本文選題：保險公司 + 次級債��； 參考：《西南財經(jīng)大學》2013年碩士論文

【摘要】：作為現(xiàn)代保險監(jiān)管體系的核心組成部分——償付能力監(jiān)管,其不僅是保護投保人利益的關鍵,更是保險業(yè)長足、穩(wěn)定、可持續(xù)發(fā)展的主導因素。然而,行業(yè)急速增長以及資本市場不景氣影響投資收益的情況下,保險公司的償付能力下滑成為了一個普遍趨勢。為了彌補償付能力不足,各保險公司積極尋求各種渠道以籌集資金。然而,目前我國保險公司面臨著籌資渠道狹窄的問題。從國際實踐來看,保險公司發(fā)行次級債補充資本、提高償付能力是非常有效的途徑。2004年9月中國保監(jiān)會發(fā)布了《保險公司次級定期債務管理暫行辦法》(以下簡稱“《暫行辦法》"),這一法規(guī)的頒布將我國保險公司次級債融資合法化了。2011年,中國保監(jiān)會再次發(fā)布了《保險公司次級定期債務管理辦法》(以下簡稱“《新辦法》”),這是對《暫行辦法》的修訂與完善。 根據(jù)2011年10月6日發(fā)布的《保險公司次級定期債務管理辦法》,保險公司次級債是指保險公司為了彌補臨時性或者階段性資本不足,經(jīng)批準募集、期限在五年以上(含五年),且本金和利息的清償順序列于保單責任和其他負債之后、先于保險公司股權(quán)資本的保險公司債務。按照新《辦法》,可以按一定的比例將通過次級債募集到的資金計入附屬資本,增加保險公司的實際資本,改善它的償付能力狀況�？梢�,保險公司次級債可以被視為是資本金的“補充”,具有一定的資本性。然而,保險公司次級債作為一種特殊的債務,其基本屬性仍然是債務性,本質(zhì)上體現(xiàn)的是保險公司與投資主體之間的一種借貸關系：保險公司向投資者募集資金,并(在符合條件的情況下)到期返還本金、利息；而投資主體把本金借給保險公司,到期享有請求償還本息的權(quán)利。保險公司次級債與其他普通債務最大的區(qū)別就是“次級性”,此處的次級性是償還的次級性,即只有在滿足了其他普通債務本息的償還后,次級債權(quán)人才有權(quán)請求清償。但這種次級性并不是絕對的,只有在保險公司出現(xiàn)財務、經(jīng)營危機導致破產(chǎn)、清算或重組時,次級債的次級性才得以體現(xiàn)。在保險公司正常、穩(wěn)定經(jīng)營的情況下,次級債權(quán)人可以如期得到保險公司償付的次級債本息,此時保險公司次級債的次級性對次級債權(quán)人并無實質(zhì)性的影響。 次級債作為一種新的金融工具,產(chǎn)生了一個新的利益相關者群體——次級債權(quán)人,由于次級債權(quán)人與其他保險公司利益相關者相比,存在諸多特性。與股權(quán)資本相比,首先,次級債的名義利率是固定的,次級債權(quán)人分享不到保險公司風險活動帶來的收益。而且由于次級債的長期性、次級性、償還的非保障性,保險公司一旦經(jīng)營失敗、破產(chǎn)清算,次級債權(quán)人獲得清償?shù)捻樞蛟谒衅胀▊鶆罩?因此,次級債投資者承擔了因保險公司風險活動而可能帶來的損失。與保費收入相比,保險公司次級債也顯示出一些特性。由于投保人(被保險人)受到保險保障基金的保護,就削弱了投保人(被保險人)監(jiān)督保險公司經(jīng)營的積極性。與監(jiān)管當局相比,次級債券市場對保險公司信息的反應更快。當新的信息披露時,市場可以及時地通過利差變化來反映新的變化,而監(jiān)管當局在做出一項決定前需要經(jīng)過較為煩瑣的程序。因此,理論上,市場比監(jiān)管者能更有效地約束保險公司。也就是說,次級債權(quán)人的利益特殊性(次級性、無保障性等)決定了它可以提供不同于股東和普通債權(quán)人(除次級債債權(quán)人之外的債權(quán)人)的市場約束機制,改善保險公司的風險承擔行為。 本文旨在研究我國保險公司次級債的市場約束機理和效應,并結(jié)合10家樣本保險公司,采用案例分析的方式,分析了我國保險次級債市場約束的現(xiàn)實狀況,最后分析結(jié)論、提出改進建議。文章共分為五部分,主要內(nèi)容大致如下。 第一部分是緒論,主要介紹論文的研究背景及意義,總結(jié)分析了國內(nèi)外相關研究成果,闡述論文的研究思路及框架,以及主要研究方法。 第二部分是保險公司次級債的基本理論分析。首先界定了保險公司次級債的含義,并分析了其本質(zhì)屬性——債務性、資本性及次級性,最后對保險次級債的作用進行了介紹。 第三部分是保險公司次級債市場約束機理分析。首先,分析了市場約束的內(nèi)涵和運行機制。在此基礎上,提出了保險公司次級債的市場約束問題,并具體分析了其作用機理。由于次級債的利率是相對固定的,其債權(quán)人享受不到保險公司高風險行為帶來的額外收益,相反,由于次級債的次級性、無保障性,保險公司一旦經(jīng)營失敗,其獲得賠付的順序很靠后(僅排在保險公司股權(quán)之前)。因此,與股東、投保人等其他利益相關者相比,次級債投資人對保險公司的風險行為更為敏感,從而更有動機去對保險公司的風險行為進行分析、監(jiān)控及約束。 第四部分是對我國保險公司次級債市場約束效應的現(xiàn)狀分析。雖然我國保險公司越來越依賴于次級債融資來彌補償付能力的不足,次級債發(fā)行金額逐年攀升,但是由于我國現(xiàn)實狀況的制約,保險次級債的市場約束效應并未體現(xiàn)出來。本章采用案例分析的方式,通過對比分析中國人壽、平安壽險等10家樣本保險公司,得出結(jié)論：選取的樣本保險公司次級債的市場約束是不存在的,并分析了導致這種市場約束作用不存在的可能原因。 第五部分主要是根據(jù)研究結(jié)論,提出一些政策建議,使得保險公司次級債的功能得到充分、有效的發(fā)揮,從而促使保險市場穩(wěn)健發(fā)展。 本文可能的特色或創(chuàng)新主要有以下幾點： 第一,本文的選題順應中國保險市場的最新發(fā)展狀況。2011年10月6日,《保險公司次級定期債務管理辦法》正式發(fā)布,可以看出,我國保險公司次級債的發(fā)展歷程很短,相關的配套政策也處于不斷完善的過程中,此次政策的出臺,標志著保險公司次級債進入到了里程碑式的發(fā)展階段。在這種情況下,對保險公司次級債進行詳細研究,具有深遠的理論和實踐意義。 第二,研究方法比較新穎。本文采用案例分析的方式研究保險公司次級債的市場約束作用機理和效應,而前人對保險次級債的研究大多集中于理論分析,因此這也算是我國保險次級債研究的一個小小的進展。 第三,前人對保險次級債市場約束的存在性研究較多,而有效性沒有得到重視。本文對保險公司次級債市場約束效應的作用機理做了深入而系統(tǒng)的分析。不僅分析了保險次級債市場約束的存在性,也探討了其有效性,既是對前人研究的一個總結(jié),也為今后更為深入的研究奠定基礎。
[Abstract]:As the core component of the modern insurance supervision system , it is not only the key to protect the interests of the insured , but also the dominant factor in the long - term , stable and sustainable development of the insurance industry .

The subordinated debt of an insurance company can be regarded as " supplementary " of capital and has certain capital . However , the subordinated debt of the insurance company can be regarded as " supplementary " of the capital , and it has certain capital . However , the subordinated debt of the insurance company can be regarded as the " supplement " of the capital , which is characterized by a loan relationship between the insurance company and the investment subject .
The secondary nature of the subordinated debt of the insurance company is not absolute , that is , when the insurance company is in a normal and stable operation , the secondary creditor can obtain the subordinated debt principal and interest of the insurance company if the insurance company is normal and stable , and the secondary nature of the secondary debt of the insurance company has no substantial influence on the secondary creditor .

As a new financial instrument , subordinated debt , as a new financial instrument , has produced a new stakeholder group _ sub - creditor .

The purpose of this paper is to study the market restriction mechanism and effect of the subordinated debt of insurance companies in our country , and combine with 10 sample insurance companies to analyze the real situation of our insurance sub - debt market restriction by using case analysis . Finally , the conclusion is analyzed and suggestions are put forward . The article is divided into five parts . The main contents are as follows .

The first part is the introduction , mainly introduces the research background and significance of the paper , summarizes the relevant research results at home and abroad , expounds the research thoughts and framework of the thesis , and the main research methods .

The second part is the basic theory analysis of the subordinated debt of the insurance company . Firstly , it defines the meaning of the subordinated debt of the insurance company , and analyzes its essential attribute _ debt , capital and secondary nature , and finally introduces the function of the insurance secondary debt .

The third part is the analysis of the restriction mechanism of the secondary debt market of the insurance company . Firstly , it analyzes the connotation and the operating mechanism of the market restriction . On the basis of this , the author puts forward the market restriction problem of the subordinated debt of the insurance company and analyzes its mechanism of action .

The fourth part is the analysis of the current situation of the restraining effect of the subordinated debt market of our insurance companies . Although our insurance companies increasingly rely on the subordinated debt financing to make up for the shortage of solvency , the issuance amount of the subordinated debt has not been reflected . In this chapter , we draw the conclusion that the market restriction of the subordinated debt of the sample insurance company is not in existence because of the restriction of the reality of our country .

In the fifth part , according to the research conclusion , some policy suggestions are put forward , so that the function of the subordinated debt of the insurance company is fully and effectively played , so as to promote the sound development of the insurance market .

The possible features or innovations of this article are as follows :

First , this thesis is in compliance with the latest development of China ' s insurance market . On Oct . 6 , 2011 , the development course of subordinated debt of insurance company is very short . It can be seen that the development course of subordinated debt of insurance company is short , and the related supporting policy is also in the process of continuous improvement . In this case , the secondary debt of insurance company has entered the milestone development stage . In this case , it has far - reaching theoretical and practical significance .

Second , the research method is novel . In this paper , we study the mechanism and effect of the market restriction of the subordinated debt of the insurance company by case analysis , and the previous research on the secondary debt of insurance is mostly focused on the theoretical analysis , so it is also a little progress of our country ' s insurance sub - debt research .

Third , there are many researches on the existence of the restriction on the secondary debt market of insurance companies , and the validity is not paid much attention . This paper makes an in - depth analysis on the mechanism of the restraining effect of the secondary debt market of the insurance company . It not only analyses the existence of the constraint of the insurance sub - debt market , but also discusses its effectiveness , which is not only a summary of the previous study , but also lays the foundation for further research in the future .
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842.3

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本文編號：2006096