我国股票市场的波动对保险机构投资行为的影响

发布时间：2018-03-25 11:53

本文选题：险资　切入点：股价波动　出处：《广西大学》2017年硕士论文

【摘要】：在金融自由化及金融创新快速发展的条件下,保险公司已逐渐成为资本市场中举足轻重的机构投资者。尽管近几年A股市场低迷,但是保险资金频繁投入股市,股票、证券投资基金等权益类投资规模呈上升趋势,保险机构投资额的增加、投资渠道的多样化对股票市场有一定影响,与此同时,股市波动程度也影响着保险机构投资方向和投资额度即投资行为的变化。保险行业作为社会经济补偿制度的主要成员之一,要求其在获得收益时,资金力求稳健,这就使得研究其投资行为具有必要性。一方面,为了促进股票市场的发展和成熟,要求必须建立科学完善的市场机制,扩大保险公司的投资渠道,优化其投资结构。另一方面,保险机构投资资本雄厚,资金入市不但能解决利差损问题,而且对上市公司也算是久旱逢甘露,通过增加资本,来调整内部结构并改善经营。目前中国保险机构正处在成长阶段,应对机制和投资策略还不够成熟,所以股市波动对保险机构的影响不可小觑。本文首先,分析股票市场波动对保险投资规模的影响机制,然后通过探究我国保险投资结构现状及其存在问题,深度分析股市波动对保险机构投资会有怎样的影响;其次,我国股票市场运行机制同样还尚不成熟,通过借鉴国内外先进知识学者的相关理论和科学的研究成果,并运用计量经济模型,对我国保险公司投资进行实证分析,接着对所选取的变量进行ADF单位根检验、协整检验JJ,检验股票市场的波动对保险行业投资行为是否具有长期均衡的影响。通过综合格兰杰因果检验,可得出以下结论:从短期和长期来看,股市波动会影响保险资金的部分投资行为,并且相互影响。具体来讲,短期内,股市波动越大,保险机构投资股市比例越大,投资银行存款比例越低。长期来看,股市波动对保险机构投资权益类比例有长期均衡的影响,对银行存款投资比例无长期均衡影响。最后,依据保险机构当下面对的难题及风险,从自我约束和被约束两个角度,提出改进其风险投资方式和改善机构发展的管理性建议。
[Abstract]:With the rapid development of financial liberalization and financial innovation, insurance companies have gradually become important institutional investors in the capital market. Although the A-share market has been depressed in recent years, insurance funds are frequently invested in the stock market and stocks. The scale of equity investment, such as securities investment funds, is on the rise. The increase in the investment of insurance institutions and the diversification of investment channels have a certain impact on the stock market, at the same time, The volatility of the stock market also affects the investment direction and the investment quota of the insurance institutions. As one of the main members of the social and economic compensation system, the insurance industry requires it to keep its capital steady when it gains income. This makes it necessary to study its investment behavior. On the one hand, in order to promote the development and maturity of the stock market, it is necessary to establish a scientific and perfect market mechanism, expand the investment channels of insurance companies, and optimize their investment structure. Insurance institutions have strong investment capital, and capital entering the market can not only solve the problem of loss of interest rates, but also be considered as a long time drought and nectar for listed companies, by increasing capital. To adjust the internal structure and improve the operation. At present, Chinese insurance institutions are in the growing stage, the coping mechanism and investment strategy are not mature enough, so the impact of stock market volatility on insurance institutions is not negligible. First of all, This paper analyzes the influence mechanism of stock market fluctuation on the scale of insurance investment, and then analyzes the influence of stock market fluctuation on insurance institution investment by probing into the present situation and existing problems of insurance investment structure in China. Secondly, it analyzes the influence of stock market fluctuation on the investment of insurance institution. The operating mechanism of Chinese stock market is still not mature. By learning from the relevant theories and scientific research results of domestic and foreign advanced knowledge scholars, and using econometric model, this paper makes an empirical analysis on the investment of insurance companies in our country. Then the selected variables are tested by ADF unit root test and co-integration test to test whether the volatility of the stock market has a long-term equilibrium effect on the investment behavior of the insurance industry.Through the comprehensive Granger causality test, The following conclusions can be drawn: in the short and long term, the volatility of the stock market will affect some of the investment behavior of the insurance funds and affect each other. Specifically, in the short term, the greater the volatility of the stock market, the greater the proportion of the insurance institutions investing in the stock market. In the long run, stock market fluctuations have a long-term equilibrium effect on the proportion of investment equity in insurance institutions, but no long-term equilibrium impact on the investment ratio of bank deposits. Finally, According to the current problems and risks faced by insurance institutions, from the two angles of self-restraint and constraint, this paper puts forward some management suggestions to improve the way of venture capital investment and the development of institutions.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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