adopting a more aggressive investment strategy possible, this paper takes QH company as an example, income from capital requirements, characteristics, decision makers personality perspective, in-depth analysis of insurance funds stock investment risk. And on the basis of discussion on the risk prevention recommendations, and promote the healthy development of stock investment of insurance funds in this research activities. The actual case study of QH company, the relationship between the operating characteristics and investment risk, explore the correlation requirement of investment return and investment risk preference, and discusses the influence of behavioral finance theory on investment risk. Through the research of QH company's stock portfolio, the company found that the stock investment has dispersed ownership, undervalued, high cash flow and other characteristics. These characteristics make QH company can fast short-term arbitrage, but also face from their own operation, the performance of the stock market, government regulation and other aspects of the company is investment risk. In response to these risks when the slightest mistake will cause significant economic losses and negative effects. In view of these risks QH, from the company can strengthen internal risk control, strengthen the law-abiding consciousness of prevention and control. At the same time, to prevent investment risk consciousness alone is difficult to reach the insurance company As a result, the regulatory authorities and industry associations should refine the management and control of the investment in insurance funds and put forward corresponding regulatory measures according to different sources of 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】：F842.3;F832.51

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