本文關(guān)鍵詞：QH公司保險(xiǎn)資金股票投資風(fēng)險(xiǎn)及其防范研究　出處：《廣東工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：改革開(kāi)放以來(lái),隨著我國(guó)經(jīng)濟(jì)的持續(xù)高速增長(zhǎng),我國(guó)金融市場(chǎng)日益活躍。作為金融活動(dòng)的重要載體,股市的入市管控也逐步放開(kāi),使得股市交易的資金來(lái)源日趨廣泛。但由于股市風(fēng)險(xiǎn)高企,之前受限進(jìn)入股市的資金突然解禁,這些資金怎樣根據(jù)自己的特性制定風(fēng)險(xiǎn)控制體系應(yīng)該得到學(xué)界和金融界更多關(guān)注。不同資金進(jìn)入股市的風(fēng)險(xiǎn)及應(yīng)對(duì)機(jī)制亟待研究,但目前我國(guó)現(xiàn)有研究集中在對(duì)國(guó)外相關(guān)理論的學(xué)習(xí)和消化階段,根據(jù)企業(yè)實(shí)際情況進(jìn)行的案例分析還不夠豐富。以保險(xiǎn)資金為例,我國(guó)直到2004年才從政策上允許保險(xiǎn)資金直接投資股票市場(chǎng);13年來(lái)經(jīng)過(guò)數(shù)次調(diào)整,保險(xiǎn)資金投資股市占總資產(chǎn)的比例上限才達(dá)到30%,這足以看出監(jiān)管層對(duì)保險(xiǎn)資金投資股市的謹(jǐn)慎。保險(xiǎn)資金相比其他投資資金而言,抗風(fēng)險(xiǎn)能力弱,而且保險(xiǎn)資金一旦大額虧損造成的關(guān)聯(lián)影響會(huì)很嚴(yán)重�？梢�(jiàn),從實(shí)踐角度出發(fā),在投資組合理論、行為金融理論等理論的指導(dǎo)下為保險(xiǎn)資金投資股票建立風(fēng)險(xiǎn)防控體系,極具意義。因此,為了研究保險(xiǎn)資金在股市準(zhǔn)入放寬的背景下采取較為激進(jìn)的投資策略可能產(chǎn)生的風(fēng)險(xiǎn),本文以QH公司為例,從資金特點(diǎn)、收益要求、決策者個(gè)性等角度,對(duì)保險(xiǎn)資金的股票投資風(fēng)險(xiǎn)進(jìn)行深入分析。并在此基礎(chǔ)上探討針對(duì)性的風(fēng)險(xiǎn)防范建議,促進(jìn)保險(xiǎn)資金股票投資活動(dòng)的穩(wěn)健發(fā)展。本研究結(jié)合實(shí)際案例,探討QH公司經(jīng)營(yíng)特點(diǎn)與其投資風(fēng)險(xiǎn)之間的關(guān)系,探究了投資回報(bào)要求與投資風(fēng)險(xiǎn)偏好的相關(guān)性,并討論了行為金融理論對(duì)投資風(fēng)險(xiǎn)的影響。通過(guò)研究QH公司的股票投資案例,發(fā)現(xiàn)該公司投資的股票具有股權(quán)分散、價(jià)值低估、高現(xiàn)金流等特點(diǎn)。這些特點(diǎn)讓QH公司可以進(jìn)行快進(jìn)快出的短期套利操作,但同樣也面臨來(lái)自自身操作、股市表現(xiàn)、政府監(jiān)管以及被投資公司等方面的風(fēng)險(xiǎn)。在應(yīng)對(duì)這些風(fēng)險(xiǎn)時(shí)稍有不慎便會(huì)造成重大經(jīng)濟(jì)損失和負(fù)面影響。針對(duì)這些風(fēng)險(xiǎn),QH公司可以從加強(qiáng)內(nèi)部風(fēng)險(xiǎn)控制、加強(qiáng)守法自覺(jué)性等方面進(jìn)行防控。同時(shí),投資風(fēng)險(xiǎn)的防范光靠保險(xiǎn)公司的自覺(jué)性難以達(dá)成,監(jiān)管部門和行業(yè)協(xié)會(huì)應(yīng)更加細(xì)化對(duì)保險(xiǎn)資金投資的管控,根據(jù)不同的資金來(lái)源提出對(duì)應(yīng)的監(jiān)管措施。
[Abstract]:Since the reform and opening up, as China's sustained rapid economic growth, China's financial market has become increasingly active. As an important carrier of financial activities, the stock market control has gradually liberalized, the stock market funds become more and more widely. But because of the stock market risk is high, before the limitation of funds into the stock market suddenly lifted, these funds how to according to their own characteristics to develop risk control system should have the financial and academic circle pay more attention. The research should be different risk funds into the stock market and the coping mechanism, but at present our current research focuses on theories related to foreign learning and digestion phase, case analysis according to the actual situation of enterprises is not enough. The insurance funds for example, in China until 2004 to allow the policy on the direct investment of insurance funds in the stock market; 13 years after several adjustments, the investment of insurance funds in the stock market in total The upper limit of the ratio of assets to reach 30%, it is enough to see the investment of insurance funds in the stock market regulators cautious. Compared to other insurance funds investment funds, weak anti risk ability, and the relationship of insurance funds once caused large losses will be very serious. Therefore, from the practical angle, the portfolio theory, the stock for insurance capital investment guidance behavioral finance theory to establish risk prevention and control system, is very important. Therefore, in order to study the relaxation of insurance funds in the stock market access under the background of risk by adopting a more aggressive investment strategy possible, this paper takes QH company as an example, income from capital requirements, characteristics, decision makers personality perspective, in-depth analysis of insurance funds stock investment risk. And on the basis of discussion on the risk prevention recommendations, and promote the healthy development of stock investment of insurance funds in this research activities. The actual case study of QH company, the relationship between the operating characteristics and investment risk, explore the correlation requirement of investment return and investment risk preference, and discusses the influence of behavioral finance theory on investment risk. Through the research of QH company's stock portfolio, the company found that the stock investment has dispersed ownership, undervalued, high cash flow and other characteristics. These characteristics make QH company can fast short-term arbitrage, but also face from their own operation, the performance of the stock market, government regulation and other aspects of the company is investment risk. In response to these risks when the slightest mistake will cause significant economic losses and negative effects. In view of these risks QH, from the company can strengthen internal risk control, strengthen the law-abiding consciousness of prevention and control. At the same time, to prevent investment risk consciousness alone is difficult to reach the insurance company As a result, the regulatory authorities and industry associations should refine the management and control of the investment in insurance funds and put forward corresponding regulatory measures according to different sources of funds.

【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F842.3;F832.51

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