保险资金运用研究
摘要
近年来，我国保险业持续快速发展，2003全国保费收入3880.4亿元，同比增长超过20％，远远高于同期GDP的增长。其中投资型产品发展迅猛，使保险经营对保险投资的依赖性进一步加大。从长期投资回报看，债券和股票投资的收益率较高，使得保险资金运用以资本市场为取向成为必然选择。然而，我国保险业资金运用结构目前集中于银行存款和国债，两项占70.6％。银行存款中人民币大额协议存款占72.1％。随着银行利率近年来不断下调，保险资金收益率也逐年下降：2001年为4.3％，2002年为3.14％。去年保险公司可以运用的资金余额为8739亿元，资金运用效率偏低的问题越来越突出，已经直接影响到保险公司的偿付能力和经营的稳定性，关系到保险业能否持续、健康发展。
与传统保险业相比，现代保险业不仅包括经济补偿功能，还包括资金融通功能和社会风险管理功能。这是对保险业功能的新界定，也说明保险业务和保险资金运用是现代保险企业具有同等重要地位的两大主导业务，而且保险资金运用业务日益成为保险业健康发展的基础。因此，对保险资金运用，必须从改革投资监管政策、加强保险公司自身管理能力以及改善资本市场环境三个基本环节着手，共同推进。目前国外保险资金运用有保险投资方式比较灵活；政府在规定投资方式的同时，规定投资比例，从而为控制投资风险提供了条件；证券投资是保险投资的主要组成部分；保险投资的结构比重因产、寿险不同而不同等特点。
中国保险资金运用存在政策性因素导致的系统性风险，保险资金投资管理模式落后，保险资金的运用结构不合理，资金运用率和投资收益率低下等问题。为解决中国保险资金运用存在的问题，实现保险业与资本市场实现战略性互动势在必行。
本文共分五章，分别介绍了保险资金运用的概念；中国保险资金运用的发展及现状；国外保险企业资金运用状况比较分析；中国保险企业资金运用所面临的主要问题；保险业与资本市场实现战略性互动。
Recently, the Chinese insurance industrial develop continuing and quickly, the countrywide of premium income to Y3880.4 hundred of million in 2003, the same as than increase exceed to 20%, far from hyper the same term GDP of increase. There into the type of investment product become swift and violent ,insurance management to insurance investment of dependence become increase further .From long term investment return ,bond and stock investment of profit rate is higher ,it can make insurance fund application to capital market tropism become necessity choice .However, insurance fund application structure in our country coverage on bank account and national debt at present, these two items are in occupation of 70.6% .RMB account of agreement saving is 72.1%occupied in bank account .Along with bank rate ceaseless over the price these years, insurance fund profit rate is declined year after year: 4.3% in 2001, 3.14% in 2002.Fund balance that insurance company can exercise last year is
￥8739 hundred of million, the problem of downward bias efficiency in fund application is more and more extrusive, which impress directly on ability of payment and stability of management, it also concerns whether insurance business can persist and develop healthier.
Compared with traditional insurance industry, modern insurance includes not only economic compensation function, but also the fund circulation function and social risk management function .It is a new hedge definition of insurance business which were in possession equivalent important status in modern insurance industry, furthermore insurance fund must enforce there basic aspects that reform investment supervision policy, strengthen self ability of management in insurance company and improve capital market environment impel these three
aspects together. Now abroad insurance funds application have surely investment way comparison flexible; Government stipulates investment proportion while stipulating investment way , has so offered condition to control investment risk; Bond investment is the major composition part of safe investment; The structural proportion of insurance investment because of property insurance , life insurance nearly different and not equal characteristic.
Chinese insurance funds application existence policy factor the systematicness risk that caused , surely capital investment management pattern is backward , the structure of insurance funds application is not reasonable, capital is low with rate and investment gain rate ,etc. To solve the problem of Chinese insurance funds application , insurance and capital market to realizing strategical moving mutual is imperative.
This paper divides into 6 chapters ,it introduces the concept of insurance fund application; the present situation and development of Chinese insurance ; abroad insurance fund application's condition; the major problem of Chinese insurance been faced; insurance and capital market realizing move mutual.
与传统保险业相比，现代保险业不仅包括经济补偿功能，还包括资金融通功能和社会风险管理功能。这是对保险业功能的新界定，也说明保险业务和保险资金运用是现代保险企业具有同等重要地位的两大主导业务，而且保险资金运用业务日益成为保险业健康发展的基础。因此，对保险资金运用，必须从改革投资监管政策、加强保险公司自身管理能力以及改善资本市场环境三个基本环节着手，共同推进。目前国外保险资金运用有保险投资方式比较灵活；政府在规定投资方式的同时，规定投资比例，从而为控制投资风险提供了条件；证券投资是保险投资的主要组成部分；保险投资的结构比重因产、寿险不同而不同等特点。
中国保险资金运用存在政策性因素导致的系统性风险，保险资金投资管理模式落后，保险资金的运用结构不合理，资金运用率和投资收益率低下等问题。为解决中国保险资金运用存在的问题，实现保险业与资本市场实现战略性互动势在必行。
本文共分五章，分别介绍了保险资金运用的概念；中国保险资金运用的发展及现状；国外保险企业资金运用状况比较分析；中国保险企业资金运用所面临的主要问题；保险业与资本市场实现战略性互动。
Recently, the Chinese insurance industrial develop continuing and quickly, the countrywide of premium income to Y3880.4 hundred of million in 2003, the same as than increase exceed to 20%, far from hyper the same term GDP of increase. There into the type of investment product become swift and violent ,insurance management to insurance investment of dependence become increase further .From long term investment return ,bond and stock investment of profit rate is higher ,it can make insurance fund application to capital market tropism become necessity choice .However, insurance fund application structure in our country coverage on bank account and national debt at present, these two items are in occupation of 70.6% .RMB account of agreement saving is 72.1%occupied in bank account .Along with bank rate ceaseless over the price these years, insurance fund profit rate is declined year after year: 4.3% in 2001, 3.14% in 2002.Fund balance that insurance company can exercise last year is
￥8739 hundred of million, the problem of downward bias efficiency in fund application is more and more extrusive, which impress directly on ability of payment and stability of management, it also concerns whether insurance business can persist and develop healthier.
Compared with traditional insurance industry, modern insurance includes not only economic compensation function, but also the fund circulation function and social risk management function .It is a new hedge definition of insurance business which were in possession equivalent important status in modern insurance industry, furthermore insurance fund must enforce there basic aspects that reform investment supervision policy, strengthen self ability of management in insurance company and improve capital market environment impel these three
aspects together. Now abroad insurance funds application have surely investment way comparison flexible; Government stipulates investment proportion while stipulating investment way , has so offered condition to control investment risk; Bond investment is the major composition part of safe investment; The structural proportion of insurance investment because of property insurance , life insurance nearly different and not equal characteristic.
Chinese insurance funds application existence policy factor the systematicness risk that caused , surely capital investment management pattern is backward , the structure of insurance funds application is not reasonable, capital is low with rate and investment gain rate ,etc. To solve the problem of Chinese insurance funds application , insurance and capital market to realizing strategical moving mutual is imperative.
This paper divides into 6 chapters ,it introduces the concept of insurance fund application; the present situation and development of Chinese insurance ; abroad insurance fund application's condition; the major problem of Chinese insurance been faced; insurance and capital market realizing move mutual.
引文
[1] 张洪涛，郑功成．保险学．北京：中国人民大学出版社，2000
[2] 魏巧琴．保险公司经营管理．上海：上海财经大学出版社，2002
[3] 李连友．社会保险基金运行论．成都：西南财经大学出版社，2000
[4] 证券投资基金编写组．证券投资基金．上海：上海财经大学出版社，2002
[5] 滋维·博迪，亚历克斯·凯恩，艾伦 J·马库斯．投资学．北京：机械工业出版社，2000
[6] 徐艳，隋绍楠．投资银行理论与实务．成都：西南财经大学出版社，2001
[7] 孙祈祥．中国保险业：矛盾、挑战与对策．北京：中国金融出版社，2000
[8] 邓大松．保险经营管理学．成都：西南财经大学出版社，2002
[9] 刘子操，刘波．保险概论．北京：中国金融出版社，2002
[10] 黄华明．保险学．北京：中国对外经济贸易出版社，2002
[11] 董克用．养老保险．北京：中国人民大学出版社，2000
[12] 张洪涛．新形势下的保险资金运用：开放与投资安全．北京：中国人民大学出版社，2003
[13] 江生忠．中国保险业发展报告2003年．天津：南开大学出版社，2003
[14] 吴小平．保险业与资本市场的互动关系．中国证券报 2003-2-19
[15] 张洪涛．改革管理模式 探索直接入市——新形势下保险资金运用的策取向中国证券报 2003-2-19
[16] 唐金龙．给保险资金适度的弹性空间．中国证券报 2003-2-19
[17] 王国良加快政策调整步伐，促进资金有效增值．中国证券报 2003-2-19
[18] 严建红．中国保险市场与资本市场的对接：动力、进程及影响．中国软科学．2001．11
[19] 隆武华．国外保险资金与股票市场．中国投资．1999．11
[20] 胡文富．资金运用——保险业的生死结．保险研究．2002．8
[21] 张锐．保险资金进入股票市场的路径选择研究：[硕士学位论文]．成都：西南财经大学，2001
[22] 卫红．我国保险资金运用形势分析．保险研究．2002．9
[23] 伍帼瑾．保险投资的法律监管：[硕士学位论文]．北京：北方工业大学，2003
[24] 卫红，王国言．保险与资本市场的战略性互动与融合．保险研究．2002．7
[25] 李杰，贺新宇．关于我国保险资金运用的思考．商业研究．2001．5
[26] 张启文．保险资金运用问题研究：[博士学位论文]．哈尔滨：东北农业大学，2003
[27] 应幼明，郑晓彬．我国保险资金进入证券市场方式的分析与比较．财政研究．2001．9
[28] 林中杰．保险资金的运用和管理．保险研究·专版．1997．1
[29] 董晶．保险公司的资金运用及保险市场的资本创新：[硕士学位论文]．北京：对外经贸大学，2002
[30] 赵平，罗毅．保险资金入市及风险管理探析．云南财贸学院学报．2002．3
[31] 李艳．我国保险资金进入资本市场研究：[硕士学位论文]．长沙：中南大学，2000
[32] 方芳．保险资金入市问题的探讨．广东商学院学报·2002年增刊，2002
[33] 王春燕．中国保险资金运用研究：[硕士学位论文]．厦门：厦门大学，2001
[34] 杨蕊嘉，万来有．保险资金运用需要研究的几个问题．保险之窗．1994．8
[35] 刘春杰，刘熙群．关于保险资金运用影响因素的考察．浙江大学学报．1998．12
[36] 王立元，郑奕．关于人寿保险资金进入我国资本市场的思考．山东金融．1998，5
[37] 杨帆，韩卫国，甘露．内外保险公司资金运用比较研究．中国金融．2002．5
[38] 李国安．论我国保险资金投资效率的提高．保险研究．2001．12
[39] 甄伟．论我国保险资金在债券市场运用比例较低的原因．上海保险．2002．6
[40] 廖向荣．中外保险企业资金管理模式比较探索：[硕士学位论文]．成都：西南交通大学，2002
[41] 孟辉．试论保险资金的运用．税务经济．1995．1
[42] 樊国昌．我国保险资金入市问题初探．重庆商学院学报．2001．6
[43] 胡畏．中国保险业发展及资金运用分析．上海工程技术大学学报．2002．3
[44] 亓军．中国保险资金运用分析．保险研究．2002．9
[45] 孙键．我国保险资金运用的发现管理．保险研究．2002．7
[46] 程太和．范从来．我国保险资金投资渠道与模式探讨．保险研究．2002．10
[47] 林义．论保险资金运用的风险控制．保险研究．2002，9
[48] 刘毅，李晋．美国保险资金运营方式值得我国借鉴．保险研究．2002．6
[49] 申曙光，王少菁，周天芸．中国保险投资问题研究．广州：广东经济出版社，2002
[50] 杨静．我国保险资金进入证券市场的研究．经济与管理科学．2002．2
[51] 肖文，路永光．保险资金投资资本市场的策略．保险研究．2002．4
[51] 廖亮，杨静．保险资金在证券市场投资中的风险与管理．经济师．2002．5
[52] 蒋洪浪．保险投资的资金配置策略．保险研究．2002．8
[53] 李刚．中国保险资金运用分析．财贸经济．2000．10
[54] 杜墨．英国保险资金的运用、监管及其借鉴．保险研究．1999．4
[55] Ching Ju Yeh. Investing Through China Funds. Asia law & Practice HSBC Asset Manangement, 1999
[56] Frank J.Fabozzi. Franco Modigliani Capital Markets. Institutions and Instrument 1998,6
[57] Sharp WF. Portofolio theory and Capital markets Ross SA The Arbitrage theory of capital asset pricing. Journel of economic theory, dec, 1976 343-362
[58] Liaw, K.t.& Moy, R.L. The demand for life insurance in the United States. Journal of Insurance Issues, 1994.August
[59] Lewis, F.D. Dependents and the demand for insurance. American Economic Review, 1997.may
[60] Bacchetta, Philippe, Ericvan. Wincoop. Capital Flows to Emerging Markets: Liberalization, Overshooting and Volalility. Cambridge, Massachusetts: National Bureau of Economic Research, No. 6530,1998
[61] Bessembinder, H. and H.M.Kauffman. "A Comparison of Quotations, Trading Costs, Volatility for NYSE and NASDAQ-Listed Stocks," NYSE Working Paper, No.3,1996
[62] Cobham, Daved(eds.). Markets and Dealers. Blackwell, 1992
[63] Luskin, D. "Upstairs, Downstairs: The block Traders and the Specialist. in W.H.Wagner," eds, The Complete Guide to Securities Transctions, John Wiley & Sons,1989
[64] Lucas, R.E.Jr. "Adaptive Behavior and Economic Theory," The Journal of Business, October 1986
[65] Madhavan, A. "Trading Mechanisms in Securities Markets," Journal of Finance, No.47,1992
[66] Wiesen, Jeremy L.Regulating Transactions in Securities.West Publish Co., 1975
[67] Wilson, C. "The Nature of Equilibrium in Markets with Adverse Selection," Bell Journal of Economics, Spring 1980
[68] O'Hara, M.Market Microstructure Theory. Basil Blackwell Publisher,1995
[69] Oditah, Fieldlies. "The Future for the Global Securities Market: Legal and Regulatory Aspects," St John College jof Oxford University, 1996
[70] Merton, Robert C. "A Functional Perspective of Intermediation," Financial Management, Summer 1995
[2] 魏巧琴．保险公司经营管理．上海：上海财经大学出版社，2002
[3] 李连友．社会保险基金运行论．成都：西南财经大学出版社，2000
[4] 证券投资基金编写组．证券投资基金．上海：上海财经大学出版社，2002
[5] 滋维·博迪，亚历克斯·凯恩，艾伦 J·马库斯．投资学．北京：机械工业出版社，2000
[6] 徐艳，隋绍楠．投资银行理论与实务．成都：西南财经大学出版社，2001
[7] 孙祈祥．中国保险业：矛盾、挑战与对策．北京：中国金融出版社，2000
[8] 邓大松．保险经营管理学．成都：西南财经大学出版社，2002
[9] 刘子操，刘波．保险概论．北京：中国金融出版社，2002
[10] 黄华明．保险学．北京：中国对外经济贸易出版社，2002
[11] 董克用．养老保险．北京：中国人民大学出版社，2000
[12] 张洪涛．新形势下的保险资金运用：开放与投资安全．北京：中国人民大学出版社，2003
[13] 江生忠．中国保险业发展报告2003年．天津：南开大学出版社，2003
[14] 吴小平．保险业与资本市场的互动关系．中国证券报 2003-2-19
[15] 张洪涛．改革管理模式 探索直接入市——新形势下保险资金运用的策取向中国证券报 2003-2-19
[16] 唐金龙．给保险资金适度的弹性空间．中国证券报 2003-2-19
[17] 王国良加快政策调整步伐，促进资金有效增值．中国证券报 2003-2-19
[18] 严建红．中国保险市场与资本市场的对接：动力、进程及影响．中国软科学．2001．11
[19] 隆武华．国外保险资金与股票市场．中国投资．1999．11
[20] 胡文富．资金运用——保险业的生死结．保险研究．2002．8
[21] 张锐．保险资金进入股票市场的路径选择研究：[硕士学位论文]．成都：西南财经大学，2001
[22] 卫红．我国保险资金运用形势分析．保险研究．2002．9
[23] 伍帼瑾．保险投资的法律监管：[硕士学位论文]．北京：北方工业大学，2003
[24] 卫红，王国言．保险与资本市场的战略性互动与融合．保险研究．2002．7
[25] 李杰，贺新宇．关于我国保险资金运用的思考．商业研究．2001．5
[26] 张启文．保险资金运用问题研究：[博士学位论文]．哈尔滨：东北农业大学，2003
[27] 应幼明，郑晓彬．我国保险资金进入证券市场方式的分析与比较．财政研究．2001．9
[28] 林中杰．保险资金的运用和管理．保险研究·专版．1997．1
[29] 董晶．保险公司的资金运用及保险市场的资本创新：[硕士学位论文]．北京：对外经贸大学，2002
[30] 赵平，罗毅．保险资金入市及风险管理探析．云南财贸学院学报．2002．3
[31] 李艳．我国保险资金进入资本市场研究：[硕士学位论文]．长沙：中南大学，2000
[32] 方芳．保险资金入市问题的探讨．广东商学院学报·2002年增刊，2002
[33] 王春燕．中国保险资金运用研究：[硕士学位论文]．厦门：厦门大学，2001
[34] 杨蕊嘉，万来有．保险资金运用需要研究的几个问题．保险之窗．1994．8
[35] 刘春杰，刘熙群．关于保险资金运用影响因素的考察．浙江大学学报．1998．12
[36] 王立元，郑奕．关于人寿保险资金进入我国资本市场的思考．山东金融．1998，5
[37] 杨帆，韩卫国，甘露．内外保险公司资金运用比较研究．中国金融．2002．5
[38] 李国安．论我国保险资金投资效率的提高．保险研究．2001．12
[39] 甄伟．论我国保险资金在债券市场运用比例较低的原因．上海保险．2002．6
[40] 廖向荣．中外保险企业资金管理模式比较探索：[硕士学位论文]．成都：西南交通大学，2002
[41] 孟辉．试论保险资金的运用．税务经济．1995．1
[42] 樊国昌．我国保险资金入市问题初探．重庆商学院学报．2001．6
[43] 胡畏．中国保险业发展及资金运用分析．上海工程技术大学学报．2002．3
[44] 亓军．中国保险资金运用分析．保险研究．2002．9
[45] 孙键．我国保险资金运用的发现管理．保险研究．2002．7
[46] 程太和．范从来．我国保险资金投资渠道与模式探讨．保险研究．2002．10
[47] 林义．论保险资金运用的风险控制．保险研究．2002，9
[48] 刘毅，李晋．美国保险资金运营方式值得我国借鉴．保险研究．2002．6
[49] 申曙光，王少菁，周天芸．中国保险投资问题研究．广州：广东经济出版社，2002
[50] 杨静．我国保险资金进入证券市场的研究．经济与管理科学．2002．2
[51] 肖文，路永光．保险资金投资资本市场的策略．保险研究．2002．4
[51] 廖亮，杨静．保险资金在证券市场投资中的风险与管理．经济师．2002．5
[52] 蒋洪浪．保险投资的资金配置策略．保险研究．2002．8
[53] 李刚．中国保险资金运用分析．财贸经济．2000．10
[54] 杜墨．英国保险资金的运用、监管及其借鉴．保险研究．1999．4
[55] Ching Ju Yeh. Investing Through China Funds. Asia law & Practice HSBC Asset Manangement, 1999
[56] Frank J.Fabozzi. Franco Modigliani Capital Markets. Institutions and Instrument 1998,6
[57] Sharp WF. Portofolio theory and Capital markets Ross SA The Arbitrage theory of capital asset pricing. Journel of economic theory, dec, 1976 343-362
[58] Liaw, K.t.& Moy, R.L. The demand for life insurance in the United States. Journal of Insurance Issues, 1994.August
[59] Lewis, F.D. Dependents and the demand for insurance. American Economic Review, 1997.may
[60] Bacchetta, Philippe, Ericvan. Wincoop. Capital Flows to Emerging Markets: Liberalization, Overshooting and Volalility. Cambridge, Massachusetts: National Bureau of Economic Research, No. 6530,1998
[61] Bessembinder, H. and H.M.Kauffman. "A Comparison of Quotations, Trading Costs, Volatility for NYSE and NASDAQ-Listed Stocks," NYSE Working Paper, No.3,1996
[62] Cobham, Daved(eds.). Markets and Dealers. Blackwell, 1992
[63] Luskin, D. "Upstairs, Downstairs: The block Traders and the Specialist. in W.H.Wagner," eds, The Complete Guide to Securities Transctions, John Wiley & Sons,1989
[64] Lucas, R.E.Jr. "Adaptive Behavior and Economic Theory," The Journal of Business, October 1986
[65] Madhavan, A. "Trading Mechanisms in Securities Markets," Journal of Finance, No.47,1992
[66] Wiesen, Jeremy L.Regulating Transactions in Securities.West Publish Co., 1975
[67] Wilson, C. "The Nature of Equilibrium in Markets with Adverse Selection," Bell Journal of Economics, Spring 1980
[68] O'Hara, M.Market Microstructure Theory. Basil Blackwell Publisher,1995
[69] Oditah, Fieldlies. "The Future for the Global Securities Market: Legal and Regulatory Aspects," St John College jof Oxford University, 1996
[70] Merton, Robert C. "A Functional Perspective of Intermediation," Financial Management, Summer 1995