我国保险机构投资PE模式选择研究

发布时间：2018-08-29 11:55

【摘要】：保险公司的资金运用作为公司的资产端,是保险行业经营的重要方面,其作为公司的主要利润来源以维系保险公司持续不断地发展。保险资金投资PE作为重要的另类投资是保险资金投资的重要方面。自2010年9月保监会发布《保险资金投资股权暂行办法》到2015年9月保监会发布保险公司设立私募基金的专门政策法规,即《关于设立保险私募基金有关事项的通知》等相关政策的逐步放开,保险公司投资PE的可行性和有效性都得到了加强,从而引起学者的广泛研究,并在实践与创新方面取得了突破。学者们纷纷对保险资金投资PE的风险性、险资投资PE的退出渠道以及投资意义进行了研究,但对保险资金投资PE适宜采取哪种模式研究较少。随着保险资金投资PE的政策限制逐步放开,不少保险公司如平安保险、中国人寿、泰康人寿、阳光保险等跃跃欲试作为有限合伙人或者普通合伙人投资PE,使险资投资PE的模式呈现出不同的选择。但保险公司采取哪种模式最有利于公司的利益及投资回报仍有待考证。以此为研究背景,文章在简要介绍保险机构投资PE的现状、意义、我国投资PE的主要模式以及我国保险机构投资PE的模式现状的基础上,对阳光保险集团、光大永明资产、幸福人寿投资PE等几个代表性案例中不同规模保险公司选择不同模式投资PE的原因进行了深入剖析,分析以规模为切入点,具体分析了投资能力、风险承受能力、投资需求、社会认可度等因素对保险机构投资PE模式选择的影响,得出大型保险机构独立作为GP投资PE、拥有资产管理公司的中小保险公司联合作为GP投资PE、其余中小保险公司作为LP投资PE的结论,为其它保险机构投资PE的模式选择提供参考。
[Abstract]:As the capital end of the company, the use of funds by insurance companies is an important aspect of the operation of the insurance industry, as the main source of profits to maintain the continuous development of insurance companies. The Interim Measures on Capital and Equity Ownership > until September 2015, the Insurance Regulatory Commission promulgated the special policies and regulations on the establishment of private placement funds for insurance companies, namely, the gradual liberalization of the relevant policies and regulations, such as the Notice on the Establishment of Private placement Funds for Insurance, which strengthened the feasibility and effectiveness of investment in PE by insurance companies, thus arousing extensive research by scholars and in practice. Scholars have studied the risk of insurance capital investment in PE, the exit channels of insurance capital investment in PE and the significance of investment, but few have studied which mode is suitable for insurance capital investment in PE. China Life, Taikang Life and Sunshine Insurance are eager to invest in PE as limited partners or general partners, which makes the mode of investment in PE appear different choices. Based on the current situation and significance of investing PE, the main mode of investing PE in China and the mode of investing PE in China's insurance institutions, this paper analyzes the reasons why insurance companies of different sizes choose different modes of investing PE in several representative cases, such as Sunshine Insurance Group, Everbright Yongming Assets, Happy Life Investment PE, etc. For the breakthrough point, this paper analyzes the influence of investment ability, risk tolerance, investment demand, social acceptance and other factors on the choice of investment PE mode of insurance institutions, and draws the conclusion that large-scale insurance institutions independently invest PE as GP, small and medium-sized insurance companies with asset management companies jointly invest PE as GP, and other small and medium-sized insurance companies invest PE as LP. The conclusion can provide a reference for other insurance companies to invest in PE mode.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F832.48

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