我国保险资金投资于股市引发的风险及法律监管研究

发布时间：2018-03-09 09:32

本文选题：保险资金　切入点：股票市场　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：保险资金的投资运用直接关系到被保险人的根本利益以及保险行业的稳定发展,自1999年保监会允许我国保险资金间接进行股票投资以来,保险资金投资于股市的程度逐年加深。但随着我国保险行业和股票市场的迅速发展,保险资金投资于股市所引发的问题也日益凸显,尤其是近两年部分保险机构过于激进的投资行为引发了社会公众的一系列非议,我国现有的法律监管制度中存在的诸多不完善之处也逐渐暴露出来。本文尝试从法学的视角来剖析现有的保险资金投资于股市的法律监管制度,对保险资金投资于股市所引发的风险、相关法律监管的演变以及现有的法律监管制度进行分析,涉及到众多法律规则的实质内容,结合了法学、金融学和管理学的基本理论进行研究。文章始终围绕风险为中心阐释现有法律监管制度中防范风险的具体措施,并最终落实到如何更加有效地对风险进行控制。通过对保险资金的来源、特点、投资于股市的方式以及相关案例进行研究,分析得出保险资金投资于股市的行为,致使保险公司面临着市场风险、上市公司经营风险、内部风险等综合导致的投资风险,被投资上市公司面临着股权斗争风险以及股价波动风险,股票市场面临着市场动荡风险。在对监管部门历年来颁布的政策法规进行系统性梳理的基础上,总结得出我国监管部门为了防范上述风险的发生,自保险资金被允许投资于股市以来,在法律监管制度上历经了一个从无到有、从粗到细的不断完善的过程。在现有的法律监管体系中,为了防范市场风险和上市公司经营风险,监管部门建立了从部分到整体,从普通到特殊的多层次的投资比例限制制度;为防范保险机构内部风险,保监会从内部资金运用和内部风险控制两方面着手建立了严格的内部控制制度以及严格的责任追究制度;为防范上市公司股权斗争风险,保监会建立了内容逐级增多、难度逐级增大的信息披露制度。在分析我国现有的法律监管制度的过程中,发现还存在着监管权限过于集中和分业监管现状导致的监管越位或缺位、相关政策法规立法层级较低、对违规股票投资行为的处罚力度不够、对保险机构短线操作的监管存在缺失等问题。针对以上问题,建议我国监管部门通过推进落实保险资金投资股市的属地监管工作,加强金融监管协调机制来弥补监管主体方面的缺陷;尽快出台保险投资法来提高监管法规的立法层级;从处罚内容和处罚程度两方面着手完善处罚措施,加大处罚力度;在政策法规中加强对投资类保险的监管、逐步放开保险公司省级分支机构的资金运用权限,从而在制度上杜绝保险机构的短线操作行为。
[Abstract]:The investment and utilization of insurance funds is directly related to the fundamental interests of the insured and the steady development of the insurance industry. Since 1999, the CIRC has allowed our insurance funds to invest indirectly in stocks. The degree of investment of insurance funds in the stock market has deepened year by year. However, with the rapid development of the insurance industry and stock market in China, the problems caused by the investment of insurance funds in the stock market have become increasingly prominent. In particular, in the last two years, some insurance institutions have been overly aggressive in their investment activities, which have triggered a series of criticisms from the public. Many imperfections in the existing legal supervision system of our country have been gradually exposed. This paper attempts to analyze the existing legal supervision system of insurance funds investing in the stock market from the perspective of law. This paper analyzes the risks caused by the investment of insurance funds in the stock market, the evolution of relevant legal supervision and the existing legal supervision system, which involves the substantive content of many legal rules and combines the law, The basic theory of finance and management has been studied. Finally, how to control the risk more effectively. Through the study of the source, characteristics, ways of investing in the stock market and related cases, the behavior of the insurance funds investing in the stock market is analyzed. As a result, insurance companies are faced with market risks, operational risks of listed companies, internal risks and other investment risks, while invested listed companies are faced with the risk of share rights struggle and stock price fluctuations. The stock market is facing the risk of market turbulence. On the basis of systematically combing the policies and regulations promulgated by the regulatory authorities over the years, it is concluded that the regulatory authorities in our country are trying to prevent the above risks. Since the insurance funds were allowed to invest in the stock market, the legal supervision system has gone through a continuous process of perfection from scratch to detail. In the existing legal regulatory system, in order to guard against market risks and operational risks of listed companies, The regulatory authorities have established a multi-level investment ratio restriction system from part to whole, from ordinary to special; to guard against internal risks in insurance institutions, The CIRC has set up a strict internal control system and a strict liability investigation system from the two aspects of the use of internal funds and internal risk control. In order to prevent the risk of the stock right struggle of listed companies, the CIRC has established a gradual increase in content. In the process of analyzing the existing legal supervision system of our country, it is found that there are still some problems such as the over-concentration of supervision authority and the over-supervision or absence of supervision caused by the current situation of separate supervision. The level of relevant policies, regulations and legislation is relatively low, the punishment for illegal stock investment is not enough, and the supervision of short-term operation of insurance institutions is lacking, etc. In view of the above problems, It is suggested that China's regulatory authorities should strengthen the coordination mechanism of financial supervision in order to make up for the defects of the regulatory body by promoting the territorial supervision of the investment of insurance funds in the stock market, and issue the insurance investment law as soon as possible to raise the legislative level of the regulatory regulations. To improve the punishment measures from the aspects of the content and the degree of punishment, to strengthen the supervision of investment insurance in the policies and regulations, and to gradually liberalize the power to use the funds of the provincial branches of insurance companies, In order to put an end to the system of short-term operation of insurance institutions.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.284

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