本文選題：險資　切入點：股價波動　出處：《廣西大學》2017年碩士論文

【摘要】：在金融自由化及金融創(chuàng)新快速發(fā)展的條件下,保險公司已逐漸成為資本市場中舉足輕重的機構(gòu)投資者。盡管近幾年A股市場低迷,但是保險資金頻繁投入股市,股票、證券投資基金等權(quán)益類投資規(guī)模呈上升趨勢,保險機構(gòu)投資額的增加、投資渠道的多樣化對股票市場有一定影響,與此同時,股市波動程度也影響著保險機構(gòu)投資方向和投資額度即投資行為的變化。保險行業(yè)作為社會經(jīng)濟補償制度的主要成員之一,要求其在獲得收益時,資金力求穩(wěn)健,這就使得研究其投資行為具有必要性。一方面,為了促進股票市場的發(fā)展和成熟,要求必須建立科學完善的市場機制,擴大保險公司的投資渠道,優(yōu)化其投資結(jié)構(gòu)。另一方面,保險機構(gòu)投資資本雄厚,資金入市不但能解決利差損問題,而且對上市公司也算是久旱逢甘露,通過增加資本,來調(diào)整內(nèi)部結(jié)構(gòu)并改善經(jīng)營。目前中國保險機構(gòu)正處在成長階段,應(yīng)對機制和投資策略還不夠成熟,所以股市波動對保險機構(gòu)的影響不可小覷。本文首先,分析股票市場波動對保險投資規(guī)模的影響機制,然后通過探究我國保險投資結(jié)構(gòu)現(xiàn)狀及其存在問題,深度分析股市波動對保險機構(gòu)投資會有怎樣的影響;其次,我國股票市場運行機制同樣還尚不成熟,通過借鑒國內(nèi)外先進知識學者的相關(guān)理論和科學的研究成果,并運用計量經(jīng)濟模型,對我國保險公司投資進行實證分析,接著對所選取的變量進行ADF單位根檢驗、協(xié)整檢驗JJ,檢驗股票市場的波動對保險行業(yè)投資行為是否具有長期均衡的影響。通過綜合格蘭杰因果檢驗,可得出以下結(jié)論:從短期和長期來看,股市波動會影響保險資金的部分投資行為,并且相互影響。具體來講,短期內(nèi),股市波動越大,保險機構(gòu)投資股市比例越大,投資銀行存款比例越低。長期來看,股市波動對保險機構(gòu)投資權(quán)益類比例有長期均衡的影響,對銀行存款投資比例無長期均衡影響。最后,依據(jù)保險機構(gòu)當下面對的難題及風險,從自我約束和被約束兩個角度,提出改進其風險投資方式和改善機構(gòu)發(fā)展的管理性建議。
[Abstract]:With the rapid development of financial liberalization and financial innovation, insurance companies have gradually become important institutional investors in the capital market. Although the A-share market has been depressed in recent years, insurance funds are frequently invested in the stock market and stocks. The scale of equity investment, such as securities investment funds, is on the rise. The increase in the investment of insurance institutions and the diversification of investment channels have a certain impact on the stock market, at the same time, The volatility of the stock market also affects the investment direction and the investment quota of the insurance institutions. As one of the main members of the social and economic compensation system, the insurance industry requires it to keep its capital steady when it gains income. This makes it necessary to study its investment behavior. On the one hand, in order to promote the development and maturity of the stock market, it is necessary to establish a scientific and perfect market mechanism, expand the investment channels of insurance companies, and optimize their investment structure. Insurance institutions have strong investment capital, and capital entering the market can not only solve the problem of loss of interest rates, but also be considered as a long time drought and nectar for listed companies, by increasing capital. To adjust the internal structure and improve the operation. At present, Chinese insurance institutions are in the growing stage, the coping mechanism and investment strategy are not mature enough, so the impact of stock market volatility on insurance institutions is not negligible. First of all, This paper analyzes the influence mechanism of stock market fluctuation on the scale of insurance investment, and then analyzes the influence of stock market fluctuation on insurance institution investment by probing into the present situation and existing problems of insurance investment structure in China. Secondly, it analyzes the influence of stock market fluctuation on the investment of insurance institution. The operating mechanism of Chinese stock market is still not mature. By learning from the relevant theories and scientific research results of domestic and foreign advanced knowledge scholars, and using econometric model, this paper makes an empirical analysis on the investment of insurance companies in our country. Then the selected variables are tested by ADF unit root test and co-integration test to test whether the volatility of the stock market has a long-term equilibrium effect on the investment behavior of the insurance industry.Through the comprehensive Granger causality test, The following conclusions can be drawn: in the short and long term, the volatility of the stock market will affect some of the investment behavior of the insurance funds and affect each other. Specifically, in the short term, the greater the volatility of the stock market, the greater the proportion of the insurance institutions investing in the stock market. In the long run, stock market fluctuations have a long-term equilibrium effect on the proportion of investment equity in insurance institutions, but no long-term equilibrium impact on the investment ratio of bank deposits. Finally, According to the current problems and risks faced by insurance institutions, from the two angles of self-restraint and constraint, this paper puts forward some management suggestions to improve the way of venture capital investment and the development of institutions.
【學位授予單位】：廣西大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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