本文選題：保險(xiǎn)資金　切入點(diǎn)：股票市場(chǎng)　出處：《山東大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：保險(xiǎn)資金的投資運(yùn)用直接關(guān)系到被保險(xiǎn)人的根本利益以及保險(xiǎn)行業(yè)的穩(wěn)定發(fā)展,自1999年保監(jiān)會(huì)允許我國(guó)保險(xiǎn)資金間接進(jìn)行股票投資以來(lái),保險(xiǎn)資金投資于股市的程度逐年加深。但隨著我國(guó)保險(xiǎn)行業(yè)和股票市場(chǎng)的迅速發(fā)展,保險(xiǎn)資金投資于股市所引發(fā)的問(wèn)題也日益凸顯,尤其是近兩年部分保險(xiǎn)機(jī)構(gòu)過(guò)于激進(jìn)的投資行為引發(fā)了社會(huì)公眾的一系列非議,我國(guó)現(xiàn)有的法律監(jiān)管制度中存在的諸多不完善之處也逐漸暴露出來(lái)。本文嘗試從法學(xué)的視角來(lái)剖析現(xiàn)有的保險(xiǎn)資金投資于股市的法律監(jiān)管制度,對(duì)保險(xiǎn)資金投資于股市所引發(fā)的風(fēng)險(xiǎn)、相關(guān)法律監(jiān)管的演變以及現(xiàn)有的法律監(jiān)管制度進(jìn)行分析,涉及到眾多法律規(guī)則的實(shí)質(zhì)內(nèi)容,結(jié)合了法學(xué)、金融學(xué)和管理學(xué)的基本理論進(jìn)行研究。文章始終圍繞風(fēng)險(xiǎn)為中心闡釋現(xiàn)有法律監(jiān)管制度中防范風(fēng)險(xiǎn)的具體措施,并最終落實(shí)到如何更加有效地對(duì)風(fēng)險(xiǎn)進(jìn)行控制。通過(guò)對(duì)保險(xiǎn)資金的來(lái)源、特點(diǎn)、投資于股市的方式以及相關(guān)案例進(jìn)行研究,分析得出保險(xiǎn)資金投資于股市的行為,致使保險(xiǎn)公司面臨著市場(chǎng)風(fēng)險(xiǎn)、上市公司經(jīng)營(yíng)風(fēng)險(xiǎn)、內(nèi)部風(fēng)險(xiǎn)等綜合導(dǎo)致的投資風(fēng)險(xiǎn),被投資上市公司面臨著股權(quán)斗爭(zhēng)風(fēng)險(xiǎn)以及股價(jià)波動(dòng)風(fēng)險(xiǎn),股票市場(chǎng)面臨著市場(chǎng)動(dòng)蕩風(fēng)險(xiǎn)。在對(duì)監(jiān)管部門(mén)歷年來(lái)頒布的政策法規(guī)進(jìn)行系統(tǒng)性梳理的基礎(chǔ)上,總結(jié)得出我國(guó)監(jiān)管部門(mén)為了防范上述風(fēng)險(xiǎn)的發(fā)生,自保險(xiǎn)資金被允許投資于股市以來(lái),在法律監(jiān)管制度上歷經(jīng)了一個(gè)從無(wú)到有、從粗到細(xì)的不斷完善的過(guò)程。在現(xiàn)有的法律監(jiān)管體系中,為了防范市場(chǎng)風(fēng)險(xiǎn)和上市公司經(jīng)營(yíng)風(fēng)險(xiǎn),監(jiān)管部門(mén)建立了從部分到整體,從普通到特殊的多層次的投資比例限制制度;為防范保險(xiǎn)機(jī)構(gòu)內(nèi)部風(fēng)險(xiǎn),保監(jiān)會(huì)從內(nèi)部資金運(yùn)用和內(nèi)部風(fēng)險(xiǎn)控制兩方面著手建立了嚴(yán)格的內(nèi)部控制制度以及嚴(yán)格的責(zé)任追究制度;為防范上市公司股權(quán)斗爭(zhēng)風(fēng)險(xiǎn),保監(jiān)會(huì)建立了內(nèi)容逐級(jí)增多、難度逐級(jí)增大的信息披露制度。在分析我國(guó)現(xiàn)有的法律監(jiān)管制度的過(guò)程中,發(fā)現(xiàn)還存在著監(jiān)管權(quán)限過(guò)于集中和分業(yè)監(jiān)管現(xiàn)狀導(dǎo)致的監(jiān)管越位或缺位、相關(guān)政策法規(guī)立法層級(jí)較低、對(duì)違規(guī)股票投資行為的處罰力度不夠、對(duì)保險(xiǎn)機(jī)構(gòu)短線操作的監(jiān)管存在缺失等問(wèn)題。針對(duì)以上問(wèn)題,建議我國(guó)監(jiān)管部門(mén)通過(guò)推進(jìn)落實(shí)保險(xiǎn)資金投資股市的屬地監(jiān)管工作,加強(qiáng)金融監(jiān)管協(xié)調(diào)機(jī)制來(lái)彌補(bǔ)監(jiān)管主體方面的缺陷;盡快出臺(tái)保險(xiǎn)投資法來(lái)提高監(jiān)管法規(guī)的立法層級(jí);從處罰內(nèi)容和處罰程度兩方面著手完善處罰措施,加大處罰力度;在政策法規(guī)中加強(qiáng)對(duì)投資類保險(xiǎn)的監(jiān)管、逐步放開(kāi)保險(xiǎn)公司省級(jí)分支機(jī)構(gòu)的資金運(yùn)用權(quán)限,從而在制度上杜絕保險(xiǎn)機(jī)構(gòu)的短線操作行為。
[Abstract]:The investment and utilization of insurance funds is directly related to the fundamental interests of the insured and the steady development of the insurance industry. Since 1999, the CIRC has allowed our insurance funds to invest indirectly in stocks. The degree of investment of insurance funds in the stock market has deepened year by year. However, with the rapid development of the insurance industry and stock market in China, the problems caused by the investment of insurance funds in the stock market have become increasingly prominent. In particular, in the last two years, some insurance institutions have been overly aggressive in their investment activities, which have triggered a series of criticisms from the public. Many imperfections in the existing legal supervision system of our country have been gradually exposed. This paper attempts to analyze the existing legal supervision system of insurance funds investing in the stock market from the perspective of law. This paper analyzes the risks caused by the investment of insurance funds in the stock market, the evolution of relevant legal supervision and the existing legal supervision system, which involves the substantive content of many legal rules and combines the law, The basic theory of finance and management has been studied. Finally, how to control the risk more effectively. Through the study of the source, characteristics, ways of investing in the stock market and related cases, the behavior of the insurance funds investing in the stock market is analyzed. As a result, insurance companies are faced with market risks, operational risks of listed companies, internal risks and other investment risks, while invested listed companies are faced with the risk of share rights struggle and stock price fluctuations. The stock market is facing the risk of market turbulence. On the basis of systematically combing the policies and regulations promulgated by the regulatory authorities over the years, it is concluded that the regulatory authorities in our country are trying to prevent the above risks. Since the insurance funds were allowed to invest in the stock market, the legal supervision system has gone through a continuous process of perfection from scratch to detail. In the existing legal regulatory system, in order to guard against market risks and operational risks of listed companies, The regulatory authorities have established a multi-level investment ratio restriction system from part to whole, from ordinary to special; to guard against internal risks in insurance institutions, The CIRC has set up a strict internal control system and a strict liability investigation system from the two aspects of the use of internal funds and internal risk control. In order to prevent the risk of the stock right struggle of listed companies, the CIRC has established a gradual increase in content. In the process of analyzing the existing legal supervision system of our country, it is found that there are still some problems such as the over-concentration of supervision authority and the over-supervision or absence of supervision caused by the current situation of separate supervision. The level of relevant policies, regulations and legislation is relatively low, the punishment for illegal stock investment is not enough, and the supervision of short-term operation of insurance institutions is lacking, etc. In view of the above problems, It is suggested that China's regulatory authorities should strengthen the coordination mechanism of financial supervision in order to make up for the defects of the regulatory body by promoting the territorial supervision of the investment of insurance funds in the stock market, and issue the insurance investment law as soon as possible to raise the legislative level of the regulatory regulations. To improve the punishment measures from the aspects of the content and the degree of punishment, to strengthen the supervision of investment insurance in the policies and regulations, and to gradually liberalize the power to use the funds of the provincial branches of insurance companies, In order to put an end to the system of short-term operation of insurance institutions.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.284

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本文編號(hào)：1587955