本文選題：保險資金 + 不動產(chǎn)投資��； 參考：《蘭州商學院》2014年碩士論文

【摘要】：隨著我國保險業(yè)務(wù)發(fā)展水平的提高，逐漸積累了不少保險資金，為我國保險資金的運用提供了豐厚的資金，為此我國保險監(jiān)管機構(gòu)不斷出臺保險資金運用的相關(guān)政策，拓寬保險資金投資渠道。2006年我國保險資金以信托方式間接投資了基礎(chǔ)設(shè)施項目，之后我國保險資金在不動產(chǎn)投資方面的步伐比較緩慢，在2009年新《保險法》放開保險資金投資不動產(chǎn)渠道后，我國保險資金在不動產(chǎn)投資上邁出了一大步，但相關(guān)細則未出臺，致使保險資金遲遲不能進入不動產(chǎn)領(lǐng)域，我國保險資金投資不動產(chǎn)仍處于起步階段，作為投資組合保險資金不可避免的面臨著一系列風險，，將VaR模型融入到保險投資中，符合保險資金投資的安全性、盈利性和流動性的要求，本文正是基于VaR方法的角度對保險資金投資進行研究。 本文首先從保險資金及不動產(chǎn)的概念界定、方式和特點著手，闡述了我國保險資金投資不動產(chǎn)的發(fā)展概況、保險資金投資不動產(chǎn)的相關(guān)政策和模式。其次，對我國保險資金投資不動產(chǎn)基于VaR模型的理論概述和模型進行了實證分析。然后，借鑒國外保險市場發(fā)達的美國、英國、日本的投資實踐，結(jié)合目前我國保險資金所處的投資環(huán)境，即我國保險資金面臨專業(yè)投資人才匱乏、投資機構(gòu)建設(shè)不成熟、投資模式不完善、保險投資監(jiān)管水平有待提高等客觀不足，以及所投資的房地產(chǎn)市場周期性變化和投資比例的難以確定等挑戰(zhàn)。最后，對我國保險資金投資不動產(chǎn)提出對策建議以及投資不動產(chǎn)的前景展望。本文認為我國保險資金投資不動產(chǎn)在加強投資人才培養(yǎng)、投資模式及比例的選擇、提高保險資金投資監(jiān)管水平的情況下，不斷向養(yǎng)老實體、基礎(chǔ)設(shè)施建設(shè)和REITs等不動產(chǎn)領(lǐng)域投資是一個很好的方向。 總體來說，我國保險資金進入不動產(chǎn)領(lǐng)域的空間是非常大的，由于保險資金投資不動產(chǎn)還是存在一定的風險，因此在投資時更應(yīng)該注重投資風險的管控以及選擇適當?shù)耐顿Y模式和比例。當前我國保險資金只有直接模式可選，考慮到保險資金對穩(wěn)健性的要求，作為嘗試不動產(chǎn)市場的保險公司，必須積極探索多種創(chuàng)新性保險資金投資不動產(chǎn)的模式，我國保險市場將朝著更大更強的方向前進。
[Abstract]:With the development of insurance business in our country, a lot of insurance funds have been accumulated gradually, which provides abundant funds for the use of insurance funds in our country. For this reason, the insurance regulatory bodies in our country continue to issue policies related to the use of insurance funds.In 2006, China's insurance funds indirectly invested in infrastructure projects by way of trust. After that, the pace of our country's insurance funds in real estate investment was relatively slow.After the new Insurance Law opened up the channels for insurance funds to invest in real estate in 2009, China's insurance funds have taken a big step forward in real estate investment, but the relevant rules have not been issued, resulting in the insurance funds being unable to enter the real estate field.China's insurance fund investment in real estate is still in its infancy. As a portfolio insurance fund, it is inevitable to face a series of risks. The VaR model is integrated into the insurance investment, which is in line with the safety of the insurance fund investment.This paper studies the investment of insurance fund based on VaR method.This paper begins with the definition, mode and characteristics of insurance fund and real estate, and expounds the development of insurance fund investment in real estate in China, and the relevant policies and models of insurance fund investment in real estate.Secondly, the paper analyzes the theory and model of insurance fund investment real estate based on VaR model.Then, drawing lessons from the investment practices of the United States, the United Kingdom and Japan, which have developed insurance markets abroad, and combining the investment environment in which our country's insurance funds are currently located, that is, our insurance funds are facing a shortage of professional investment personnel, and investment institutions are not mature.The investment model is not perfect, the level of insurance investment supervision needs to be improved, and the challenges such as the periodic changes of the real estate market and the uncertainty of the investment ratio are also discussed.Finally, the paper puts forward some countermeasures and prospects for investment of insurance funds in real estate.In this paper, the author thinks that under the condition of strengthening the training of investment talents, the choice of investment mode and proportion, and the improvement of the level of supervision of insurance fund investment, the real estate investment of insurance funds in our country continues to turn to pension entities.Investment in real estate such as infrastructure construction and REITs is a good direction.In general, there is a great deal of room for insurance funds to enter the field of real estate in our country, because there is still a certain risk for insurance funds to invest in real estate.Therefore, we should pay more attention to investment risk management and choice of appropriate investment model and proportion.At present, there are only direct modes of insurance funds in China. Considering the requirements of insurance funds for robustness, as insurance companies trying to find out the real estate market, we must actively explore a variety of innovative insurance funds to invest in real estate models.Our country insurance market will move towards bigger and stronger direction.
【學位授予單位】：蘭州商學院
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F842

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