本文關(guān)鍵詞：運用股指期貨投資推動我國保險業(yè)務(wù)發(fā)展和產(chǎn)品創(chuàng)新的問題研究　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 保險資金 股指期貨 保險投資策略 保險產(chǎn)品創(chuàng)新

【摘要】：伴隨著經(jīng)濟發(fā)展，我國保險業(yè)經(jīng)過了近十年的快速發(fā)展周期后，保險行業(yè)資產(chǎn)規(guī)模迅速增大，參與市場競爭的保險公司也逐漸增多。各家保險公司為獲得更多的市場份額而激烈競爭，承保費率出現(xiàn)了下降趨勢，，而運營過程中的人力成本、經(jīng)營費用則逐步上升，保險業(yè)務(wù)難以維持正常的承保利潤率。因此保險公司在保險投資限制逐步放寬的背景下，提高保險資金的收益率，彌補承保業(yè)務(wù)利潤不足將變得更加重要。 在保險公司所投資的資產(chǎn)中，股票和證券投資基金占比和影響力將會逐步增大。為保障保險投資資金的安全，減少因股市波動帶來的投資損失，尋找合適的避險工具，并制定出完善的保險資金投資策略會顯得日益重要。 股指期貨具備有投機、套期保值、套利功能，而保險公司是一種經(jīng)營和管理各種風(fēng)險的特殊企業(yè)，其資金來源和特點要求保險公司的投資不能進行過于激進的投資，而投資過于保守則又不能滿足保險公司日常資產(chǎn)負債經(jīng)營的需要，因此具有套期保值的股指期貨，就成為保險機構(gòu)投資股票和基金的重要避險工具。 另一方面，保險投資股指期貨所面臨的風(fēng)險如何識別和防范，也成為保險資金投資股指期貨需要重點關(guān)注的問題。 本文首先介紹了我國保險業(yè)資產(chǎn)發(fā)展規(guī)模及保險資金的運用總體情況，論述了保險公司需要進行保險投資的必然性，并分析了保險資金的構(gòu)成與行業(yè)特性。 然后，文章又介紹了我國保險投資的發(fā)展歷史，并揭示當(dāng)前我國保險投資存在收益率低、不穩(wěn)定、風(fēng)險集中以及和與股票市場有較高關(guān)聯(lián)性等現(xiàn)實問題。 其次，針對我國保險投資中存在的問題，文章指出股指期貨能夠在保險投資中發(fā)揮穩(wěn)定投資收益，規(guī)避風(fēng)險的作用，并對股指期貨的特點與功能進行了介紹。在此基礎(chǔ)上，文章分析了我國保險業(yè)利用股指期貨進行投資管理的可行性。 再次，根據(jù)新型保險產(chǎn)品自身兼具風(fēng)險保障和投資的特點，本文重點論述如何結(jié)合股指期貨的套期保值功能，設(shè)計保險投資策略，在此基礎(chǔ)上進行保險產(chǎn)品創(chuàng)新，推動保險業(yè)務(wù)發(fā)展。 最后，本文指出股指期貨作為一種金融衍生品，投資者將其作為避險工具時也可能會放大風(fēng)險。為更好發(fā)揮股指期貨在保險投資中的避險功能，提出了保險投資機構(gòu)需要更注重識別和防范的風(fēng)險，制定和完善內(nèi)部風(fēng)險管理措施，使得保險投資能夠滿足保險公司資產(chǎn)負債管理、維持足夠的償付能力和業(yè)務(wù)發(fā)展的需要。
[Abstract]:Along with the economic development, China's insurance industry has experienced rapid development period of nearly ten years, the insurance industry assets increased rapidly, the insurance company to participate in market competition is gradually increasing. The various insurance companies to obtain more market share and fierce competition, the coverage rates decreased, and the operation process of human the cost of operating expenses is gradually increased, the insurance business is difficult to maintain the normal underwriting profit rate. Therefore the insurance company gradually relaxed in the limit of insurance investment background, improve the yield of insurance funds, underwriting profit shortage will become more and more important.
The investment in the insurance company's assets, stocks and securities investment funds accounted for and influence will gradually increase. In order to ensure the safety of the insurance investment funds, reduce the volatility of the stock market investment losses, to find appropriate hedging tools, and to develop the perfect insurance funds investment strategy will become increasingly important.
Stock index futures have speculation, hedging, arbitrage, and the insurance company is a special enterprise operation and management of various kinds of risks, funding sources and characteristics of the requirements of the insurance company's investment can not be too aggressive investment, and the need for daily management of assets and liabilities is too conservative investment and does not meet the insurance company, so it is hedging the stock index futures hedging, hedging has become an important tool for insurance institutions to invest in stocks and funds.
On the other hand, how to identify and prevent the risks faced by the insurance investment stock index futures has also become a key issue for the insurance fund investment stock index futures.
This paper first introduces the general situation of the development scale of insurance industry and the application of insurance funds in China, discusses the inevitability of insurance companies' need for insurance investment, and analyzes the composition and characteristics of insurance funds.
Then, the article introduces the history of the development of insurance investment in China, and reveals that there are realistic problems in China's insurance investment, such as low return, instability, risk concentration and high correlation with stock market.
Secondly, aiming at the existing problems of insurance investment in China, the article points out that the stock index futures can play a stable return on investment in insurance investment, the role of risk aversion, and the features and functions of stock index futures are introduced. On this basis, this paper analyzes the feasibility of China's Insurance industry investment management by stock index futures.
Thirdly, according to the characteristics of new insurance product itself, including risk protection and investment, this paper focuses on how to design insurance investment strategy combined with the hedging function of stock index futures, and on this basis, we will innovate insurance products and promote the development of insurance business.
Finally, this paper points out that the stock index futures as a financial derivatives, investors may also be used as a hedging tool when it will enlarge the risk hedging of stock index futures. Play in insurance investment for the better, the insurance investment institutions need to pay more attention to the risk identification and prevention, establish and perfect the internal risk management measures, can make insurance investment meet the asset liability management of insurance companies, maintaining adequate solvency and business development needs.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F842.3;F832.51

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本文編號：1394487