我国寿险资金投资收益问题研究

发布时间：2018-06-12 03:31

本文选题：寿险资金 + 投资收益　；参考：《西南财经大学》2013年硕士论文

【摘要】：2004年10月24日,中国证券监督管理委员会和中国保险监督管理委员会联合发布并施行了《保险机构投资者股票投资管理暂行办法》,在该办法中保险资金首次被批准投资股市。随着制度的加强和金融产品的增加,保险资金的投资渠道逐渐增多。在保险资金的所有投资回报中,股票投资的平均收益率较高,一直受到保险资金的青睐。同时由于债券的投资收益稳定,其所占投资比例最高,且在逐年上升。自1980年以来,美国、英国、德国、日本等西方发达国家保险机构的股票投资占总资产的比重在不断上升。由于保险资金(特别是寿险资金)有长期性、稳定性和巨额的特征,因此保险公司逐渐成为股市中越来越重要的机构投资者。保险资金的进入不仅增加了资本市场的资金供给,提高了资本市场的配置效率；反过来稳定的资本市场给保险资金的运用提供了较好的投资环境。因此,保险资金投资资本市场获得的收益对保险资金的投资盈利至关重要。根据中国保监会对国内保险业的统计,寿险公司的资产占保险业总资产的80%,因此本文主要选择寿险公司的保险资金投资情况做分析。并且为了对寿险资金投资收益做一个较为全面的评价,作者建立了一个投资收益评价体系,从投资比例、投资收益率和收益对总投资收益贡献度三方面来衡量寿险资金投资收益。同时,在计算各项资产投资收益时,作者采用的是张建龙提出的运用于计算基金投资业绩的等仓影子法,该方法不仅能够详细计算出各项的投资收益率,同时还能够进一步的与公司前一年的投资收益率做对比,使内部和外部投资人员均能直观的了解到公司的投资情况。根据2011年的中国保险年鉴中的统计数据,中国人寿和中国平安两家保险公司,占据我国寿险行业总资产的49.2%。故作者在分析了我国寿险公司保险资金投资的总体情况后,选择这两家公司,依据提出的收益评价体系,对它们保险资金投资收益情况做了详细的分析。最后,通过投资结构可以看出,两家公司均大量持有债券；且在做股票投资时,均选取的是具有长期分红能力的上市公司。这一点与美国的投资经验是相吻合的。美国的金融市场发展成熟,虽然与我国处在不同的发展阶段,但是美国保险资金投资的经验还是有许多可借鉴之处。因此,作者运用收益评价体系对美国寿险公司保险资金投资收益的总体情况进行了分析。在做了整体分析后,作者分析了美国最大的寿险公司——美国大都会人寿保险公司保险资金投资收益的情况。从分析结果可知,该公司除了将大部分资金投资于债券外,在投资股票时,看重的是上市公司的长期分红能力。从对我国和美国寿险公司投资收益的具体分析结构可知,为了获得稳定的收益,保险资金应投资于具有长期分红能力的上市公司；同时,我国保险资金投资于股市和债券的比例均偏低,应提高投资比例,从而促进整体投资收益的提高,并获得稳定的收益；最后,为了对保险资金投资进行更全面的监管,可以利用利用投资收益率来监管保险资金管理人,促进其提高投资收
[Abstract]:On Oct . 24 , 2004 , the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued and implemented the Interim Measures for the Administration of Stock Investment of Investor ' s Insurance Institutions . In this approach , the insurance funds were first approved to invest in the stock market . With the strengthening of the system and the increase of financial products , the investment channel of the insurance funds increased gradually . In all the investment returns of the insurance funds , the average yield of the stock investment is higher , which has been favored by the insurance funds . At the same time , because of the stability of the investment income of the bonds , the investment proportion of the bonds is the highest , and is rising year by year .

Since 1980 , the share investment of insurance institutions in western developed countries , such as the United States , the United Kingdom , Germany and Japan , accounts for increasing share of the total assets . As the insurance funds ( especially life insurance funds ) have long - term , stable and huge characteristics , insurance companies gradually become increasingly important institutional investors in the stock market . The entry of insurance funds not only increases the capital supply of capital markets , but also increases the efficiency of capital market allocation ;
In turn , the stable capital market provides a better investment environment for the application of the insurance funds . Therefore , the income from the investment capital market of the insurance funds is of vital importance to the investment earnings of the insurance funds .

According to China Insurance Regulatory Commission ' s statistics on domestic insurance industry , life insurance company ' s assets account for 80 % of the total assets of the insurance industry , so this article mainly chooses life insurance company ' s insurance fund investment situation analysis . And in order to make a more comprehensive evaluation of the investment income of life insurance fund , the author establishes an investment income evaluation system , from the investment proportion , the investment yield and the benefit to the total investment income contribution degree three aspects to measure life insurance capital investment income .

According to the statistics in China Insurance Yearbook in 2011 , China Life Insurance Company and Ping An Insurance Company of China account for 49.2 % of the total assets of our life insurance industry . Therefore , after analyzing the overall situation of the insurance fund investment in China Life Insurance Company , the author selects the two companies , and makes a detailed analysis on the investment income of their insurance funds according to the proposed income evaluation system . Finally , it can be seen from the investment structure that both companies have large holdings of bonds ;
And when doing stock investment , all of them are listed companies with long - term dividend ability . This is consistent with American investment experience .

The American financial market is mature , although it is in different stages of development with our country , but the experience of American insurance fund investment is still a lot of reference . Therefore , the author analyzes the overall situation of insurance fund investment income of American life insurance company by using the income evaluation system . From the analysis results , the author analyzed the long - term dividend ability of the listed company in addition to investing most of the funds in bonds .

From the detailed analysis of the investment income of life insurance companies in China and America , it is found that in order to obtain stable income , the insurance funds should be invested in listed companies with long - term dividend ability ;
At the same time , the proportion of Chinese insurance funds invested in stock market and bond is low , and the proportion of investment should be increased , so as to promote the improvement of overall investment income and obtain stable income ;
Finally , in order to supervise the investment of the insurance funds more comprehensively , it is possible to use the investment return rate to supervise the insurance fund manager and promote the investment income .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.62;F832.48

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