【摘要】：2005年我國(guó)保險(xiǎn)資金被正式準(zhǔn)許投資股票市場(chǎng),經(jīng)過十幾年的發(fā)展,保險(xiǎn)資金入市規(guī)模逐年增加,截止2015年底保險(xiǎn)資金入市規(guī)模達(dá)20000億人民幣,已經(jīng)成為我國(guó)股票市場(chǎng)中重要的機(jī)構(gòu)投資者之一。然而,由于我國(guó)保險(xiǎn)資金入市時(shí)間較短,相關(guān)監(jiān)管制度還不完善,許多保險(xiǎn)資金利用監(jiān)管漏洞進(jìn)行違規(guī)操作,以此來獲得超額收益,給股市帶來了極其惡劣的影響。其中,恒大人壽短期操縱市場(chǎng)事件成為保險(xiǎn)資金入市違規(guī)操作的一個(gè)典型案例。本文通過對(duì)恒大人壽短期操縱股票事件過程進(jìn)行深入剖析提出,當(dāng)前保險(xiǎn)公司在運(yùn)作過程中存在以下問題:新型保險(xiǎn)產(chǎn)品即可以豐富保險(xiǎn)業(yè)市場(chǎng)結(jié)構(gòu),又會(huì)因監(jiān)管不力帶來安全性風(fēng)險(xiǎn);保險(xiǎn)公司治理結(jié)構(gòu)存在缺陷,導(dǎo)致操作風(fēng)險(xiǎn)和資金錯(cuò)配風(fēng)險(xiǎn);利用法律法規(guī)存在的漏洞,獲取超額收益;股票市場(chǎng)信息披露制度不健全,容易引發(fā)操縱市場(chǎng)風(fēng)險(xiǎn)。結(jié)合案例分析研究,論文對(duì)當(dāng)前保險(xiǎn)資金運(yùn)作過程中存在的監(jiān)管問題進(jìn)行了深度挖掘。通過分析結(jié)果提出以下對(duì)策建議:建設(shè)現(xiàn)代化的保險(xiǎn)公司,實(shí)現(xiàn)企業(yè)管理現(xiàn)代化;加快保險(xiǎn)資金投資范圍和償付比例指標(biāo)的法律法規(guī)建設(shè);完善信息披露制度,加強(qiáng)風(fēng)險(xiǎn)指標(biāo)動(dòng)態(tài)監(jiān)控制度;充分發(fā)揮保險(xiǎn)行業(yè)自律組織的作用,強(qiáng)化保險(xiǎn)業(yè)協(xié)會(huì)的協(xié)同監(jiān)管作用。
[Abstract]:In 2005, China's insurance funds were officially allowed to invest in the stock market. After more than ten years of development, the scale of insurance funds entering the market has increased year by year, and by the end of 2015, the scale of insurance funds entering the market has reached 2 trillion RMB. It has become one of the important institutional investors in the stock market of our country. However, because of the short time of entering the market of insurance funds in our country and the imperfect regulatory system, many insurance funds use the loopholes of regulation to operate illegally to obtain excess returns, which has brought an extremely bad influence to the stock market. Among them, Evergrande Life-short-term manipulation of the market has become a typical case of insurance funds entering the market. Based on the deep analysis of the short-term stock manipulation process of Evergrande Life, this paper points out that the insurance companies have the following problems in their operation: new insurance products can enrich the structure of the insurance market. And it will bring the safety risk because of the weak supervision; There are defects in the governance structure of insurance companies, which leads to operational risk and mismatch risk of funds; making use of loopholes in laws and regulations to obtain excess returns; imperfect information disclosure system of stock market, which can easily lead to market manipulation risk. Based on the case study, the paper deeply excavates the supervision problems existing in the process of insurance fund operation. Through the analysis of the results of the following countermeasures: to build modern insurance companies, to achieve the modernization of enterprise management, to speed up the scope of investment in insurance funds and reimbursement ratio of the construction of laws and regulations; Improve the information disclosure system, strengthen the dynamic monitoring system of risk indicators, give full play to the role of self-regulatory organizations in the insurance industry, and strengthen the cooperative supervision role of insurance associations.
【學(xué)位授予單位】：河北金融學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F842.3

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