本文選題：險(xiǎn)資　切入點(diǎn)：股價(jià)波動(dòng)　出處：《廣西大學(xué)》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(xiǎn)公司已逐漸成為資本市場(chǎng)中舉足輕重的機(jī)構(gòu)投資者。盡管近幾年A股市場(chǎng)低迷,但是保險(xiǎn)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(shì),保險(xiǎn)機(jī)構(gòu)投資額的增加、投資渠道的多樣化對(duì)股票市場(chǎng)有一定影響,與此同時(shí),股市波動(dòng)程度也影響著保險(xiǎn)機(jī)構(gòu)投資方向和投資額度即投資行為的變化。保險(xiǎn)行業(yè)作為社會(huì)經(jīng)濟(jì)補(bǔ)償制度的主要成員之一,要求其在獲得收益時(shí),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(jìn)股票市場(chǎng)的發(fā)展和成熟,要求必須建立科學(xué)完善的市場(chǎng)機(jī)制,擴(kuò)大保險(xiǎn)公司的投資渠道,優(yōu)化其投資結(jié)構(gòu)。另一方面,保險(xiǎn)機(jī)構(gòu)投資資本雄厚,資金入市不但能解決利差損問(wèn)題,而且對(duì)上市公司也算是久旱逢甘露,通過(guò)增加資本,來(lái)調(diào)整內(nèi)部結(jié)構(gòu)并改善經(jīng)營(yíng)。目前中國(guó)保險(xiǎn)機(jī)構(gòu)正處在成長(zhǎng)階段,應(yīng)對(duì)機(jī)制和投資策略還不夠成熟,所以股市波動(dòng)對(duì)保險(xiǎn)機(jī)構(gòu)的影響不可小覷。本文首先,分析股票市場(chǎng)波動(dòng)對(duì)保險(xiǎn)投資規(guī)模的影響機(jī)制,然后通過(guò)探究我國(guó)保險(xiǎn)投資結(jié)構(gòu)現(xiàn)狀及其存在問(wèn)題,深度分析股市波動(dòng)對(duì)保險(xiǎn)機(jī)構(gòu)投資會(huì)有怎樣的影響;其次,我國(guó)股票市場(chǎng)運(yùn)行機(jī)制同樣還尚不成熟,通過(guò)借鑒國(guó)內(nèi)外先進(jìn)知識(shí)學(xué)者的相關(guān)理論和科學(xué)的研究成果,并運(yùn)用計(jì)量經(jīng)濟(jì)模型,對(duì)我國(guó)保險(xiǎn)公司投資進(jìn)行實(shí)證分析,接著對(duì)所選取的變量進(jìn)行ADF單位根檢驗(yàn)、協(xié)整檢驗(yàn)JJ,檢驗(yàn)股票市場(chǎng)的波動(dòng)對(duì)保險(xiǎn)行業(yè)投資行為是否具有長(zhǎng)期均衡的影響。通過(guò)綜合格蘭杰因果檢驗(yàn),可得出以下結(jié)論:從短期和長(zhǎng)期來(lái)看,股市波動(dòng)會(huì)影響保險(xiǎn)資金的部分投資行為,并且相互影響。具體來(lái)講,短期內(nèi),股市波動(dòng)越大,保險(xiǎn)機(jī)構(gòu)投資股市比例越大,投資銀行存款比例越低。長(zhǎng)期來(lái)看,股市波動(dòng)對(duì)保險(xiǎn)機(jī)構(gòu)投資權(quán)益類比例有長(zhǎng)期均衡的影響,對(duì)銀行存款投資比例無(wú)長(zhǎng)期均衡影響。最后,依據(jù)保險(xiǎn)機(jī)構(gòu)當(dāng)下面對(duì)的難題及風(fēng)險(xiǎn),從自我約束和被約束兩個(gè)角度,提出改進(jìn)其風(fēng)險(xiǎn)投資方式和改善機(jī)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(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陳文輝;;我國(guó)保險(xiǎn)資金股權(quán)投資問(wèn)題研究[J];新金融評(píng)論;2013年05期

2 張曉東;;保險(xiǎn)公司持股偏好的實(shí)證研究[J];保險(xiǎn)研究;2013年07期

3 郭林林;;我國(guó)保險(xiǎn)資金運(yùn)用的歷史追蹤及現(xiàn)狀分析[J];金融與經(jīng)濟(jì);2012年11期

4 繆建民;張雪松;;資產(chǎn)周期特性與保險(xiǎn)公司資產(chǎn)配置策略[J];保險(xiǎn)研究;2010年08期

5 岳萍娜;李哲;;資產(chǎn)負(fù)債管理理論述評(píng)[J];區(qū)域金融研究;2009年11期

6 張強(qiáng);李立華;佘桂榮;;銀行監(jiān)管中的最優(yōu)市場(chǎng)約束研究[J];中南財(cái)經(jīng)政法大學(xué)學(xué)報(bào);2009年04期

7 張艷妍;吳韌強(qiáng);;美國(guó)保險(xiǎn)資金運(yùn)用的分析及借鑒[J];金融與經(jīng)濟(jì);2008年10期

8 宋冬林;畢子男;沈正陽(yáng);;機(jī)構(gòu)投資者與市場(chǎng)波動(dòng)性關(guān)系的研究——基于中國(guó)A股市場(chǎng)的實(shí)證分析[J];經(jīng)濟(jì)科學(xué);2007年03期

9 童盼;陸正飛;;負(fù)債融資對(duì)企業(yè)投資行為影響研究:述評(píng)與展望[J];會(huì)計(jì)研究;2005年12期

10 姜秀珍,全林,陳俊芳;現(xiàn)金流量與公司投資決策——從公司規(guī)模角度的實(shí)證研究[J];工業(yè)工程與管理;2003年05期

相關(guān)博士學(xué)位論文 前5條

1 張強(qiáng)春;保險(xiǎn)公司多元化經(jīng)營(yíng)行為研究[D];山東大學(xué);2014年

2 劉萬(wàn)方;機(jī)構(gòu)投資者股票投資行為分析[D];財(cái)政部財(cái)政科學(xué)研究所;2010年

3 徐挺;資本市場(chǎng)波動(dòng)與宏觀調(diào)控[D];南開(kāi)大學(xué);2010年

4 吳永發(fā);我國(guó)證券市場(chǎng)有效性及其建設(shè)研究[D];復(fù)旦大學(xué);2004年

5 史永東;資本市場(chǎng)中的投機(jī)泡沫、羊群行為和投資者心理[D];東北財(cái)經(jīng)大學(xué);2003年

相關(guān)碩士學(xué)位論文 前10條

1 王曼;資本市場(chǎng)波動(dòng)對(duì)保險(xiǎn)機(jī)構(gòu)投資行為的影響研究[D];蘭州大學(xué);2016年

2 趙園;我國(guó)證券市場(chǎng)風(fēng)險(xiǎn)管理研究[D];山東財(cái)經(jīng)大學(xué);2015年

3 丁倩倩;股市波動(dòng)對(duì)我國(guó)商業(yè)銀行經(jīng)營(yíng)績(jī)效的影響研究[D];浙江財(cái)經(jīng)學(xué)院;2013年

4 郭兆睿;中國(guó)社�；稹⒈ｋU(xiǎn)資金、券商自營(yíng)的信息優(yōu)勢(shì)與投資偏好的實(shí)證研究[D];復(fù)旦大學(xué);2012年

5 李國(guó)建;機(jī)構(gòu)投資者與A股市場(chǎng)股價(jià)波動(dòng)性相關(guān)實(shí)證研究[D];復(fù)旦大學(xué);2012年

6 孫廷婷;我國(guó)保險(xiǎn)公司操作風(fēng)險(xiǎn)管理探討[D];西南財(cái)經(jīng)大學(xué);2012年

7 田迎;保險(xiǎn)投資規(guī)模與風(fēng)險(xiǎn)對(duì)國(guó)民經(jīng)濟(jì)增長(zhǎng)的影響研究[D];北京交通大學(xué);2011年

8 孔凌;中國(guó)經(jīng)濟(jì)周期波動(dòng)與機(jī)構(gòu)投資者資產(chǎn)配置策略研究[D];華東師范大學(xué);2011年

9 黃道平;基于ARCH族模型的中國(guó)股市波動(dòng)性研究[D];暨南大學(xué);2006年

10 郭婭;上海股票市場(chǎng)波動(dòng)性的實(shí)證研究[D];浙江大學(xué);2004年

，

本文編號(hào)：1663004