本文選題：保險集團 + 不動產(chǎn)投資�。� 參考：《中國社會科學院研究生院》2014年碩士論文

【摘要】：2009年保險資金重新涉及不動產(chǎn)領(lǐng)域，這為我國保險集團完善資產(chǎn)配置，更好的匹配負債結(jié)構(gòu)提供了新的途徑。隨著之后保險資金運用監(jiān)管政策的松動，不動產(chǎn)投資開始逐漸成為我國保險集團保險資金運用的重要方式。保險資金投資不動產(chǎn)主要理論是源自資產(chǎn)負債管理理論（ALM），而對于保險集團公司而言，如何對各個保險子公司匯聚的不同期限的保險資金產(chǎn)生的各類型負債，進行資產(chǎn)匹配是比較現(xiàn)實的問題。當今我國保險資金運用效率較低，大多保險集團仍然依靠保險業(yè)務(wù)收入產(chǎn)生的利潤，而投資收益較低，不動產(chǎn)投資更是剛剛起步。 本文通過分析國外主要保險集團的不動產(chǎn)投資，從資產(chǎn)負債結(jié)構(gòu)、不動產(chǎn)投資模式、投資物業(yè)標的來對比我國保險集團，通過逐一類比，結(jié)合企業(yè)資源理論和企業(yè)邊界理論，得出了保險集團需要建立專業(yè)的不動產(chǎn)投資平臺的結(jié)論。通過對于國際主要保險集團不動產(chǎn)投資物業(yè)類型的分析，結(jié)合資產(chǎn)負債管理理論，提出了不同類型保險集團應(yīng)投資不同的物業(yè)類型：壽險為主的保險集團應(yīng)該偏重經(jīng)營型物業(yè)的投資，以匹配壽險資金負債的長期性，而以非壽險業(yè)務(wù)為主的保險集團應(yīng)當側(cè)重開發(fā)型物業(yè)的投資，，以物業(yè)出售獲取相對短期的較高收益，減少資金占用時間。最后通過對資產(chǎn)負債的相應(yīng)計算和國內(nèi)外保險集團的比較，得出我國保險集團不動產(chǎn)投資仍有較大空間，為了匹配新增負債結(jié)構(gòu)應(yīng)該加大不動產(chǎn)投資力度。 最后本文結(jié)合對我國保險集團的不動產(chǎn)投資的分析，發(fā)現(xiàn)了其不動產(chǎn)投資方面還存在的不足。結(jié)合對并對我國保險行業(yè)的展望，對保險集團投資不動產(chǎn)提出了相應(yīng)的建議。
[Abstract]:In 2009, the insurance fund was again involved in the field of real estate, which provided a new way for China's insurance groups to improve asset allocation and better match the structure of liabilities. With the loosening of the supervision policy of insurance funds, real estate investment has gradually become an important way to use insurance funds of insurance groups in China. The main theory of investment of insurance funds in real estate is from the theory of asset liability management (ALM). However, for insurance group companies, how to generate various types of liabilities for the insurance funds with different maturities that each insurance subsidiary gathers, Asset matching is a realistic problem. At present, the efficiency of using insurance funds in our country is low, most insurance groups still rely on the profits generated by insurance business income, but the investment income is low, and the real estate investment is just beginning. By analyzing the real estate investment of major foreign insurance groups, this paper compares the real estate investment of China's insurance groups from the structure of assets and liabilities, the real estate investment model, and the subject matter of investment property. By analogy one by one, combining with the theory of enterprise resources and the theory of enterprise boundary, Draw the conclusion that insurance group needs to establish professional real estate investment platform. Based on the analysis of the types of real estate investment in major international insurance groups, combined with the theory of asset and liability management, This paper puts forward that different types of insurance groups should invest in different types of property: the life insurance groups should emphasize the investment of operating properties in order to match the long-term nature of life insurance funds and liabilities. The insurance group with non-life insurance business should focus on the investment of the development property, obtain the relatively short term higher income by the property sale, and reduce the time of the capital occupation. Finally, through the corresponding calculation of assets and liabilities and the comparison between domestic and foreign insurance groups, it is concluded that there is still much room for real estate investment of insurance groups in China. In order to match the new debt structure, real estate investment should be strengthened. Finally, based on the analysis of the real estate investment of the insurance group in China, we find the deficiency of the real estate investment. Combined with the prospect of China's insurance industry, the paper puts forward corresponding suggestions on the investment of real estate by insurance groups.
【學位授予單位】：中國社會科學院研究生院
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F842.3;F840.4

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