运用股指期货投资推动我国保险业务发展和产品创新的问题研究

发布时间：2018-01-07 22:21

本文关键词：运用股指期货投资推动我国保险业务发展和产品创新的问题研究　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：伴随着经济发展，我国保险业经过了近十年的快速发展周期后，保险行业资产规模迅速增大，参与市场竞争的保险公司也逐渐增多。各家保险公司为获得更多的市场份额而激烈竞争，承保费率出现了下降趋势，，而运营过程中的人力成本、经营费用则逐步上升，保险业务难以维持正常的承保利润率。因此保险公司在保险投资限制逐步放宽的背景下，提高保险资金的收益率，弥补承保业务利润不足将变得更加重要。在保险公司所投资的资产中，股票和证券投资基金占比和影响力将会逐步增大。为保障保险投资资金的安全，减少因股市波动带来的投资损失，寻找合适的避险工具，并制定出完善的保险资金投资策略会显得日益重要。股指期货具备有投机、套期保值、套利功能，而保险公司是一种经营和管理各种风险的特殊企业，其资金来源和特点要求保险公司的投资不能进行过于激进的投资，而投资过于保守则又不能满足保险公司日常资产负债经营的需要，因此具有套期保值的股指期货，就成为保险机构投资股票和基金的重要避险工具。另一方面，保险投资股指期货所面临的风险如何识别和防范，也成为保险资金投资股指期货需要重点关注的问题。本文首先介绍了我国保险业资产发展规模及保险资金的运用总体情况，论述了保险公司需要进行保险投资的必然性，并分析了保险资金的构成与行业特性。然后，文章又介绍了我国保险投资的发展历史，并揭示当前我国保险投资存在收益率低、不稳定、风险集中以及和与股票市场有较高关联性等现实问题。其次，针对我国保险投资中存在的问题，文章指出股指期货能够在保险投资中发挥稳定投资收益，规避风险的作用，并对股指期货的特点与功能进行了介绍。在此基础上，文章分析了我国保险业利用股指期货进行投资管理的可行性。再次，根据新型保险产品自身兼具风险保障和投资的特点，本文重点论述如何结合股指期货的套期保值功能，设计保险投资策略，在此基础上进行保险产品创新，推动保险业务发展。最后，本文指出股指期货作为一种金融衍生品，投资者将其作为避险工具时也可能会放大风险。为更好发挥股指期货在保险投资中的避险功能，提出了保险投资机构需要更注重识别和防范的风险，制定和完善内部风险管理措施，使得保险投资能够满足保险公司资产负债管理、维持足够的偿付能力和业务发展的需要。
[Abstract]:Along with the economic development, China's insurance industry has experienced rapid development period of nearly ten years, the insurance industry assets increased rapidly, the insurance company to participate in market competition is gradually increasing. The various insurance companies to obtain more market share and fierce competition, the coverage rates decreased, and the operation process of human the cost of operating expenses is gradually increased, the insurance business is difficult to maintain the normal underwriting profit rate. Therefore the insurance company gradually relaxed in the limit of insurance investment background, improve the yield of insurance funds, underwriting profit shortage will become more and more important.
The investment in the insurance company's assets, stocks and securities investment funds accounted for and influence will gradually increase. In order to ensure the safety of the insurance investment funds, reduce the volatility of the stock market investment losses, to find appropriate hedging tools, and to develop the perfect insurance funds investment strategy will become increasingly important.
Stock index futures have speculation, hedging, arbitrage, and the insurance company is a special enterprise operation and management of various kinds of risks, funding sources and characteristics of the requirements of the insurance company's investment can not be too aggressive investment, and the need for daily management of assets and liabilities is too conservative investment and does not meet the insurance company, so it is hedging the stock index futures hedging, hedging has become an important tool for insurance institutions to invest in stocks and funds.
On the other hand, how to identify and prevent the risks faced by the insurance investment stock index futures has also become a key issue for the insurance fund investment stock index futures.
This paper first introduces the general situation of the development scale of insurance industry and the application of insurance funds in China, discusses the inevitability of insurance companies' need for insurance investment, and analyzes the composition and characteristics of insurance funds.
Then, the article introduces the history of the development of insurance investment in China, and reveals that there are realistic problems in China's insurance investment, such as low return, instability, risk concentration and high correlation with stock market.
Secondly, aiming at the existing problems of insurance investment in China, the article points out that the stock index futures can play a stable return on investment in insurance investment, the role of risk aversion, and the features and functions of stock index futures are introduced. On this basis, this paper analyzes the feasibility of China's Insurance industry investment management by stock index futures.
Thirdly, according to the characteristics of new insurance product itself, including risk protection and investment, this paper focuses on how to design insurance investment strategy combined with the hedging function of stock index futures, and on this basis, we will innovate insurance products and promote the development of insurance business.
Finally, this paper points out that the stock index futures as a financial derivatives, investors may also be used as a hedging tool when it will enlarge the risk hedging of stock index futures. Play in insurance investment for the better, the insurance investment institutions need to pay more attention to the risk identification and prevention, establish and perfect the internal risk management measures, can make insurance investment meet the asset liability management of insurance companies, maintaining adequate solvency and business development needs.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3;F832.51

【共引文献】