本文選題：保險(xiǎn)公司 + 次級(jí)債　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：作為現(xiàn)代保險(xiǎn)監(jiān)管體系的核心組成部分——償付能力監(jiān)管,其不僅是保護(hù)投保人利益的關(guān)鍵,更是保險(xiǎn)業(yè)長足、穩(wěn)定、可持續(xù)發(fā)展的主導(dǎo)因素。然而,行業(yè)急速增長以及資本市場不景氣影響投資收益的情況下,保險(xiǎn)公司的償付能力下滑成為了一個(gè)普遍趨勢(shì)。為了彌補(bǔ)償付能力不足,各保險(xiǎn)公司積極尋求各種渠道以籌集資金。然而,目前我國保險(xiǎn)公司面臨著籌資渠道狹窄的問題。從國際實(shí)踐來看,保險(xiǎn)公司發(fā)行次級(jí)債補(bǔ)充資本、提高償付能力是非常有效的途徑。2004年9月中國保監(jiān)會(huì)發(fā)布了《保險(xiǎn)公司次級(jí)定期債務(wù)管理暫行辦法》(以下簡稱“《暫行辦法》"),這一法規(guī)的頒布將我國保險(xiǎn)公司次級(jí)債融資合法化了。2011年,中國保監(jiān)會(huì)再次發(fā)布了《保險(xiǎn)公司次級(jí)定期債務(wù)管理辦法》(以下簡稱“《新辦法》”),這是對(duì)《暫行辦法》的修訂與完善。 根據(jù)2011年10月6日發(fā)布的《保險(xiǎn)公司次級(jí)定期債務(wù)管理辦法》,保險(xiǎn)公司次級(jí)債是指保險(xiǎn)公司為了彌補(bǔ)臨時(shí)性或者階段性資本不足,經(jīng)批準(zhǔn)募集、期限在五年以上(含五年),且本金和利息的清償順序列于保單責(zé)任和其他負(fù)債之后、先于保險(xiǎn)公司股權(quán)資本的保險(xiǎn)公司債務(wù)。按照新《辦法》,可以按一定的比例將通過次級(jí)債募集到的資金計(jì)入附屬資本,增加保險(xiǎn)公司的實(shí)際資本,改善它的償付能力狀況�？梢�,保險(xiǎn)公司次級(jí)債可以被視為是資本金的“補(bǔ)充”,具有一定的資本性。然而,保險(xiǎn)公司次級(jí)債作為一種特殊的債務(wù),其基本屬性仍然是債務(wù)性,本質(zhì)上體現(xiàn)的是保險(xiǎn)公司與投資主體之間的一種借貸關(guān)系：保險(xiǎn)公司向投資者募集資金,并(在符合條件的情況下)到期返還本金、利息；而投資主體把本金借給保險(xiǎn)公司,到期享有請(qǐng)求償還本息的權(quán)利。保險(xiǎn)公司次級(jí)債與其他普通債務(wù)最大的區(qū)別就是“次級(jí)性”,此處的次級(jí)性是償還的次級(jí)性,即只有在滿足了其他普通債務(wù)本息的償還后,次級(jí)債權(quán)人才有權(quán)請(qǐng)求清償。但這種次級(jí)性并不是絕對(duì)的,只有在保險(xiǎn)公司出現(xiàn)財(cái)務(wù)、經(jīng)營危機(jī)導(dǎo)致破產(chǎn)、清算或重組時(shí),次級(jí)債的次級(jí)性才得以體現(xiàn)。在保險(xiǎn)公司正常、穩(wěn)定經(jīng)營的情況下,次級(jí)債權(quán)人可以如期得到保險(xiǎn)公司償付的次級(jí)債本息,此時(shí)保險(xiǎn)公司次級(jí)債的次級(jí)性對(duì)次級(jí)債權(quán)人并無實(shí)質(zhì)性的影響。 次級(jí)債作為一種新的金融工具,產(chǎn)生了一個(gè)新的利益相關(guān)者群體——次級(jí)債權(quán)人,由于次級(jí)債權(quán)人與其他保險(xiǎn)公司利益相關(guān)者相比,存在諸多特性。與股權(quán)資本相比,首先,次級(jí)債的名義利率是固定的,次級(jí)債權(quán)人分享不到保險(xiǎn)公司風(fēng)險(xiǎn)活動(dòng)帶來的收益。而且由于次級(jí)債的長期性、次級(jí)性、償還的非保障性,保險(xiǎn)公司一旦經(jīng)營失敗、破產(chǎn)清算,次級(jí)債權(quán)人獲得清償?shù)捻樞蛟谒衅胀▊鶆?wù)之后,因此,次級(jí)債投資者承擔(dān)了因保險(xiǎn)公司風(fēng)險(xiǎn)活動(dòng)而可能帶來的損失。與保費(fèi)收入相比,保險(xiǎn)公司次級(jí)債也顯示出一些特性。由于投保人(被保險(xiǎn)人)受到保險(xiǎn)保障基金的保護(hù),就削弱了投保人(被保險(xiǎn)人)監(jiān)督保險(xiǎn)公司經(jīng)營的積極性。與監(jiān)管當(dāng)局相比,次級(jí)債券市場對(duì)保險(xiǎn)公司信息的反應(yīng)更快。當(dāng)新的信息披露時(shí),市場可以及時(shí)地通過利差變化來反映新的變化,而監(jiān)管當(dāng)局在做出一項(xiàng)決定前需要經(jīng)過較為煩瑣的程序。因此,理論上,市場比監(jiān)管者能更有效地約束保險(xiǎn)公司。也就是說,次級(jí)債權(quán)人的利益特殊性(次級(jí)性、無保障性等)決定了它可以提供不同于股東和普通債權(quán)人(除次級(jí)債債權(quán)人之外的債權(quán)人)的市場約束機(jī)制,改善保險(xiǎn)公司的風(fēng)險(xiǎn)承擔(dān)行為。 本文旨在研究我國保險(xiǎn)公司次級(jí)債的市場約束機(jī)理和效應(yīng),并結(jié)合10家樣本保險(xiǎn)公司,采用案例分析的方式,分析了我國保險(xiǎn)次級(jí)債市場約束的現(xiàn)實(shí)狀況,最后分析結(jié)論、提出改進(jìn)建議。文章共分為五部分,主要內(nèi)容大致如下。 第一部分是緒論,主要介紹論文的研究背景及意義,總結(jié)分析了國內(nèi)外相關(guān)研究成果,闡述論文的研究思路及框架,以及主要研究方法。 第二部分是保險(xiǎn)公司次級(jí)債的基本理論分析。首先界定了保險(xiǎn)公司次級(jí)債的含義,并分析了其本質(zhì)屬性——債務(wù)性、資本性及次級(jí)性,最后對(duì)保險(xiǎn)次級(jí)債的作用進(jìn)行了介紹。 第三部分是保險(xiǎn)公司次級(jí)債市場約束機(jī)理分析。首先,分析了市場約束的內(nèi)涵和運(yùn)行機(jī)制。在此基礎(chǔ)上,提出了保險(xiǎn)公司次級(jí)債的市場約束問題,并具體分析了其作用機(jī)理。由于次級(jí)債的利率是相對(duì)固定的,其債權(quán)人享受不到保險(xiǎn)公司高風(fēng)險(xiǎn)行為帶來的額外收益,相反,由于次級(jí)債的次級(jí)性、無保障性,保險(xiǎn)公司一旦經(jīng)營失敗,其獲得賠付的順序很靠后(僅排在保險(xiǎn)公司股權(quán)之前)。因此,與股東、投保人等其他利益相關(guān)者相比,次級(jí)債投資人對(duì)保險(xiǎn)公司的風(fēng)險(xiǎn)行為更為敏感,從而更有動(dòng)機(jī)去對(duì)保險(xiǎn)公司的風(fēng)險(xiǎn)行為進(jìn)行分析、監(jiān)控及約束。 第四部分是對(duì)我國保險(xiǎn)公司次級(jí)債市場約束效應(yīng)的現(xiàn)狀分析。雖然我國保險(xiǎn)公司越來越依賴于次級(jí)債融資來彌補(bǔ)償付能力的不足,次級(jí)債發(fā)行金額逐年攀升,但是由于我國現(xiàn)實(shí)狀況的制約,保險(xiǎn)次級(jí)債的市場約束效應(yīng)并未體現(xiàn)出來。本章采用案例分析的方式,通過對(duì)比分析中國人壽、平安壽險(xiǎn)等10家樣本保險(xiǎn)公司,得出結(jié)論：選取的樣本保險(xiǎn)公司次級(jí)債的市場約束是不存在的,并分析了導(dǎo)致這種市場約束作用不存在的可能原因。 第五部分主要是根據(jù)研究結(jié)論,提出一些政策建議,使得保險(xiǎn)公司次級(jí)債的功能得到充分、有效的發(fā)揮,從而促使保險(xiǎn)市場穩(wěn)健發(fā)展。 本文可能的特色或創(chuàng)新主要有以下幾點(diǎn)： 第一,本文的選題順應(yīng)中國保險(xiǎn)市場的最新發(fā)展?fàn)顩r。2011年10月6日,《保險(xiǎn)公司次級(jí)定期債務(wù)管理辦法》正式發(fā)布,可以看出,我國保險(xiǎn)公司次級(jí)債的發(fā)展歷程很短,相關(guān)的配套政策也處于不斷完善的過程中,此次政策的出臺(tái),標(biāo)志著保險(xiǎn)公司次級(jí)債進(jìn)入到了里程碑式的發(fā)展階段。在這種情況下,對(duì)保險(xiǎn)公司次級(jí)債進(jìn)行詳細(xì)研究,具有深遠(yuǎn)的理論和實(shí)踐意義。 第二,研究方法比較新穎。本文采用案例分析的方式研究保險(xiǎn)公司次級(jí)債的市場約束作用機(jī)理和效應(yīng),而前人對(duì)保險(xiǎn)次級(jí)債的研究大多集中于理論分析,因此這也算是我國保險(xiǎn)次級(jí)債研究的一個(gè)小小的進(jìn)展。 第三,前人對(duì)保險(xiǎn)次級(jí)債市場約束的存在性研究較多,而有效性沒有得到重視。本文對(duì)保險(xiǎn)公司次級(jí)債市場約束效應(yīng)的作用機(jī)理做了深入而系統(tǒng)的分析。不僅分析了保險(xiǎn)次級(jí)債市場約束的存在性,也探討了其有效性,既是對(duì)前人研究的一個(gè)總結(jié),也為今后更為深入的研究奠定基礎(chǔ)。
[Abstract]:As the core component of the modern insurance supervision system , it is not only the key to protect the interests of the insured , but also the dominant factor in the long - term , stable and sustainable development of the insurance industry .

The subordinated debt of an insurance company can be regarded as " supplementary " of capital and has certain capital . However , the subordinated debt of the insurance company can be regarded as " supplementary " of the capital , and it has certain capital . However , the subordinated debt of the insurance company can be regarded as the " supplement " of the capital , which is characterized by a loan relationship between the insurance company and the investment subject .
The secondary nature of the subordinated debt of the insurance company is not absolute , that is , when the insurance company is in a normal and stable operation , the secondary creditor can obtain the subordinated debt principal and interest of the insurance company if the insurance company is normal and stable , and the secondary nature of the secondary debt of the insurance company has no substantial influence on the secondary creditor .

As a new financial instrument , subordinated debt , as a new financial instrument , has produced a new stakeholder group _ sub - creditor .

The purpose of this paper is to study the market restriction mechanism and effect of the subordinated debt of insurance companies in our country , and combine with 10 sample insurance companies to analyze the real situation of our insurance sub - debt market restriction by using case analysis . Finally , the conclusion is analyzed and suggestions are put forward . The article is divided into five parts . The main contents are as follows .

The first part is the introduction , mainly introduces the research background and significance of the paper , summarizes the relevant research results at home and abroad , expounds the research thoughts and framework of the thesis , and the main research methods .

The second part is the basic theory analysis of the subordinated debt of the insurance company . Firstly , it defines the meaning of the subordinated debt of the insurance company , and analyzes its essential attribute _ debt , capital and secondary nature , and finally introduces the function of the insurance secondary debt .

The third part is the analysis of the restriction mechanism of the secondary debt market of the insurance company . Firstly , it analyzes the connotation and the operating mechanism of the market restriction . On the basis of this , the author puts forward the market restriction problem of the subordinated debt of the insurance company and analyzes its mechanism of action .

The fourth part is the analysis of the current situation of the restraining effect of the subordinated debt market of our insurance companies . Although our insurance companies increasingly rely on the subordinated debt financing to make up for the shortage of solvency , the issuance amount of the subordinated debt has not been reflected . In this chapter , we draw the conclusion that the market restriction of the subordinated debt of the sample insurance company is not in existence because of the restriction of the reality of our country .

In the fifth part , according to the research conclusion , some policy suggestions are put forward , so that the function of the subordinated debt of the insurance company is fully and effectively played , so as to promote the sound development of the insurance market .

The possible features or innovations of this article are as follows :

First , this thesis is in compliance with the latest development of China ' s insurance market . On Oct . 6 , 2011 , the development course of subordinated debt of insurance company is very short . It can be seen that the development course of subordinated debt of insurance company is short , and the related supporting policy is also in the process of continuous improvement . In this case , the secondary debt of insurance company has entered the milestone development stage . In this case , it has far - reaching theoretical and practical significance .

Second , the research method is novel . In this paper , we study the mechanism and effect of the market restriction of the subordinated debt of the insurance company by case analysis , and the previous research on the secondary debt of insurance is mostly focused on the theoretical analysis , so it is also a little progress of our country ' s insurance sub - debt research .

Third , there are many researches on the existence of the restriction on the secondary debt market of insurance companies , and the validity is not paid much attention . This paper makes an in - depth analysis on the mechanism of the restraining effect of the secondary debt market of the insurance company . It not only analyses the existence of the constraint of the insurance sub - debt market , but also discusses its effectiveness , which is not only a summary of the previous study , but also lays the foundation for further research in the future .
【學(xué)位授予單位】：西南財(cái)經(jīng)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

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 高洪忠;;保險(xiǎn)公司次級(jí)債風(fēng)險(xiǎn)及監(jiān)管研究[J];保險(xiǎn)研究;2011年01期

2 米黎鐘;畢玉升;王效俐;;違約邊界條件下的次級(jí)債定價(jià)研究[J];財(cái)貿(mào)經(jīng)濟(jì);2007年05期

3 于東智,蒲夫生;強(qiáng)制性次級(jí)債與商業(yè)銀行的公司治理[J];金融論壇;2005年10期

4 鄭鳴,陳捷瓊;國有商業(yè)銀行發(fā)行次級(jí)債券補(bǔ)充資本金研究[J];國際金融研究;2002年10期

5 黃仟奇;;保險(xiǎn)公司次級(jí)債務(wù)之利弊分析[J];經(jīng)營管理者;2010年04期

6 許敏敏;唐清峰;;論我國保險(xiǎn)公司次級(jí)債融資[J];會(huì)計(jì)之友(上旬刊);2007年10期

7 楊寶華;;保險(xiǎn)公司次級(jí)債融資的顯著風(fēng)險(xiǎn)識(shí)別與管控措施[J];上海保險(xiǎn);2010年01期

8 龔永明;次級(jí)債的市場約束效應(yīng)分析[J];上海金融;2004年08期

9 李斌;李旭紅;;我國銀行互持次級(jí)債券的動(dòng)因及風(fēng)險(xiǎn)分析[J];社會(huì)科學(xué)家;2006年03期

10 陳剛,李衛(wèi);論次級(jí)債市場約束及其障礙分析[J];特區(qū)經(jīng)濟(jì);2005年07期

，

本文編號(hào)：2006096