【作者】 廖福英；

【导师】 张辉；

【作者基本信息】 广西大学 ， 金融学， 2004， 硕士

【摘要】 承保业务和保险投资业务并重是保险公司健康经营的保障，随着承保业务竞争日趋激烈，承保费率逐年下降，全球承保业务步入微利时代，保险投资被视为弥补承保业务亏损、为承保业务扩张提供资金支持和从总体上增强保险公司偿付能力的重要途径。尽管我国保险投资在过去两年中发展很快，但仍有一系列问题需要进一步研究，比如保险资金间接入市与直接入市对保险公司有何不同影响，直接入市需要具备什么条件，直接入市的路径安排，以及保险资金的其他投资路径等等。 本文采用了实证分析与规范分析相结合的方法、历史分析与逻辑归纳相结合的方法、定量分析与定性分析相结合的方法、国内外对比分析方法，通过分析我国保险投资现状及相关法规和资本市场等主要影响保险投资效率的外部环境，探寻我国保险投资的发展方向，提出拓宽我国保险投资路径的设想，期望对于加快拓宽我国的保险资金运用渠道具有实践价值。 本文认为，资本市场是保险投资主要运作场所，保险投资多元化是未来发展趋势。现存独有的间接入市模式只能是过渡性的制度安排，直接入市才是将来保险资金主要的入市路径。基于保险投资的安全性和收益性原则，管理层应允许基础设施项目和其他投资品种步入保险资金投资领域。本文的特色在于试图从投资组合理论和委托代理人原理的角度对开放保险投资路径给予解释，并提出拓宽保险投资路径安排的设想。更多还原

【Abstract】 Both underwriting operation and investment operation have the same importance in the whole business operation of a contemporary insurance company. In this period, insurers compete with each other by lowering the premium rates, which leads to shrinking of underwriting profit, even underwriting losses. Insurance investment has become an indispensable step in insurance management and provided the foundation of insurance industry to survive and develop, relating to both solvency ability and business stability. Although China’s insurance investment has achieved a brilliant progress during the past two years, there are still a series of problems ,which including the different effect of directly investing in stock market and indirect method. Considering directly entering stock market what should be prepared ? Arrangements of insurance fund entering stock market directly and other channels of investment are also needed to study.The author uses four methods-the cooperation of empirical and regular analysis, historical and logical analysis, quantitative and qualitative analysis, domestic and other country contrast analysis. The author analyzes the environments of the insurance investment. Key factors are the laws and regulations and the present situation of domestic capital market. After analysis, the author states the future tendency and his anticipation of insurance investment channels.This paper implied that developed capital market is always the main area for insurance investment and the tendency of multi-channeled investment is coming. Therefore indirect way is temporary , instead direct method should be reasonable. Chinese insurance supervision institute should provide more investment channels for insurance fund with the view of the Security and Profitability, such as items of public foundation .This paper creatively states the anticipation of insurance investment channels and tries to theoretically explain it by using Invest Theory and the Principal-Agent Theory.更多还原