本文關(guān)鍵詞： 保險資金 養(yǎng)老地產(chǎn) 路徑 REITs　出處：《重慶大學》2014年碩士論文　論文類型：學位論文

【摘要】：我國自2000年步入老齡社會以來，老齡人口的不斷增長與養(yǎng)老資源的極度缺乏形成了我國養(yǎng)老事業(yè)健康發(fā)展的主要矛盾。但單方面依賴政府來解決全國1億多老年人的養(yǎng)老需求顯然不切實。養(yǎng)老地產(chǎn)的出現(xiàn)則填補了這一市場空缺。然而與傳統(tǒng)房地產(chǎn)開發(fā)項目一樣，，資金問題是養(yǎng)老地產(chǎn)發(fā)展面臨的首要問題。 近年來我國保險業(yè)發(fā)展迅速，保費收入迅速增長，保險資金規(guī)模逐年擴大。保險行業(yè)資產(chǎn)規(guī)模從2000年末的3374億元增加到2013年末的73545.73億元。保險行業(yè)面臨著越來越大的違約風險。急需通過保險投資業(yè)務(wù)提高自身盈利能力，構(gòu)建多元化的投資渠道，以規(guī)避風險。2009年10月1日起實施的新《保險法》拓寬了保險資金向不動產(chǎn)投資的渠道。養(yǎng)老地產(chǎn)投資回收期長且現(xiàn)金流穩(wěn)定的特點，恰好與保險資金長期性和穩(wěn)定性的基本屬性相一致，也符合保險投資安全性和收益性的原則。由此而看，投資養(yǎng)老地產(chǎn)是保險資金拓寬的一個良好的投資渠道。不僅能解決我國養(yǎng)老地產(chǎn)的融資問題，還能實現(xiàn)保險資金的多元化投資，有效緩解我國保險資金資產(chǎn)負債不匹配的問題。而在保險資金投資養(yǎng)老地產(chǎn)的眾多路徑中，REITs因其具有穩(wěn)定性、流動性、抗通脹性、風險分散及分紅高的幾個特點，與保險投資具有高度的契合性，從而成為保險資金投資養(yǎng)老地產(chǎn)的較佳選擇。 本論文采用數(shù)據(jù)分析的方法，通過對比，歸納總結(jié)等方式，詳細論證了保險資金投資養(yǎng)老地產(chǎn)可行性，及我國保險資金投資養(yǎng)老地產(chǎn)的最佳路徑為投資養(yǎng)老地產(chǎn)REITs。
[Abstract]:Since 2000, China has stepped into an aging society. The unceasing growth of the aged population and the extreme lack of the old-age resources form the main contradiction of the healthy development of the old-age service in our country, but it is obviously not practical to rely on the government to solve the pension demand of more than 100 million old people in the country. The emergence of real estate fills the gap in the market, however, as is the case with traditional real estate development projects. Fund problem is the primary problem that endowment estate development faces. In recent years, the insurance industry in China has developed rapidly and the premium income has increased rapidly. The scale of insurance fund expands year by year. The scale of insurance assets increases from 337.4 billion yuan in end of 2000 to seven tillion three hundred and fifty-four billion five hundred and seventy-three million yuan in end of 2013. The insurance industry is facing more and more risk of breach of contract. There is an urgent need to improve profitability through the insurance investment business. Constructing diversified investment channels. In order to avoid risk, the new Insurance Law implemented since October 1st 2009 broadens the channel of investment of insurance funds into real estate. The characteristics of long payback period and stable cash flow of endowment real estate investment. It coincides with the basic property of the long-term and stability of the insurance fund, and accords with the principle of the safety and profitability of the insurance investment. Investment in endowment real estate is a good investment channel to broaden insurance fund. It can not only solve the financing problem of endowment real estate in China, but also realize the diversified investment of insurance fund. Effectively alleviate the problem of asset and liability mismatch of insurance funds in China. But in the many paths of insurance funds investing in pension real estate, REITs have stability, liquidity, anti-inflation. The characteristics of risk dispersion and high dividend share are highly consistent with the insurance investment, thus becoming the better choice for the insurance funds to invest in the endowment real estate. This paper uses the data analysis method, through the comparison, the induction summary and so on the way, has demonstrated the insurance fund investment endowment real estate feasibility in detail. And our country insurance fund investment endowment real estate the best path is to invest the endowment real estate REITs.
【學位授予單位】：重慶大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23;D669.6;F842

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