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

【摘要】：保險資金的投資運(yùn)用直接關(guān)系到被保險人的根本利益以及保險行業(yè)的穩(wěn)定發(fā)展,自1999年保監(jiān)會允許我國保險資金間接進(jìn)行股票投資以來,保險資金投資于股市的程度逐年加深。但隨著我國保險行業(yè)和股票市場的迅速發(fā)展,保險資金投資于股市所引發(fā)的問題也日益凸顯,尤其是近兩年部分保險機(jī)構(gòu)過于激進(jìn)的投資行為引發(fā)了社會公眾的一系列非議,我國現(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。本文嘗試從法學(xué)的視角來剖析現(xiàn)有的保險資金投資于股市的法律監(jiān)管制度,對保險資金投資于股市所引發(fā)的風(fēng)險、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)險為中心闡釋現(xiàn)有法律監(jiān)管制度中防范風(fēng)險的具體措施,并最終落實(shí)到如何更加有效地對風(fēng)險進(jìn)行控制。通過對保險資金的來源、特點(diǎn)、投資于股市的方式以及相關(guān)案例進(jìn)行研究,分析得出保險資金投資于股市的行為,致使保險公司面臨著市場風(fēng)險、上市公司經(jīng)營風(fēng)險、內(nèi)部風(fēng)險等綜合導(dǎo)致的投資風(fēng)險,被投資上市公司面臨著股權(quán)斗爭風(fēng)險以及股價波動風(fēng)險,股票市場面臨著市場動蕩風(fēng)險。在對監(jiān)管部門歷年來頒布的政策法規(guī)進(jìn)行系統(tǒng)性梳理的基礎(chǔ)上,總結(jié)得出我國監(jiān)管部門為了防范上述風(fēng)險的發(fā)生,自保險資金被允許投資于股市以來,在法律監(jiān)管制度上歷經(jīng)了一個從無到有、從粗到細(xì)的不斷完善的過程。在現(xiàn)有的法律監(jiān)管體系中,為了防范市場風(fēng)險和上市公司經(jīng)營風(fēng)險,監(jiān)管部門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;為防范保險機(jī)構(gòu)內(nèi)部風(fēng)險,保監(jiān)會從內(nèi)部資金運(yùn)用和內(nèi)部風(fēng)險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)斗爭風(fēng)險,保監(jiān)會建立了內(nèi)容逐級增多、難度逐級增大的信息披露制度。在分析我國現(xiàn)有的法律監(jiān)管制度的過程中,發(fā)現(xiàn)還存在著監(jiān)管權(quán)限過于集中和分業(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)立法層級較低、對違規(guī)股票投資行為的處罰力度不夠、對保險機(jī)構(gòu)短線操作的監(jiān)管存在缺失等問題。針對以上問題,建議我國監(jiān)管部門通過推進(jìn)落實(shí)保險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)制來彌補(bǔ)監(jiān)管主體方面的缺陷;盡快出臺保險投資法來提高監(jiān)管法規(guī)的立法層級;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)對投資類保險的監(jiān)管、逐步放開保險公司省級分支機(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)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.284

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本文編號：1587955