本文選題：壽險資金 + 養(yǎng)老社區(qū)　； 參考：《西南財經大學》2016年碩士論文

【摘要】：2014年,我國65歲以上老年人口達到1.37億人,以137462萬人口總數為基數計算,65歲以上人口約占我國總人口比重的9.967%,老齡化問題相對嚴重。面對日益嚴重的老齡化壓力,現(xiàn)有養(yǎng)老體系中的傳統(tǒng)養(yǎng)老模式已經無法滿足老年人的養(yǎng)老需求,探索新的養(yǎng)老服務模式迫在眉睫。在人口老齡化及當前的養(yǎng)老市場背景下,我國養(yǎng)老社區(qū)模式的探索具有廣闊的市場前景和龐大的發(fā)展?jié)摿Α?008年,國務院發(fā)布了《關于當前金融促進經濟發(fā)展的若干意見》。其中,關于促進保險企業(yè)涉足醫(yī)療行業(yè)及養(yǎng)老實體建設相關規(guī)定的出臺表達了國家對保險企業(yè)探索養(yǎng)老服務行業(yè)的支持；2009年,新版保險法拓寬了保險公司資金運用渠道,將不動產列入保險資金投資范圍,為壽險公司投資建設養(yǎng)老社區(qū)的設想提供了法律保證；2016年3月17日,“十三五規(guī)劃”正式發(fā)布,文章中明確表明國家對養(yǎng)老問題的關注,呼吁各類市場主體通過多種方式增加養(yǎng)老服務和市場供給。壽險公司作為社會養(yǎng)老保障體系的重要補充,是養(yǎng)老體系的重要支柱。壽險公司投資建設養(yǎng)老社區(qū)較房地產企業(yè)在可運用資金規(guī)模及資金成本上具有較大優(yōu)勢,同時壽險公司在養(yǎng)老產業(yè)建設方面的專業(yè)程度也是房地產企業(yè)無法比擬的。壽險資金投資養(yǎng)老社區(qū)一方面可以完善我國養(yǎng)老服務體系,緩解老齡化壓力；另一方面,巨大的養(yǎng)老服務需求也可以為壽險公司帶來更多的盈利。此外,投資養(yǎng)老社區(qū)具有長期性、穩(wěn)定性,同時預期收益率高于保險資金平均收益率,與壽險資金的運用原則相符合,有利于壽險資金保值增值,而多元化的投資渠道也能降低損失風險。本文希望通過對國內壽險資金投資養(yǎng)老社區(qū)的具體實踐案例進行分析,由于投資養(yǎng)老社區(qū)建設資金需求規(guī)模大,期限長,對壽險公司的資金流動性會造成一定影響,為公司的安全經營帶來一定挑戰(zhàn)。所以本文希望通過對建設及運營過程中可能存在的風險進行識別,運用相關風險管理措施盡可能的降低未來損失,達到為壽險公司做出投資養(yǎng)老社區(qū)的決策提供一定參考的目的。全文共分八部分,七章內容。本文第一部分為緒論。該部分主要敘述了在我國當前存在的老年人口數量激增、養(yǎng)老需求不斷上升的社會背景下,傳統(tǒng)的養(yǎng)老模式已不足以滿足老年人的需求,而養(yǎng)老社區(qū)作為一種新型養(yǎng)老模式對我國的養(yǎng)老體系建設是一種很好的補充。隨后從投資的現(xiàn)實性、存在風險及管控措施三方面對現(xiàn)有的養(yǎng)老社區(qū)的相關研究進行簡要述評,并在隨后部分闡述了本文主要采用的三種分析方法,分別為理論研究、比較分析及定性分析法。在本部分的最后,指出本文可能存在的對壽險資金投資養(yǎng)老社區(qū)風險識別及風險管控措施的提出等方面的創(chuàng)新及在數據缺乏條件下無法進行實證解釋的不足。第二部分為壽險資金投資養(yǎng)老社區(qū)的概述。在該部分中,筆者對壽險資金的來源進行了簡單的分類,主要分為資本金、資本公積、留存收益、保險準備金及其他資金來源。之后結合壽險資金投資的安全性、流動性及收益性三項基本原則對壽險資金現(xiàn)有投資渠道進行簡要分析,得出壽險資金投資需面臨風險與收益相平衡的選擇。隨后綜合現(xiàn)有文獻給出的各種版本的定義對養(yǎng)老社區(qū)的概念進行初步的界定,并根據最常用的按照醫(yī)療護理程度不同的分類方式將對養(yǎng)老社區(qū)分為生活自理型、生活協(xié)助型、特殊護理型及持續(xù)照顧型四類。最后闡述了我國現(xiàn)有的養(yǎng)老體系主要由傳統(tǒng)家庭式養(yǎng)老、機構養(yǎng)老及社區(qū)居家養(yǎng)老三種模式構成,并對我國的養(yǎng)老社區(qū)實踐探索進行簡單的分類。第三部分為壽險資金投資養(yǎng)老社區(qū)的必要性及可行性分析。該部分首先對壽險資金投資養(yǎng)老社區(qū)的必要性進行分析,投資養(yǎng)老社區(qū)可有效改善壽險資金的資產負債匹配結構、降低投資組合的風險,并可達到促進我國經濟發(fā)展和資本市場完善的目的。隨后從我國現(xiàn)有的政策條件及市場環(huán)境下對壽險資金投資養(yǎng)老社區(qū)的可行性及現(xiàn)實性進行分析,新“國十條”及“十三五規(guī)劃”的相關內容均體現(xiàn)出政府對壽險公司投資養(yǎng)老實業(yè)建設給予大力支持,同時市場的潛在需求也預示著壽險資金投資養(yǎng)老社區(qū)具有廣闊的發(fā)展前景。第四部分是壽險資金投資養(yǎng)老社區(qū)的國內實踐：基于典型案例。該部分通過對我國已進入試運行的泰康之家養(yǎng)老社區(qū)及合眾優(yōu)年養(yǎng)老社區(qū)進行比較分析,首先對二者的選址、建設標準等基礎建設進行簡單介紹,隨后分別從購買保險產品或交納租金入住兩種角度對二個養(yǎng)老社區(qū)進行對比分析,得出二者競爭優(yōu)勢及可能存在的缺陷。第五部分為壽險資金投資養(yǎng)老社區(qū)的風險分析。該部分主要是針對壽險資金投資養(yǎng)老社區(qū)可能面臨的風險進行分析。首先從宏觀上對壽險資金投資養(yǎng)老社區(qū)主要面臨的風險進行分析,其中包括政策風險、利率風險、房地產波動風險等可能存在的風險。隨后從微觀角度出發(fā),提出了壽險資金投資養(yǎng)老社區(qū)可能面臨流動性風險、業(yè)務操作風險、成本回收風險等潛在風險。第六部分為壽險資金投資養(yǎng)老社區(qū)風險管理的國際經驗及其啟示。該部分通過對美國、日本、英國投資建設的養(yǎng)老社區(qū)的相關案例進行分析,美國的RETIs為我國壽險資金通過間接投資方式對養(yǎng)老社區(qū)進行投資的設想提供了參考,日本的住宅養(yǎng)老呈現(xiàn)了一種通過買賣產權的方式入住養(yǎng)老社區(qū)的案例,為我國養(yǎng)老社區(qū)運營提供借鑒,而英國Southern Cross養(yǎng)老機構的破產則為我國養(yǎng)老社區(qū)運營敲響警鐘,需增強風險防范意識。國外的相關案例充分展現(xiàn)了養(yǎng)老社區(qū)建設對政策及專業(yè)性的依賴,所以加快政策體系健全及促進與專業(yè)機構的合作成為我國壽險資金投資養(yǎng)老社區(qū)發(fā)展的重中之重。第七部分為中國壽險資金投資養(yǎng)老社區(qū)風險管控的對策建議。此部分針對前文提出的宏、微觀風險給出合理化風險管控建議。壽險公司方面應由專項部門負責社區(qū)的建設及運營,建立完善的內部風險管控機制,同時需加強與專業(yè)機構的合作,增加社區(qū)的專業(yè)化程度,產品證券化探索及住房抵押養(yǎng)老保險的探索均可增加壽險資金的投資穩(wěn)定性及流動性。政府方面應該盡快完善法律體系建設,對相關標準進行約束,強化政府監(jiān)管,以促進我國壽險公司投資養(yǎng)老社區(qū)嘗試的發(fā)展。最后一部分是結論。該部分對本文的所述內容進行總結,得出我國壽險資金投資養(yǎng)老社區(qū)具有理論與現(xiàn)實基礎,但現(xiàn)有嘗試還不太成熟,需要加強風險管控和政策環(huán)境的建設。
[Abstract]:In 2014, the population of aged 65 and above reached 137 million, with the total population of 1 billion 374 million 620 thousand as the base number. The population aged 65 and above accounted for 9.967% of the total population of our country, and the problem of aging was relatively serious. Facing the increasing aging pressure, the traditional old-age system in the existing pension system had not met the elderly's needs for the aged. In the context of the aging of the population and the current old-age market, the exploration of the old-age community model in China has a broad market prospect and a huge potential for development in.2008 years. The State Council has issued a "if" on the current financial promotion of economic development. The relevant provisions of the medical industry and the pension entity construction expressed the support of the state for the insurance enterprises to explore the old-age service industry. In 2009, the new insurance law broadened the fund utilization channel of the insurance companies, put the real estate into the insurance fund investment scope, and provided the legal guarantee for the life insurance companies to invest in the construction of the pension community. 2 In March 17th 016, the "13th Five-Year plan" was formally issued. The article clearly showed the state's attention to the pension problem, and called on all kinds of market subjects to increase the service and market supply through various ways. As an important supplement to the social endowment insurance system, life insurance companies are the important support of the pension system. On the one hand, the life insurance fund investment pension community can improve our old-age service system and alleviate the pressure of aging. On the other hand, the pension fund investment in the old-age community can not be compared. The large pension service demand can also bring more profit to the life insurance company. In addition, the investment pension community has long-term, stability, and the expected rate of return is higher than the average rate of income of insurance funds, which is in line with the application principle of life insurance funds, which is beneficial to the value of life insurance funds, and the diversified investment channels can also reduce the loss wind. This article hopes to analyze the concrete practice case of the domestic life insurance fund investment pension community, because the capital demand of the investment pension community is large and the time limit is long, it will have a certain impact on the liquidity of the life insurance company, which will bring a definite challenge for the company's safe operation. So this article hopes to pass the construction and operation. The possible risks in the process are identified, and the related risk management measures are used to reduce the future losses as much as possible to provide a reference for the decision of the life insurance companies to make investment in the pension community. The full text is divided into eight parts and seven chapters. The first part of this paper is the introduction. This part mainly describes the current existence in China. Under the social background of the increasing number of elderly population and the rising demand for the aged, the traditional old-age mode is not enough to meet the needs of the elderly, and the old-age community is a good supplement to the construction of the old-age system in China as a new type of old-age model. Then, three aspects of the existing investment, the existence of risk and the management and control measures are available. The related research on the pension community is briefly reviewed, and in the following part, the three main analytical methods used in this paper are discussed, which are theoretical research, comparative analysis and qualitative analysis. At the end of this part, it points out the possible risk identification and risk management measures for the pension community in this part of this article. The second part is an overview of the life insurance fund investment pension community. In this part, the author makes a simple classification of the sources of life insurance funds, which are mainly divided into capital, capital stock, retained earnings, insurance reserve and other sources of funds. The three basic principles of the security, liquidity and profitability of the insurance funds are briefly analyzed in the current investment channels of life insurance funds. It is concluded that the investment of life insurance funds should be balanced by the risks and benefits. According to the different classification methods of medical care, the old-age community can be divided into four types: life self-care, life assistance, special care and continuous care. At last, the existing old-age system in China is composed of three modes of traditional family pension, institutional pension and community home, and the old-age society of our country The third part is the necessity and feasibility analysis of the life insurance fund investment pension community. This part first analyzes the necessity of the life insurance fund investment pension community, and the investment pension community can effectively improve the assets and liabilities matching structure of the life insurance funds, reduce the risk of the investment portfolio, and can be achieved. The purpose of promoting the development of China's economy and the perfection of the capital market is analyzed. The feasibility and reality of the pension community are analyzed from the existing policy conditions and market environment in China. The relevant contents of the new "country ten" and the "13th Five-Year plan" are all reflected in the government's construction of the investment for the pension industry for the life insurance companies. The fourth part is the domestic practice of the life insurance fund investment pension community: Based on the typical cases, this part is compared to the old community in Taikang and the elderly community in China. Analysis, first of all, a simple introduction to the two parties, construction standards and other basic construction, then from the purchase of insurance products or pay rent in two aspects of the two pension communities to compare and analyze the two competitive advantages and possible defects. Fifth divided into the risk analysis of life insurance investment pension community. This part is mainly to analyze the risks that may be faced with the pension community of life insurance investment. First, it analyzes the main risks faced by the pension community of life insurance funds, including the risk of policy risk, interest rate risk, real estate volatility and so on. Then, from the micro point of view, it puts forward the life of life. Risk capital investment pension community may face liquidity risk, business operation risk, cost recovery risk and other potential risks. The sixth part is the international experience and Enlightenment of life insurance fund investment pension community risk management. This part analyses the related cases of the pension community in the United States, Japan and the UK, and the American RETI S provides a reference for China's life insurance funds to invest in the old-age community through indirect investment. The housing pension in Japan presents a case of living in the old-age community through the way of buying and selling property rights, providing reference for the operation of the elderly community in our country, while the bankruptcy of the Southern Cross pension institution in the UK is the old-age community in China. In the seventh part, the seventh part is the capital investment of Chinese life insurance. This part gives suggestions on the rationalization of risk management for the macro and micro risks proposed in the previous article. The life insurance companies should be responsible for the construction and operation of the community by special departments, establish a perfect internal risk management mechanism, and strengthen the cooperation with the specialized institutions to increase the degree of specialization of the community. The exploration of product securitization and the exploration of housing mortgage pension insurance can increase the investment stability and liquidity of the life insurance funds. The government should improve the construction of the legal system as soon as possible, restrict the relevant standards, strengthen the government supervision, and promote the development of our life insurance companies to invest in the old-age community. The final part is the conclusion. This article summarizes the contents of this article, and concludes that China's life insurance fund investment pension community has a theoretical and realistic basis, but the existing attempt is not too mature, and the risk management and policy environment need to be strengthened.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：D669.6;F842.62

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