本文選題：壽險資金 + 投資收益�。� 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：2004年10月24日,中國證券監(jiān)督管理委員會和中國保險監(jiān)督管理委員會聯(lián)合發(fā)布并施行了《保險機(jī)構(gòu)投資者股票投資管理暫行辦法》,在該辦法中保險資金首次被批準(zhǔn)投資股市。隨著制度的加強(qiáng)和金融產(chǎn)品的增加,保險資金的投資渠道逐漸增多。在保險資金的所有投資回報中,股票投資的平均收益率較高,一直受到保險資金的青睞。同時由于債券的投資收益穩(wěn)定,其所占投資比例最高,且在逐年上升。 自1980年以來,美國、英國、德國、日本等西方發(fā)達(dá)國家保險機(jī)構(gòu)的股票投資占總資產(chǎn)的比重在不斷上升。由于保險資金(特別是壽險資金)有長期性、穩(wěn)定性和巨額的特征,因此保險公司逐漸成為股市中越來越重要的機(jī)構(gòu)投資者。保險資金的進(jìn)入不僅增加了資本市場的資金供給,提高了資本市場的配置效率；反過來穩(wěn)定的資本市場給保險資金的運(yùn)用提供了較好的投資環(huán)境。因此,保險資金投資資本市場獲得的收益對保險資金的投資盈利至關(guān)重要。 根據(jù)中國保監(jiān)會對國內(nèi)保險業(yè)的統(tǒng)計(jì),壽險公司的資產(chǎn)占保險業(yè)總資產(chǎn)的80%,因此本文主要選擇壽險公司的保險資金投資情況做分析。并且為了對壽險資金投資收益做一個較為全面的評價,作者建立了一個投資收益評價體系,從投資比例、投資收益率和收益對總投資收益貢獻(xiàn)度三方面來衡量壽險資金投資收益。同時,在計(jì)算各項(xiàng)資產(chǎn)投資收益時,作者采用的是張建龍?zhí)岢龅倪\(yùn)用于計(jì)算基金投資業(yè)績的等倉影子法,該方法不僅能夠詳細(xì)計(jì)算出各項(xiàng)的投資收益率,同時還能夠進(jìn)一步的與公司前一年的投資收益率做對比,使內(nèi)部和外部投資人員均能直觀的了解到公司的投資情況。 根據(jù)2011年的中國保險年鑒中的統(tǒng)計(jì)數(shù)據(jù),中國人壽和中國平安兩家保險公司,占據(jù)我國壽險行業(yè)總資產(chǎn)的49.2%。故作者在分析了我國壽險公司保險資金投資的總體情況后,選擇這兩家公司,依據(jù)提出的收益評價體系,對它們保險資金投資收益情況做了詳細(xì)的分析。最后,通過投資結(jié)構(gòu)可以看出,兩家公司均大量持有債券；且在做股票投資時,均選取的是具有長期分紅能力的上市公司。這一點(diǎn)與美國的投資經(jīng)驗(yàn)是相吻合的。 美國的金融市場發(fā)展成熟,雖然與我國處在不同的發(fā)展階段,但是美國保險資金投資的經(jīng)驗(yàn)還是有許多可借鑒之處。因此,作者運(yùn)用收益評價體系對美國壽險公司保險資金投資收益的總體情況進(jìn)行了分析。在做了整體分析后,作者分析了美國最大的壽險公司——美國大都會人壽保險公司保險資金投資收益的情況。從分析結(jié)果可知,該公司除了將大部分資金投資于債券外,在投資股票時,看重的是上市公司的長期分紅能力。 從對我國和美國壽險公司投資收益的具體分析結(jié)構(gòu)可知,為了獲得穩(wěn)定的收益,保險資金應(yīng)投資于具有長期分紅能力的上市公司；同時,我國保險資金投資于股市和債券的比例均偏低,應(yīng)提高投資比例,從而促進(jìn)整體投資收益的提高,并獲得穩(wěn)定的收益；最后,為了對保險資金投資進(jìn)行更全面的監(jiān)管,可以利用利用投資收益率來監(jiān)管保險資金管理人,促進(jìn)其提高投資收
[Abstract]:On Oct . 24 , 2004 , the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued and implemented the Interim Measures for the Administration of Stock Investment of Investor ' s Insurance Institutions . In this approach , the insurance funds were first approved to invest in the stock market . With the strengthening of the system and the increase of financial products , the investment channel of the insurance funds increased gradually . In all the investment returns of the insurance funds , the average yield of the stock investment is higher , which has been favored by the insurance funds . At the same time , because of the stability of the investment income of the bonds , the investment proportion of the bonds is the highest , and is rising year by year .

Since 1980 , the share investment of insurance institutions in western developed countries , such as the United States , the United Kingdom , Germany and Japan , accounts for increasing share of the total assets . As the insurance funds ( especially life insurance funds ) have long - term , stable and huge characteristics , insurance companies gradually become increasingly important institutional investors in the stock market . The entry of insurance funds not only increases the capital supply of capital markets , but also increases the efficiency of capital market allocation ;
In turn , the stable capital market provides a better investment environment for the application of the insurance funds . Therefore , the income from the investment capital market of the insurance funds is of vital importance to the investment earnings of the insurance funds .

According to China Insurance Regulatory Commission ' s statistics on domestic insurance industry , life insurance company ' s assets account for 80 % of the total assets of the insurance industry , so this article mainly chooses life insurance company ' s insurance fund investment situation analysis . And in order to make a more comprehensive evaluation of the investment income of life insurance fund , the author establishes an investment income evaluation system , from the investment proportion , the investment yield and the benefit to the total investment income contribution degree three aspects to measure life insurance capital investment income .

According to the statistics in China Insurance Yearbook in 2011 , China Life Insurance Company and Ping An Insurance Company of China account for 49.2 % of the total assets of our life insurance industry . Therefore , after analyzing the overall situation of the insurance fund investment in China Life Insurance Company , the author selects the two companies , and makes a detailed analysis on the investment income of their insurance funds according to the proposed income evaluation system . Finally , it can be seen from the investment structure that both companies have large holdings of bonds ;
And when doing stock investment , all of them are listed companies with long - term dividend ability . This is consistent with American investment experience .

The American financial market is mature , although it is in different stages of development with our country , but the experience of American insurance fund investment is still a lot of reference . Therefore , the author analyzes the overall situation of insurance fund investment income of American life insurance company by using the income evaluation system . From the analysis results , the author analyzed the long - term dividend ability of the listed company in addition to investing most of the funds in bonds .

From the detailed analysis of the investment income of life insurance companies in China and America , it is found that in order to obtain stable income , the insurance funds should be invested in listed companies with long - term dividend ability ;
At the same time , the proportion of Chinese insurance funds invested in stock market and bond is low , and the proportion of investment should be increased , so as to promote the improvement of overall investment income and obtain stable income ;
Finally , in order to supervise the investment of the insurance funds more comprehensively , it is possible to use the investment return rate to supervise the insurance fund manager and promote the investment income .
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F842.62;F832.48

【參考文獻(xiàn)】

相關(guān)期刊論文 前4條

1 陸愛勤;;保險投資組合策略研究[J];上海金融;2007年10期

2 傅強(qiáng);李萬有;;我國保險資金運(yùn)用問題研究[J];武漢金融;2007年08期

3 張帥;朱浩然;;我國保險資金投資資本市場的實(shí)證研究[J];保險職業(yè)學(xué)院學(xué)報;2011年06期

4 吳聰穎;;中、美保險資金運(yùn)用對比[J];中國房地產(chǎn)金融;2010年01期

，

本文編號：2008115