【摘要】：在金融領(lǐng)域,保險業(yè)是市場化程度最高、最開放的領(lǐng)域,并且在資產(chǎn)和負債兩端深入到社會經(jīng)濟生活的方方面面,監(jiān)管難度較高。隨著我國經(jīng)濟發(fā)展推進和金融改革深化,對于保險資金及其運用的相關(guān)監(jiān)管政策逐步放開。然而,處在利率下行的經(jīng)濟環(huán)境中,金融監(jiān)管日趨嚴格已成為行業(yè)的共識,監(jiān)管層將防范金融風險放到更加重要的位置。中國保險監(jiān)督管理委員會(以下簡稱“保監(jiān)會”)再度重申“保險姓保、保監(jiān)姓監(jiān)”的監(jiān)管思路,并正式實施新的監(jiān)管體系“中國風險導向的償付能力體系”(以下簡稱“償二代”)�！皟敹弊鳛樾碌谋O(jiān)管規(guī)則,推動保監(jiān)會對行業(yè)的監(jiān)管進行了新的定位,轉(zhuǎn)向風險監(jiān)管。在新的經(jīng)濟發(fā)展環(huán)境和政策背景下,保險公司如何更好地開展股權(quán)投資、拓寬保險資金投資渠道、完善保險資金股權(quán)投資的風險預警和風險管理機制顯得尤為重要,研究并探索保險資金股權(quán)投資及其風險防范對保險公司的經(jīng)營管理具有重要的實踐意義。本論文采用案例研究法和文獻研究法,選取近年來中小型保險公司的代表Q公司,按照現(xiàn)狀描述、問題分析、提出建議的研究思路展開研究。Q公司運用保險資金對上市公司開展了較為密集的股權(quán)投資,成為Q公司近兩年迅速發(fā)展的主要原因。然而,Q公司在股權(quán)投資過程中面臨著較為嚴峻的風險。本論文首先對與保險資金運用的相關(guān)研究理論進行闡釋,明確保險資金的定義及其來源、保險資金運用的原則和形式、保險資金股權(quán)投資的風險及保險資金運用的風險管理理論。其次,在理論框架的基礎(chǔ)上,從主營業(yè)務(wù)、收入結(jié)構(gòu)和一致行動人等方面介紹研究對象Q公司;另一方面從股權(quán)投資結(jié)構(gòu)和投資收益的角度探究Q公司股權(quán)投資現(xiàn)狀,從資產(chǎn)和負債兩端分析Q公司的資產(chǎn)負債管理現(xiàn)狀,并揭示相關(guān)風險。基于對Q公司經(jīng)營狀況及投資狀況的研究,探究影響Q公司股權(quán)投資狀況風險的因素:主要從資產(chǎn)負債錯配風險、流動性風險、被投資標的企業(yè)財務(wù)風險和經(jīng)營風險、監(jiān)管政策風險以及Q公司選擇不同金融工具計量股權(quán)投資所帶來的風險等方面進行分析。只有分析清楚風險產(chǎn)生的根源,才能“對癥下藥”,有針對性地提出Q公司股權(quán)投資風險防范的建議,并將其推廣到保險公司股權(quán)投資的實踐中。本論文將保險相關(guān)理論與企業(yè)實踐相結(jié)合,對保險資金股權(quán)投資風險及其防范的研究具有重要的現(xiàn)實意義。保險公司應(yīng)加強投資風險管理,考慮保持釋放的流動資產(chǎn)比例,控制非流動資產(chǎn)比重,維持合理的資產(chǎn)結(jié)構(gòu);加強資產(chǎn)與負債的流動性匹配管理,根據(jù)公司業(yè)務(wù)特點和負債特點,確定投資資產(chǎn)結(jié)構(gòu),從期限、幣種等方面合理匹配資產(chǎn)與負債;定期評估投資資產(chǎn)的風險、流動性水平和市場價值,檢驗投資資產(chǎn)的變現(xiàn)能力;密切關(guān)注金融市場環(huán)境和金融監(jiān)管政策對保險資金股權(quán)投資流動性的影響。
[Abstract]:In the financial field, the insurance industry is the most market-oriented, the most open field, and assets and liabilities at both ends of social and economic life deep into all aspects, supervision is more difficult. With the development of China's economy and the deepening of financial reform, the insurance funds and their use of regulatory policies are gradually liberalized. However, in the economic environment of the downward interest rate, financial regulation has become increasingly strict industry consensus, regulators will guard against financial risks to a more important position. The China Insurance Regulatory Commission (hereinafter referred to as the "Insurance Regulatory Commission") once again reiterated the idea of supervision of "insurance surname insurance, insurance supervisor". And formally implement the new regulatory system, China's risk-oriented solvency system (hereinafter referred to as "the second generation"). As a new regulatory rule, the CIRC has made a new position on industry supervision and turned to risk supervision. In the new economic development environment and policy background, it is particularly important for insurance companies to better develop equity investment, broaden the investment channels of insurance funds, and improve the risk warning and risk management mechanism of insurance funds equity investment. It is of great practical significance to study and explore the equity investment of insurance fund and its risk prevention for the operation and management of insurance companies. This paper adopts case study method and literature research method, selects representative Q company of small and medium-sized insurance company in recent years, according to the present situation description, the question analysis, Put forward the research ideas to carry out the research. Q company used insurance funds to carry out more intensive equity investment to listed companies, which became the main reason of Q company's rapid development in the past two years. However, Q company in the process of equity investment is facing a more severe risk. This paper first explains the relevant research theories about the use of insurance funds, clarifies the definition and source of insurance funds, the principles and forms of the use of insurance funds. The risk of equity investment of insurance funds and the risk management theory of the use of insurance funds. Secondly, on the basis of the theoretical framework, this paper introduces Q Company, the research object, from the aspects of main business, income structure and consistent action person, on the other hand, from the angle of equity investment structure and investment income, it explores the present situation of Q company's equity investment. This paper analyzes the current situation of asset and liability management of Q Company from both ends of assets and liabilities, and reveals the related risks. Based on the study of Q Company's operation and investment status, this paper probes into the factors that affect the risk of Q company's equity investment: mainly from the mismatch risk of assets and liabilities, the liquidity risk, the financial risk and the operating risk of the invested company. The risk of regulatory policy and the risk of Q company choosing different financial instruments to measure equity investment are analyzed. Only by analyzing the root cause of risk, can we put forward the suggestion of preventing the risk of equity investment in Q company, and extend it to the practice of equity investment of insurance company. This paper combines the theory of insurance with the practice of enterprises, which is of great practical significance to the study of the risk of equity investment of insurance funds and its prevention. Insurance companies should strengthen investment risk management, consider maintaining the proportion of liquid assets released, control the proportion of non-current assets, maintain a reasonable asset structure, and strengthen the liquidity matching management between assets and liabilities. According to the characteristics of the company's business and liabilities, the structure of investment assets is determined, the assets and liabilities are reasonably matched in terms of term and currency, the risk, liquidity level and market value of investment assets are assessed periodically, and the liquidity of investment assets is tested. Pay close attention to the impact of financial market environment and financial regulatory policy on the liquidity of equity investment of insurance funds.
【學位授予單位】：廣東工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F840.4;F842.3

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