保险资金投资不动产研究
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摘要
2012年度保险资金运用的年化收益率仅有3.39%,而同年银行一年期存款利率为3.0%,这就要求保险公司提高资金运用效率。本文研究的意义在于系统梳理了现有的不动产投资方式,并结合中国保险业发展的现状提出了适合保险资金投资的新模式。通过新模式的引入可以缓解长期以来保险资金投资渠道单一集中度高,收益相对较低,抵御通货膨胀能力不强等问题,为保险公司的健康稳定发展提供了新的动力和路径。
本文的研究分为七个部分,第一部分携领全文,提出问题；第二部分至第六部分分别从我国保险资金运用的现状、保险资金直接与间接投资不动产的方式、新商业模式探析以及新商业模式与保险公司的整体战略等五个方面进行探索性的阐述；最后一个部分总结全文,并对这种投资行为的战略价值和社会意义进行了归纳和强调,并分析了保险发展对于经济发展社会进步的影响作用。本文站在保险公司发展战略的角度,从保险资金的属性与不动产证券化产品属性匹配度的视角,综合比较分析了各个资产证券化产品的风险与收益。正是由于保险资金的长周期,强外部性,成本滞后以及幸射性的特点与REITS产品既具有流动性和长期性,又具有高分红的特征,加之在经济危机中常会出现逆周期的防御性特征相适应。文中列举了现有的投资不动产的方式,并结合中国保险业发展现状提出了新的模式,并且对投资过程可能遇到的风险进行了定性研究,并在制度建立和企业内部控制两个层面加以探讨。
本文认为：保险资金先投资与主营业务相关联的物业企业,在持续经营获得稳定现金流之后,再通过REITs的形式证券化,获取资本溢价,并通过持有部分股权的形式继续控制原物业这种模式是更加适合保险资金投资的。保险资金按照这种模式投资不仅有利于保险企业的长期健康发展,更有利于社会财富的合理分配,是利国利商利民的善资义举,亦是科学发展观在经济层面的集中体现。
The annual yield of insurance funds in2012is only3.39%, while the bank one-year deposit interest rate is3.0%in the same year, which requires insurance companies to improve the efficiency of fund utilization. The significance of this study is to systematically analyze the existing real estate investment method, combine with the status of the development of China's insurance industry and propose a new model for the investment of insurance funds. The introduction of the new model can alleviate the problem of insurance fund utilization, like the single investment channel, high concentration, the relatively low yields and the ability of resisting inflation is not strong, and can provide a new impetus and path to develop healthily and steadily for the insurance companies.
This paper is divided into seven parts. The first section is the outline of thesis and raises questions. The second part to sixth part analyzed respectively from the status quo of China's insurance fund utilization, the ways of insurance funds direct and indirect investment in real estate, the new business models as well as the analysis of the new business model with the insurance company's overall strategy. The last part concludes the paper, summarizes and stresses the strategic value and social significance of this investment behavior, and analyzes the effect of insurane development for economic development and social progress.This paper is on the point of view of insurance companies' development strategy, from the perspective of the insurance funds and real estate securitization product match, and makes comprehensive comparative analysis of the risks and benefits of the various asset securitization products.It is because of the long period, strong externalities, cost-lag, and fortunately shot of insurance funds and the characteristics of both liquidity and long-term, a high dividend, and the counter-cyclical feature in the economic crisis of the REITs, they mutually adapt. This paper lists the existing real estate investment method, combine with the status of the development of China's insurance industry and propose a new model, and does qualitative research of the possible risks of the investment process, explores from the system establishment and internal control to guard against risks.
This paper argues that: insurance funds firstly invest property enterprises that associat with the main business, and continue operations to get the stable cash flow, then securitize in the form of REITs to get capital premium and continue to control the original property in the form of holding the part of the shares. This mode is more suitable for the investment of insurance funds.According to this model, Insurance funds are not only beneficial to the long-term and healthy development of the insurance companies, and is more conducive to the reasonable allocation of social wealth, benefit the country, the people and the companies, and is a concentrated expression of the Scientific Outlook on Development at the economic level.
本文的研究分为七个部分,第一部分携领全文,提出问题；第二部分至第六部分分别从我国保险资金运用的现状、保险资金直接与间接投资不动产的方式、新商业模式探析以及新商业模式与保险公司的整体战略等五个方面进行探索性的阐述；最后一个部分总结全文,并对这种投资行为的战略价值和社会意义进行了归纳和强调,并分析了保险发展对于经济发展社会进步的影响作用。本文站在保险公司发展战略的角度,从保险资金的属性与不动产证券化产品属性匹配度的视角,综合比较分析了各个资产证券化产品的风险与收益。正是由于保险资金的长周期,强外部性,成本滞后以及幸射性的特点与REITS产品既具有流动性和长期性,又具有高分红的特征,加之在经济危机中常会出现逆周期的防御性特征相适应。文中列举了现有的投资不动产的方式,并结合中国保险业发展现状提出了新的模式,并且对投资过程可能遇到的风险进行了定性研究,并在制度建立和企业内部控制两个层面加以探讨。
本文认为：保险资金先投资与主营业务相关联的物业企业,在持续经营获得稳定现金流之后,再通过REITs的形式证券化,获取资本溢价,并通过持有部分股权的形式继续控制原物业这种模式是更加适合保险资金投资的。保险资金按照这种模式投资不仅有利于保险企业的长期健康发展,更有利于社会财富的合理分配,是利国利商利民的善资义举,亦是科学发展观在经济层面的集中体现。
The annual yield of insurance funds in2012is only3.39%, while the bank one-year deposit interest rate is3.0%in the same year, which requires insurance companies to improve the efficiency of fund utilization. The significance of this study is to systematically analyze the existing real estate investment method, combine with the status of the development of China's insurance industry and propose a new model for the investment of insurance funds. The introduction of the new model can alleviate the problem of insurance fund utilization, like the single investment channel, high concentration, the relatively low yields and the ability of resisting inflation is not strong, and can provide a new impetus and path to develop healthily and steadily for the insurance companies.
This paper is divided into seven parts. The first section is the outline of thesis and raises questions. The second part to sixth part analyzed respectively from the status quo of China's insurance fund utilization, the ways of insurance funds direct and indirect investment in real estate, the new business models as well as the analysis of the new business model with the insurance company's overall strategy. The last part concludes the paper, summarizes and stresses the strategic value and social significance of this investment behavior, and analyzes the effect of insurane development for economic development and social progress.This paper is on the point of view of insurance companies' development strategy, from the perspective of the insurance funds and real estate securitization product match, and makes comprehensive comparative analysis of the risks and benefits of the various asset securitization products.It is because of the long period, strong externalities, cost-lag, and fortunately shot of insurance funds and the characteristics of both liquidity and long-term, a high dividend, and the counter-cyclical feature in the economic crisis of the REITs, they mutually adapt. This paper lists the existing real estate investment method, combine with the status of the development of China's insurance industry and propose a new model, and does qualitative research of the possible risks of the investment process, explores from the system establishment and internal control to guard against risks.
This paper argues that: insurance funds firstly invest property enterprises that associat with the main business, and continue operations to get the stable cash flow, then securitize in the form of REITs to get capital premium and continue to control the original property in the form of holding the part of the shares. This mode is more suitable for the investment of insurance funds.According to this model, Insurance funds are not only beneficial to the long-term and healthy development of the insurance companies, and is more conducive to the reasonable allocation of social wealth, benefit the country, the people and the companies, and is a concentrated expression of the Scientific Outlook on Development at the economic level.
引文
1 王钢.我国房地产投资信托模式及发展对策研究[J].北京：中国房地产金融,2011年第5期
1 杨明生：保险资金运用新规的历史跨越[J],《保险研究》,2011(06).
1 曲扬：保险资金运用的国际比较与启示[J],《保险研究》,2008(06).
1 郭金龙,胡宏兵：我国保险资金运用现状、问题及策略研究[J],《保险研究》,2009(09).
2 谭显英：保险公司投资不动产的收益与风险,《中国保险报》,2011.
1 杨超：实质性拓宽保险资金运用渠道[J],《中国金融》,2012(06).
2 吴钰：我国保险资金运用刍议[J],《保险研究》,2008(01).
1 《物权法》第2条之第2款
2 我国最高人民法院《关于贯彻执行<中华人民共和国民法通则>若干问题的意见》186条
3 台湾地区“民法”第66条
1 《保险资金投资不动产暂行管理办法》
2 《城市用地分类与规划建设用地标准的规定》
1 《保险资金投资不动产暂行管理办法》
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1 陈成、宋建明《保险资金不动产投资模式研究》保险研究,2009年第10期
1 中国保监会《保险资金投资不动产暂行办法》2010年9月3日
2 王洪、陈秉正、刘超《我国保险资金投资不动产的现状与问题》中国金融,2010年第3期
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1 杨明生：保险资金运用新规的历史跨越[J],《保险研究》,2011(06).
1 曲扬：保险资金运用的国际比较与启示[J],《保险研究》,2008(06).
1 郭金龙,胡宏兵：我国保险资金运用现状、问题及策略研究[J],《保险研究》,2009(09).
2 谭显英：保险公司投资不动产的收益与风险,《中国保险报》,2011.
1 杨超：实质性拓宽保险资金运用渠道[J],《中国金融》,2012(06).
2 吴钰：我国保险资金运用刍议[J],《保险研究》,2008(01).
1 《物权法》第2条之第2款
2 我国最高人民法院《关于贯彻执行<中华人民共和国民法通则>若干问题的意见》186条
3 台湾地区“民法”第66条
1 《保险资金投资不动产暂行管理办法》
2 《城市用地分类与规划建设用地标准的规定》
1 《保险资金投资不动产暂行管理办法》
[1] Grove C, Hallowell W, Smith C J. A parallel WBS for international projects[J], PM network,1999,13:37-44.
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1 陈成、宋建明《保险资金不动产投资模式研究》保险研究,2009年第10期
1 中国保监会《保险资金投资不动产暂行办法》2010年9月3日
2 王洪、陈秉正、刘超《我国保险资金投资不动产的现状与问题》中国金融,2010年第3期
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