保险资金投资养老地产的路径研究

发布时间：2018-01-24 03:07

本文关键词： 保险资金养老地产路径 REITs　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国自2000年步入老龄社会以来，老龄人口的不断增长与养老资源的极度缺乏形成了我国养老事业健康发展的主要矛盾。但单方面依赖政府来解决全国1亿多老年人的养老需求显然不切实。养老地产的出现则填补了这一市场空缺。然而与传统房地产开发项目一样，，资金问题是养老地产发展面临的首要问题。近年来我国保险业发展迅速，保费收入迅速增长，保险资金规模逐年扩大。保险行业资产规模从2000年末的3374亿元增加到2013年末的73545.73亿元。保险行业面临着越来越大的违约风险。急需通过保险投资业务提高自身盈利能力，构建多元化的投资渠道，以规避风险。2009年10月1日起实施的新《保险法》拓宽了保险资金向不动产投资的渠道。养老地产投资回收期长且现金流稳定的特点，恰好与保险资金长期性和稳定性的基本属性相一致，也符合保险投资安全性和收益性的原则。由此而看，投资养老地产是保险资金拓宽的一个良好的投资渠道。不仅能解决我国养老地产的融资问题，还能实现保险资金的多元化投资，有效缓解我国保险资金资产负债不匹配的问题。而在保险资金投资养老地产的众多路径中，REITs因其具有稳定性、流动性、抗通胀性、风险分散及分红高的几个特点，与保险投资具有高度的契合性，从而成为保险资金投资养老地产的较佳选择。本论文采用数据分析的方法，通过对比，归纳总结等方式，详细论证了保险资金投资养老地产可行性，及我国保险资金投资养老地产的最佳路径为投资养老地产REITs。
[Abstract]:Since 2000, China has stepped into an aging society. The unceasing growth of the aged population and the extreme lack of the old-age resources form the main contradiction of the healthy development of the old-age service in our country, but it is obviously not practical to rely on the government to solve the pension demand of more than 100 million old people in the country. The emergence of real estate fills the gap in the market, however, as is the case with traditional real estate development projects. Fund problem is the primary problem that endowment estate development faces. In recent years, the insurance industry in China has developed rapidly and the premium income has increased rapidly. The scale of insurance fund expands year by year. The scale of insurance assets increases from 337.4 billion yuan in end of 2000 to seven tillion three hundred and fifty-four billion five hundred and seventy-three million yuan in end of 2013. The insurance industry is facing more and more risk of breach of contract. There is an urgent need to improve profitability through the insurance investment business. Constructing diversified investment channels. In order to avoid risk, the new Insurance Law implemented since October 1st 2009 broadens the channel of investment of insurance funds into real estate. The characteristics of long payback period and stable cash flow of endowment real estate investment. It coincides with the basic property of the long-term and stability of the insurance fund, and accords with the principle of the safety and profitability of the insurance investment. Investment in endowment real estate is a good investment channel to broaden insurance fund. It can not only solve the financing problem of endowment real estate in China, but also realize the diversified investment of insurance fund. Effectively alleviate the problem of asset and liability mismatch of insurance funds in China. But in the many paths of insurance funds investing in pension real estate, REITs have stability, liquidity, anti-inflation. The characteristics of risk dispersion and high dividend share are highly consistent with the insurance investment, thus becoming the better choice for the insurance funds to invest in the endowment real estate. This paper uses the data analysis method, through the comparison, the induction summary and so on the way, has demonstrated the insurance fund investment endowment real estate feasibility in detail. And our country insurance fund investment endowment real estate the best path is to invest the endowment real estate REITs.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;D669.6;F842

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