本文選題：保險(xiǎn)資金 + 不動(dòng)產(chǎn)投資��； 參考：《蘭州商學(xué)院》2014年碩士論文

【摘要】：隨著我國保險(xiǎn)業(yè)務(wù)發(fā)展水平的提高，逐漸積累了不少保險(xiǎn)資金，為我國保險(xiǎn)資金的運(yùn)用提供了豐厚的資金，為此我國保險(xiǎn)監(jiān)管機(jī)構(gòu)不斷出臺(tái)保險(xiǎn)資金運(yùn)用的相關(guān)政策，拓寬保險(xiǎn)資金投資渠道。2006年我國保險(xiǎn)資金以信托方式間接投資了基礎(chǔ)設(shè)施項(xiàng)目，之后我國保險(xiǎn)資金在不動(dòng)產(chǎn)投資方面的步伐比較緩慢，在2009年新《保險(xiǎn)法》放開保險(xiǎn)資金投資不動(dòng)產(chǎn)渠道后，我國保險(xiǎn)資金在不動(dòng)產(chǎn)投資上邁出了一大步，但相關(guān)細(xì)則未出臺(tái)，致使保險(xiǎn)資金遲遲不能進(jìn)入不動(dòng)產(chǎn)領(lǐng)域，我國保險(xiǎn)資金投資不動(dòng)產(chǎn)仍處于起步階段，作為投資組合保險(xiǎn)資金不可避免的面臨著一系列風(fēng)險(xiǎn)，，將VaR模型融入到保險(xiǎn)投資中，符合保險(xiǎn)資金投資的安全性、盈利性和流動(dòng)性的要求，本文正是基于VaR方法的角度對(duì)保險(xiǎn)資金投資進(jìn)行研究。 本文首先從保險(xiǎn)資金及不動(dòng)產(chǎn)的概念界定、方式和特點(diǎn)著手，闡述了我國保險(xiǎn)資金投資不動(dòng)產(chǎn)的發(fā)展概況、保險(xiǎn)資金投資不動(dòng)產(chǎn)的相關(guān)政策和模式。其次，對(duì)我國保險(xiǎn)資金投資不動(dòng)產(chǎn)基于VaR模型的理論概述和模型進(jìn)行了實(shí)證分析。然后，借鑒國外保險(xiǎn)市場發(fā)達(dá)的美國、英國、日本的投資實(shí)踐，結(jié)合目前我國保險(xiǎn)資金所處的投資環(huán)境，即我國保險(xiǎn)資金面臨專業(yè)投資人才匱乏、投資機(jī)構(gòu)建設(shè)不成熟、投資模式不完善、保險(xiǎn)投資監(jiān)管水平有待提高等客觀不足，以及所投資的房地產(chǎn)市場周期性變化和投資比例的難以確定等挑戰(zhàn)。最后，對(duì)我國保險(xiǎn)資金投資不動(dòng)產(chǎn)提出對(duì)策建議以及投資不動(dòng)產(chǎn)的前景展望。本文認(rèn)為我國保險(xiǎn)資金投資不動(dòng)產(chǎn)在加強(qiáng)投資人才培養(yǎng)、投資模式及比例的選擇、提高保險(xiǎn)資金投資監(jiān)管水平的情況下，不斷向養(yǎng)老實(shí)體、基礎(chǔ)設(shè)施建設(shè)和REITs等不動(dòng)產(chǎn)領(lǐng)域投資是一個(gè)很好的方向。 總體來說，我國保險(xiǎn)資金進(jìn)入不動(dòng)產(chǎn)領(lǐng)域的空間是非常大的，由于保險(xiǎn)資金投資不動(dòng)產(chǎn)還是存在一定的風(fēng)險(xiǎn)，因此在投資時(shí)更應(yīng)該注重投資風(fēng)險(xiǎn)的管控以及選擇適當(dāng)?shù)耐顿Y模式和比例。當(dāng)前我國保險(xiǎn)資金只有直接模式可選，考慮到保險(xiǎn)資金對(duì)穩(wěn)健性的要求，作為嘗試不動(dòng)產(chǎn)市場的保險(xiǎn)公司，必須積極探索多種創(chuàng)新性保險(xiǎn)資金投資不動(dòng)產(chǎn)的模式，我國保險(xiǎn)市場將朝著更大更強(qiáng)的方向前進(jìn)。
[Abstract]:With the development of insurance business in our country, a lot of insurance funds have been accumulated gradually, which provides abundant funds for the use of insurance funds in our country. For this reason, the insurance regulatory bodies in our country continue to issue policies related to the use of insurance funds.In 2006, China's insurance funds indirectly invested in infrastructure projects by way of trust. After that, the pace of our country's insurance funds in real estate investment was relatively slow.After the new Insurance Law opened up the channels for insurance funds to invest in real estate in 2009, China's insurance funds have taken a big step forward in real estate investment, but the relevant rules have not been issued, resulting in the insurance funds being unable to enter the real estate field.China's insurance fund investment in real estate is still in its infancy. As a portfolio insurance fund, it is inevitable to face a series of risks. The VaR model is integrated into the insurance investment, which is in line with the safety of the insurance fund investment.This paper studies the investment of insurance fund based on VaR method.This paper begins with the definition, mode and characteristics of insurance fund and real estate, and expounds the development of insurance fund investment in real estate in China, and the relevant policies and models of insurance fund investment in real estate.Secondly, the paper analyzes the theory and model of insurance fund investment real estate based on VaR model.Then, drawing lessons from the investment practices of the United States, the United Kingdom and Japan, which have developed insurance markets abroad, and combining the investment environment in which our country's insurance funds are currently located, that is, our insurance funds are facing a shortage of professional investment personnel, and investment institutions are not mature.The investment model is not perfect, the level of insurance investment supervision needs to be improved, and the challenges such as the periodic changes of the real estate market and the uncertainty of the investment ratio are also discussed.Finally, the paper puts forward some countermeasures and prospects for investment of insurance funds in real estate.In this paper, the author thinks that under the condition of strengthening the training of investment talents, the choice of investment mode and proportion, and the improvement of the level of supervision of insurance fund investment, the real estate investment of insurance funds in our country continues to turn to pension entities.Investment in real estate such as infrastructure construction and REITs is a good direction.In general, there is a great deal of room for insurance funds to enter the field of real estate in our country, because there is still a certain risk for insurance funds to invest in real estate.Therefore, we should pay more attention to investment risk management and choice of appropriate investment model and proportion.At present, there are only direct modes of insurance funds in China. Considering the requirements of insurance funds for robustness, as insurance companies trying to find out the real estate market, we must actively explore a variety of innovative insurance funds to invest in real estate models.Our country insurance market will move towards bigger and stronger direction.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F842

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