發(fā)布時(shí)間：2018-09-08 19:58

【摘要】：在金融領(lǐng)域,保險(xiǎn)業(yè)是市場(chǎng)化程度最高、最開(kāi)放的領(lǐng)域,并且在資產(chǎn)和負(fù)債兩端深入到社會(huì)經(jīng)濟(jì)生活的方方面面,監(jiān)管難度較高。隨著我國(guó)經(jīng)濟(jì)發(fā)展推進(jìn)和金融改革深化,對(duì)于保險(xiǎn)資金及其運(yùn)用的相關(guān)監(jiān)管政策逐步放開(kāi)。然而,處在利率下行的經(jīng)濟(jì)環(huán)境中,金融監(jiān)管日趨嚴(yán)格已成為行業(yè)的共識(shí),監(jiān)管層將防范金融風(fēng)險(xiǎn)放到更加重要的位置。中國(guó)保險(xiǎn)監(jiān)督管理委員會(huì)(以下簡(jiǎn)稱“保監(jiān)會(huì)”)再度重申“保險(xiǎn)姓保、保監(jiān)姓監(jiān)”的監(jiān)管思路,并正式實(shí)施新的監(jiān)管體系“中國(guó)風(fēng)險(xiǎn)導(dǎo)向的償付能力體系”(以下簡(jiǎn)稱“償二代”)。“償二代”作為新的監(jiān)管規(guī)則,推動(dòng)保監(jiān)會(huì)對(duì)行業(yè)的監(jiān)管進(jìn)行了新的定位,轉(zhuǎn)向風(fēng)險(xiǎn)監(jiān)管。在新的經(jīng)濟(jì)發(fā)展環(huán)境和政策背景下,保險(xiǎn)公司如何更好地開(kāi)展股權(quán)投資、拓寬保險(xiǎn)資金投資渠道、完善保險(xiǎn)資金股權(quán)投資的風(fēng)險(xiǎn)預(yù)警和風(fēng)險(xiǎn)管理機(jī)制顯得尤為重要,研究并探索保險(xiǎn)資金股權(quán)投資及其風(fēng)險(xiǎn)防范對(duì)保險(xiǎn)公司的經(jīng)營(yíng)管理具有重要的實(shí)踐意義。本論文采用案例研究法和文獻(xiàn)研究法,選取近年來(lái)中小型保險(xiǎn)公司的代表Q公司,按照現(xiàn)狀描述、問(wèn)題分析、提出建議的研究思路展開(kāi)研究。Q公司運(yùn)用保險(xiǎn)資金對(duì)上市公司開(kāi)展了較為密集的股權(quán)投資,成為Q公司近兩年迅速發(fā)展的主要原因。然而,Q公司在股權(quán)投資過(guò)程中面臨著較為嚴(yán)峻的風(fēng)險(xiǎn)。本論文首先對(duì)與保險(xiǎn)資金運(yùn)用的相關(guān)研究理論進(jìn)行闡釋,明確保險(xiǎn)資金的定義及其來(lái)源、保險(xiǎn)資金運(yùn)用的原則和形式、保險(xiǎn)資金股權(quán)投資的風(fēng)險(xiǎn)及保險(xiǎn)資金運(yùn)用的風(fēng)險(xiǎn)管理理論。其次,在理論框架的基礎(chǔ)上,從主營(yíng)業(yè)務(wù)、收入結(jié)構(gòu)和一致行動(dòng)人等方面介紹研究對(duì)象Q公司;另一方面從股權(quán)投資結(jié)構(gòu)和投資收益的角度探究Q公司股權(quán)投資現(xiàn)狀,從資產(chǎn)和負(fù)債兩端分析Q公司的資產(chǎn)負(fù)債管理現(xiàn)狀,并揭示相關(guān)風(fēng)險(xiǎn)�；�于對(duì)Q公司經(jīng)營(yíng)狀況及投資狀況的研究,探究影響Q公司股權(quán)投資狀況風(fēng)險(xiǎn)的因素:主要從資產(chǎn)負(fù)債錯(cuò)配風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)、被投資標(biāo)的企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)和經(jīng)營(yíng)風(fēng)險(xiǎn)、監(jiān)管政策風(fēng)險(xiǎn)以及Q公司選擇不同金融工具計(jì)量股權(quán)投資所帶來(lái)的風(fēng)險(xiǎn)等方面進(jìn)行分析。只有分析清楚風(fēng)險(xiǎn)產(chǎn)生的根源,才能“對(duì)癥下藥”,有針對(duì)性地提出Q公司股權(quán)投資風(fēng)險(xiǎn)防范的建議,并將其推廣到保險(xiǎn)公司股權(quán)投資的實(shí)踐中。本論文將保險(xiǎn)相關(guān)理論與企業(yè)實(shí)踐相結(jié)合,對(duì)保險(xiǎn)資金股權(quán)投資風(fēng)險(xiǎn)及其防范的研究具有重要的現(xiàn)實(shí)意義。保險(xiǎn)公司應(yīng)加強(qiáng)投資風(fēng)險(xiǎn)管理,考慮保持釋放的流動(dòng)資產(chǎn)比例,控制非流動(dòng)資產(chǎn)比重,維持合理的資產(chǎn)結(jié)構(gòu);加強(qiáng)資產(chǎn)與負(fù)債的流動(dòng)性匹配管理,根據(jù)公司業(yè)務(wù)特點(diǎn)和負(fù)債特點(diǎn),確定投資資產(chǎn)結(jié)構(gòu),從期限、幣種等方面合理匹配資產(chǎn)與負(fù)債;定期評(píng)估投資資產(chǎn)的風(fēng)險(xiǎn)、流動(dòng)性水平和市場(chǎng)價(jià)值,檢驗(yàn)投資資產(chǎn)的變現(xiàn)能力;密切關(guān)注金融市場(chǎng)環(huán)境和金融監(jiān)管政策對(duì)保險(xiǎn)資金股權(quán)投資流動(dòng)性的影響。
[Abstract]:In the financial field, the insurance industry is the most market-oriented, the most open field, and assets and liabilities at both ends of social and economic life deep into all aspects, supervision is more difficult. With the development of China's economy and the deepening of financial reform, the insurance funds and their use of regulatory policies are gradually liberalized. However, in the economic environment of the downward interest rate, financial regulation has become increasingly strict industry consensus, regulators will guard against financial risks to a more important position. The China Insurance Regulatory Commission (hereinafter referred to as the "Insurance Regulatory Commission") once again reiterated the idea of supervision of "insurance surname insurance, insurance supervisor". And formally implement the new regulatory system, China's risk-oriented solvency system (hereinafter referred to as "the second generation"). As a new regulatory rule, the CIRC has made a new position on industry supervision and turned to risk supervision. In the new economic development environment and policy background, it is particularly important for insurance companies to better develop equity investment, broaden the investment channels of insurance funds, and improve the risk warning and risk management mechanism of insurance funds equity investment. It is of great practical significance to study and explore the equity investment of insurance fund and its risk prevention for the operation and management of insurance companies. This paper adopts case study method and literature research method, selects representative Q company of small and medium-sized insurance company in recent years, according to the present situation description, the question analysis, Put forward the research ideas to carry out the research. Q company used insurance funds to carry out more intensive equity investment to listed companies, which became the main reason of Q company's rapid development in the past two years. However, Q company in the process of equity investment is facing a more severe risk. This paper first explains the relevant research theories about the use of insurance funds, clarifies the definition and source of insurance funds, the principles and forms of the use of insurance funds. The risk of equity investment of insurance funds and the risk management theory of the use of insurance funds. Secondly, on the basis of the theoretical framework, this paper introduces Q Company, the research object, from the aspects of main business, income structure and consistent action person, on the other hand, from the angle of equity investment structure and investment income, it explores the present situation of Q company's equity investment. This paper analyzes the current situation of asset and liability management of Q Company from both ends of assets and liabilities, and reveals the related risks. Based on the study of Q Company's operation and investment status, this paper probes into the factors that affect the risk of Q company's equity investment: mainly from the mismatch risk of assets and liabilities, the liquidity risk, the financial risk and the operating risk of the invested company. The risk of regulatory policy and the risk of Q company choosing different financial instruments to measure equity investment are analyzed. Only by analyzing the root cause of risk, can we put forward the suggestion of preventing the risk of equity investment in Q company, and extend it to the practice of equity investment of insurance company. This paper combines the theory of insurance with the practice of enterprises, which is of great practical significance to the study of the risk of equity investment of insurance funds and its prevention. Insurance companies should strengthen investment risk management, consider maintaining the proportion of liquid assets released, control the proportion of non-current assets, maintain a reasonable asset structure, and strengthen the liquidity matching management between assets and liabilities. According to the characteristics of the company's business and liabilities, the structure of investment assets is determined, the assets and liabilities are reasonably matched in terms of term and currency, the risk, liquidity level and market value of investment assets are assessed periodically, and the liquidity of investment assets is tested. Pay close attention to the impact of financial market environment and financial regulatory policy on the liquidity of equity investment of insurance funds.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F840.4;F842.3

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