發(fā)布時(shí)間：2018-01-07 22:21

  本文關(guān)鍵詞：運(yùn)用股指期貨投資推動(dòng)我國(guó)保險(xiǎn)業(yè)務(wù)發(fā)展和產(chǎn)品創(chuàng)新的問(wèn)題研究　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 保險(xiǎn)資金 股指期貨 保險(xiǎn)投資策略 保險(xiǎn)產(chǎn)品創(chuàng)新

【摘要】：伴隨著經(jīng)濟(jì)發(fā)展，我國(guó)保險(xiǎn)業(yè)經(jīng)過(guò)了近十年的快速發(fā)展周期后，保險(xiǎn)行業(yè)資產(chǎn)規(guī)模迅速增大，參與市場(chǎng)競(jìng)爭(zhēng)的保險(xiǎn)公司也逐漸增多。各家保險(xiǎn)公司為獲得更多的市場(chǎng)份額而激烈競(jìng)爭(zhēng)，承保費(fèi)率出現(xiàn)了下降趨勢(shì)，，而運(yùn)營(yíng)過(guò)程中的人力成本、經(jīng)營(yíng)費(fèi)用則逐步上升，保險(xiǎn)業(yè)務(wù)難以維持正常的承保利潤(rùn)率。因此保險(xiǎn)公司在保險(xiǎn)投資限制逐步放寬的背景下，提高保險(xiǎn)資金的收益率，彌補(bǔ)承保業(yè)務(wù)利潤(rùn)不足將變得更加重要。 在保險(xiǎn)公司所投資的資產(chǎn)中，股票和證券投資基金占比和影響力將會(huì)逐步增大。為保障保險(xiǎn)投資資金的安全，減少因股市波動(dòng)帶來(lái)的投資損失，尋找合適的避險(xiǎn)工具，并制定出完善的保險(xiǎn)資金投資策略會(huì)顯得日益重要。 股指期貨具備有投機(jī)、套期保值、套利功能，而保險(xiǎn)公司是一種經(jīng)營(yíng)和管理各種風(fēng)險(xiǎn)的特殊企業(yè)，其資金來(lái)源和特點(diǎn)要求保險(xiǎn)公司的投資不能進(jìn)行過(guò)于激進(jìn)的投資，而投資過(guò)于保守則又不能滿足保險(xiǎn)公司日常資產(chǎn)負(fù)債經(jīng)營(yíng)的需要，因此具有套期保值的股指期貨，就成為保險(xiǎn)機(jī)構(gòu)投資股票和基金的重要避險(xiǎn)工具。 另一方面，保險(xiǎn)投資股指期貨所面臨的風(fēng)險(xiǎn)如何識(shí)別和防范，也成為保險(xiǎn)資金投資股指期貨需要重點(diǎn)關(guān)注的問(wèn)題。 本文首先介紹了我國(guó)保險(xiǎn)業(yè)資產(chǎn)發(fā)展規(guī)模及保險(xiǎn)資金的運(yùn)用總體情況，論述了保險(xiǎn)公司需要進(jìn)行保險(xiǎn)投資的必然性，并分析了保險(xiǎn)資金的構(gòu)成與行業(yè)特性。 然后，文章又介紹了我國(guó)保險(xiǎn)投資的發(fā)展歷史，并揭示當(dāng)前我國(guó)保險(xiǎn)投資存在收益率低、不穩(wěn)定、風(fēng)險(xiǎn)集中以及和與股票市場(chǎng)有較高關(guān)聯(lián)性等現(xiàn)實(shí)問(wèn)題。 其次，針對(duì)我國(guó)保險(xiǎn)投資中存在的問(wèn)題，文章指出股指期貨能夠在保險(xiǎn)投資中發(fā)揮穩(wěn)定投資收益，規(guī)避風(fēng)險(xiǎn)的作用，并對(duì)股指期貨的特點(diǎn)與功能進(jìn)行了介紹。在此基礎(chǔ)上，文章分析了我國(guó)保險(xiǎn)業(yè)利用股指期貨進(jìn)行投資管理的可行性。 再次，根據(jù)新型保險(xiǎn)產(chǎn)品自身兼具風(fēng)險(xiǎn)保障和投資的特點(diǎn)，本文重點(diǎn)論述如何結(jié)合股指期貨的套期保值功能，設(shè)計(jì)保險(xiǎn)投資策略，在此基礎(chǔ)上進(jìn)行保險(xiǎn)產(chǎn)品創(chuàng)新，推動(dòng)保險(xiǎn)業(yè)務(wù)發(fā)展。 最后，本文指出股指期貨作為一種金融衍生品，投資者將其作為避險(xiǎn)工具時(shí)也可能會(huì)放大風(fēng)險(xiǎn)。為更好發(fā)揮股指期貨在保險(xiǎn)投資中的避險(xiǎn)功能，提出了保險(xiǎn)投資機(jī)構(gòu)需要更注重識(shí)別和防范的風(fēng)險(xiǎn)，制定和完善內(nèi)部風(fēng)險(xiǎn)管理措施，使得保險(xiǎn)投資能夠滿足保險(xiǎn)公司資產(chǎn)負(fù)債管理、維持足夠的償付能力和業(yè)務(wù)發(fā)展的需要。
[Abstract]:Along with the economic development, China's insurance industry has experienced rapid development period of nearly ten years, the insurance industry assets increased rapidly, the insurance company to participate in market competition is gradually increasing. The various insurance companies to obtain more market share and fierce competition, the coverage rates decreased, and the operation process of human the cost of operating expenses is gradually increased, the insurance business is difficult to maintain the normal underwriting profit rate. Therefore the insurance company gradually relaxed in the limit of insurance investment background, improve the yield of insurance funds, underwriting profit shortage will become more and more important.
The investment in the insurance company's assets, stocks and securities investment funds accounted for and influence will gradually increase. In order to ensure the safety of the insurance investment funds, reduce the volatility of the stock market investment losses, to find appropriate hedging tools, and to develop the perfect insurance funds investment strategy will become increasingly important.
Stock index futures have speculation, hedging, arbitrage, and the insurance company is a special enterprise operation and management of various kinds of risks, funding sources and characteristics of the requirements of the insurance company's investment can not be too aggressive investment, and the need for daily management of assets and liabilities is too conservative investment and does not meet the insurance company, so it is hedging the stock index futures hedging, hedging has become an important tool for insurance institutions to invest in stocks and funds.
On the other hand, how to identify and prevent the risks faced by the insurance investment stock index futures has also become a key issue for the insurance fund investment stock index futures.
This paper first introduces the general situation of the development scale of insurance industry and the application of insurance funds in China, discusses the inevitability of insurance companies' need for insurance investment, and analyzes the composition and characteristics of insurance funds.
Then, the article introduces the history of the development of insurance investment in China, and reveals that there are realistic problems in China's insurance investment, such as low return, instability, risk concentration and high correlation with stock market.
Secondly, aiming at the existing problems of insurance investment in China, the article points out that the stock index futures can play a stable return on investment in insurance investment, the role of risk aversion, and the features and functions of stock index futures are introduced. On this basis, this paper analyzes the feasibility of China's Insurance industry investment management by stock index futures.
Thirdly, according to the characteristics of new insurance product itself, including risk protection and investment, this paper focuses on how to design insurance investment strategy combined with the hedging function of stock index futures, and on this basis, we will innovate insurance products and promote the development of insurance business.
Finally, this paper points out that the stock index futures as a financial derivatives, investors may also be used as a hedging tool when it will enlarge the risk hedging of stock index futures. Play in insurance investment for the better, the insurance investment institutions need to pay more attention to the risk identification and prevention, establish and perfect the internal risk management measures, can make insurance investment meet the asset liability management of insurance companies, maintaining adequate solvency and business development needs.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F842.3;F832.51

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本文編號(hào)：1394487