【作者】 张领伟；

【导师】 魏迎宁； 李秀芳；

【作者基本信息】 南开大学 ， 保险学， 2010， 博士

【摘要】 保险复业三十年来,在持续高速发展的同时,行业内部风险不断积聚、经营环境压力逐渐加大,从永安保险被接管到新华人寿的股权处置,从保险保障基金专业化运作到中华联合的综合整治,对问题保险公司风险处置’工作迅速引起监管部门和社会各界的关注和研究。与此同时,我国相关研究严重滞后,在基础研究方面几乎是空白。深入研究保险公司风险处置已经成为立法和监管改革参考、投资者和保单持有人关注的,直接关系保险市场健康发展的亟待解决的重要问题。本文研究内容分为四个部分,分为理论基础、研究主体、专项研究和结论建议。一是理论基础部分,含第一、二、三章。在第一章导论的综合介绍的基础上,第二章首先对“问题保险公司”的概念、判断标准、成因,及“风险处置”特性进行了界定,然后从正义论、金融脆弱性、担保理论等角度,分析了处置的哲学、经济学和法经济学基础,从而为全文展开研究奠定基础。第三章是国际经验比较分析,以美英日三国为对象,从制度背景、法律体系、处置框架和手段、保单持有人保障机构等方面进行了归纳和对比,为后文分析提供借鉴。二是研究主体部分,含第四、五、六、七章。第四章在梳理我国金融保险风险处置立法及实践的基础上,提出了文章的主体研究框架——“一目标、四原则、四关系、两层面”的系统性、立体型框架,即：处置目标和原则,四大关系,“横向”三个技术分析层面：处置(主导)模式、处置措施、处置工具,“纵向”四个次序保障面：监管预防、监管整治、基金保障、政府保障。然后,文章以“处置措施”为重点和切入点,在第五、六、七章有序分别开展了实证分析、案例分析、模拟测算研究。第五章实证分析处置措施,将处置措施分为维持持续经营措施和市场退出措施,前者包括整改整顿、托管接管、重组重整、和解,后者包括解散、撤销和破产。第六章案例分析部分,分析了国寿利差损剥离、永安接管、新华股权处置、中华联合综合整治,包括风险成因、处置过程、成本分析及政策启示。第七章是本文创新和难点所在,也是文章主体部分的落脚点。该章梳理了国内外风险处置成本研究文献,提出了处置效益衡量模型,并虚拟了一产险公司进行模拟测算,总结了模拟测算在处置决策中的思路和方法,提出了模型研究结论,认为及早处置、问题公司适时退出、处置机构独立性对于提高处置效益非常重要,并对注资重组进行了利弊分析和外部性分析。三是专项研究部分,即第八章。作为风险处置的资金保障,保险保障基金(后文简称“保障基金”或“基金”)专项研究是研究主体的必要补充,也是全文研究框架的关键所在。本章首先根据现有法律规定对风险处置中保障基金的保障功能进行了系统梳理、分析和界定：基金筹集、保单救济、参与处置的其他动用。作为保障基金制度的应有之义,该章对保障基金公司参与风险处置及相关职责进行了分析：基金筹集和管理、风险监测、参与处置等。然后,针对重点问题,随后分别展开研究。第二节研究了基金筹集的历史、主要特点,并提出了实行“事先为主、事后为补”、“风险费率、较低费阶”的基金筹集改革建议,研究了风险费率计算模型,第三节分析了保单救济流程及法律关系,提出了增加保单转让损失分担情形和产险保单转卖的救济情形,实行保护弱势投保人、抑制道德风险的救济比例调整。第四节分析了保障基金公司介入风险处置措施的必要性、可能性、角色定位及注意事项。四是结论和政策建议部分,即第九章。该部分与本文理论基础和主体框架紧密呼应,将全文主要研究成果和政策建议提炼为四点,分别是：一是建立科学适用的风险处置法律体系,从处置框架、模式、参与主体及职责、救济流程及资金保障等方面提出立法建议；二是完善保障基金公司市场化处置平台功能,从市场地位强化、基金筹集管理动用制度、保障基金公司参与处置职责、保单保障信息平台建设、问题公司后续治理角度,提出了完善保障基金制度的政策建议；三是健全风险处置启动机制和决策体系,从监管预防、处置启动标准和决策系统支持角度分析了处置决策建议；四是拓展金融风险处置的统一平台,从金融风险特点和处置机构现状论证了其必要性和可行性,提出了处置机构在风险监测、资源共享等方面的合作建议,并探讨了建立统一的风险处置机构的前景。由于本主题研究在我国起步晚,本文多处进行了创新以供探讨。主要有：一是基本概念的研究和界定。以此界定研究对象,奠定研究基础,推进研究深度。主要包括,风险处置的内涵和特征、问题保险公司的含义及判断标准、风险处置措施的两大类划分、处置中“救助”和“救济”概念的区分,设计了保障成本概念作为处置成本概念的替代,并对其提出了研究方法和模型。三是处置措施的归纳和研究。对保险公司风险处置中尚未规定的行政重组、托管措施进行了研究；对重组措施及适用条件进行了分类。三是保障基金收缴和保单救济模式革新。提出了施行“事先为主、事后为补”“风险费率、较低费阶”的基金筹集改革建议,研究了风险费率计算模型；提出了增加保单转让损失分担情形和产险保单转卖的救济情形。四是险处置效率测算方法。虚拟一产险公司进行不同情形下的成本测算,使用Excel控件数据处理方法展示多因素、多情形对风险处置效率的影响,增加决策研究的适用性。尝试提出了“资金约(?)处置效益”决策模型,并以两维平面图给予分析。本文在研究中,主要采用了比较分析法、模拟测算法和实证分析法。一是比较分析法。对英美日等国处置政策进行比较分析,比较分析银行、证券和保险机构处置的不同历史及特点,比较分析各处置参与主体的角色定位。二是模拟测算法。在相关样本严重不足的情况下,通过虚拟问题公司,设置假设,探讨在不同时期、不同处置情形下,风险处置措施的成本和效率,而将风险处置措施决策研究推向定量阶段。三是实证分析法。结合国内外保险公司风险处置实践研究不同的处置情形及处置政策,尤其是对我国发生的四项风险处置案例进行了分析论述。更多还原

【Abstract】 Since the recovery of the insurance industry, it has developed continually and rapidly, meanwhile, the internal risks accumulate, which caused a great pressure on the management process. Serious damage occurred as Yong An taken over,the disposal of Xinhua life’s equity,the specialization operationof the security fund and the comprehensive improvement of the Chinese joint,which arouse the high attention of the relevant supervison and public.At the same time, the study is badly lagged behind; the fundamental research is nearly blank in China. In-depth study of the disposal of the insurance company is becoming an important subject to the legislative, the supervision and regulation, the investor and the policyholder, which will also solve the healthy development of the insurance market urgently.The article includes four parts, divided as theoretical analysis,main research, special research, conclusion and policy suggestion.Tht first part is the theoretical analysis, containing chapter 1,2 and 3. After the all-around introduction of the chapter 1, the chapter 2 discusses the Problem Insurer concept, the cause of formation, and the characteristic of "risk disposal". Then, from the standpoint of Theory of justice, Financial Fragility and Guarantee theories, the article analyze the theoretical basis from the angle of view from the Philosophy, Economics and Law and Economics, which is the foundation of this article. Chapter 3 is the comparative study among the America, England and Japan. By induction and comparison from the institutional background, the jurisprudence, the framework and method of disposal, and the policy holder guaranteeing agencies, the section will be the reference for the following parts.The Second part is the main part, containing chapter 4 to 7. The chapter 4 combs the legislation and practice of risk disposal, on the basis of which, the article propose the Outline shorten as "one aim, four principle, four relationship and two decks". The decks divided into three lateral special parts and four longitudinal ordered indemnificatory parts. The three are disposal mode, disposal measure and disposal tool. The four are supervise prevention, supervise repair, fund guarantee and government guarantee. Starting form the disposal measure as the emphasis and breakthrough point, the chapter 5 to 7 separately precedes the research using the method of demonstration analysis, case analysis and simulation calculations.Chapter 5 is the empirical part. It makes a presentation of concentrate on the disposal measure, in which the measures are divided into two categories, the maintaining measure including Rectify and reform, Take Over, Trusteeship, Restructuring, Reorientation and Reconciliation, and the market exit measure, including Dismiss, Repeal and Bankrupt. As the section of case analysis, Chapter 6 analysis the peeling of deficit for rate balance from the China Life Insurance Company, the Yong An taken over, the disposal of equity of the Xinhua Life, and the comprehensive improvement of the Chinese joint, by which the article analysis the cause of formation of risk, the process of disposal, the cost of disposal and the policy inspiration. As the focal point and the innovation of this article and the foothold and the main part, Chapter 7 carding the literatures on the cost of disposal, propose the "the evaluating model of benefit from disposal measures". For further details, the section does calculations through a virtual a property insurance company, by which, the article summarizes the use method of the calculations in the disposal strategic decision, and then argue that, it is important to the improvement of efficiency that earlier disposal, the withdraw of the Problem Insurer timely, the independence of the disposal agency. The advantages and disadvantages of the capital injection and reform are also concerned in this part.The third part is part of the special research, videlicet the chapter 8. As the fund safeguard of risk disposal, the research of the security fund is the necessary supplement of the main part and key of the article. According the present laws and regulations, the chapter concludes the three situations of the security fund participating in the risk disposal, containing rising of the fund, policy relief and others. As an integrant part of Insurance Guaranty Fund System, the chapter analyzes the responsibilities of the security fund corporation, which are the fund raising and management, risk monitoring, and participating risk disposal. Concerning the emphasis, the rear section of the chapter does research separately. Next we analyze the history of fund rising and main characteristic, and then, the thesis raise policy proposal, that are the fund rising "beforehand preferential, afterwards complementary" and "risk rate, little jump". The step also researches the calculating model of risk rate. The third step analyzes the process and legal relationship about policy relief. Then, the step proposes to add the situations of the loss-sharing in the policy transfer loss and the relief in the property policy transfer, in order to develop relief rate adjustment to protect the weak policy-holder and inhibit moral hazard. About the security fund corporation participating into the disposal, the fourth step analyzes the necessarily, the location and the matters need attention.The fourth part is the chapter 9, the part of conclusion and suggestion. As the echo of the frame of the main research, the part put forward four points. The first is to set up scientific and suitable law system of the risk disposal, propose suggestion from disposal frame, model, participant and their responsibility to the relief process and financing of safeguards. The second is to complete the security fund corporation as a market terrace of disposal, and complete the security fund system from the enhancement of the market position, the fund market position, the responsibility of the fund corporation in the disposal, the system of policy safeguard’information, the govern to the Problem Insurer later. The third is to establish and improve the trigger mechanisms and the decision tree of risk disposal, from the supervise prevention, the initiate standard of disposal and decision making system. The fourth is to expand the disposal terrace, whose necessity and feasibility demonstrated from the characteristic of financial risk and the current situation of the disposal agencies. The last step proposes the recommendation for cooperation in the risk monitoring and resource sharing, and probes the foreground about establishing the uniform institution in charge of the financial risk disposal.Owing to the late start of the research on the subject, the article has brought forth much new ideas, mainly contains,i) Present the new concept and give a definition to it. By the definition of the object of study, the article impels the research depth. The content including the connotation and characteristic of the "risk disposal", the meaning and judgment standards of the Problem Insurer, the two classificatory of the disposal measure, the difference of the word "salvation" and "relieve", and the concept of "the safeguard cost" instead of the word "disposal cost ", towards which, the article develops research approach and model.ii) the research of the disposal measures. The article makes two new situations to the insurance risk disposal, which are administrative restructuring and trusteeship. Further more, the paper classify the restructuring measures and the condition for the application.iii) Innovate the model of the security fund rising and policy relief. The paper advices the "beforehand preferential, afterwards complementary" and "risk rate, little jump", and studies the rate computational modeling, add the situations of the loss-sharing in the policy transfer loss and the relief in the property policy transfer.iv) the measuring and calculating method on efficiency of the risk disposal. By a virtual property insurer and different situation, the article calculates the disposal cost, and in order to reveal the influence from the factors and circumstances, the paper develop the ActiveX technology in the Excel, helping increase the practicability. Then the article try to propose the model "capital bottleneck restraint+ disposal benefit" in the disposal decision. The paper would analysis the model on a two dimensions picture.The paper mainly precedes with Analytic comparison, empirical analysis and Simulation calculations. First, the paper concludes the different histories, the traits and the position of the disposal agencies, which are in charge of the bank, the stockjobber, and the insurer. Second, with the fact that the severe shortage of the specimen, by creating a Problem Insurer, setting up the assumed condition, the paper researches the disposal cost and efficiency, thereby, the paper put the disposal measure decision research into the stage of quantitative study. Third, the paper research is combined with the item of different disposal of insurers at home and abroad, especially, the four cases from our country will make great contribute to further research work.更多还原