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论文编号：	12193
作者编号：	2320180646
上传时间：	2020/12/14 21:27:55
中文题目：	X保险公司股票投资流程问题及优化研究
英文题目：	Research on the Problems and Optimizations of X Insurance Company''''s Stock Investment Process
指导老师：	覃家琦
中文关键字：	保险资金；股票投资；投资研究；投资决策
英文关键字：	Insurance Funds；Stock Investment；Investment Research；Investment Decisions
中文摘要：	随着保险业的快速发展，我国保险资金运用余额每年都以接近10%的增速递增。股票和股票型基金投资余额在保险资金运用中所占比例已经由2018年的11.71%上升到2019年的13.15%，成为保险资金运用的重要领域。股票和股票型基金投资余额的不断增加不仅提升了保险资金的运用效率，而且对股票市场的积极健康发展起到了稳定作用。随着保险资金入市投资股票规模日渐庞大，保险机构已成为股票市场的重要机构参与者。 X保险公司是一家特色鲜明且具备成长潜质的合资寿险公司，经过近20年的快速发展，服务客户已达到近50万，赢得了客户良好的口碑。虽然X保险公司主营业务取得了健康稳健的发展，但其股票投资业务业绩平平。公司最近三年股票投资财务收益率分别为6.8%、1%、-1.2%，低于行业平均水平。究其原因，其股票投资流程存在着诸多问题。 本文从保险资金股票投资发展现状出发，分析保险资金特点与投资原则，强调价值投资理论、股票估值理论、组合管理理论对于保险资金股票投资的重要性，研究保险资金股票投资体系的运行机制与投资流程。而后通过对X保险公司股票投资流程的研究，发现其在投资研究、投资决策、投资执行等环节的问题。 本文通过引入X保险公司投资牧原股份的案例，对其在股票投资流程中存在的行业研究不充分、投资研究范围狭窄、股票估值过于短视、个股交易决策过于追求短期收益、投资决策与投资研究不匹配、止损机制不健全、缺乏量化交易机制等问题进行分析。而后提出了建立系统化研究分析框架、增加投资研究范围、建立科学的多元化估值方法、变更业绩考核标准、根据保险资金投资原则调整投资组合、设立个股止损机制、建立简易的量化交易流程等建议。优化建议与提出的问题一一对应，对于X保险公司优化股票投资流程具有一定的指导意义。
英文摘要：	With the rapid development of insurance industry, the utilization balance of insurance funds in China is increasing by nearly 10% every year. The proportion of the investment balance of stocks and stock funds in the application of insurance funds has risen from 11.71% in 2018 to 13.15% in 2019, becoming an important area of insurance funds. The continuous increase of the investment balance of stock and stock funds not only improves the utilization efficiency of insurance funds, but also plays a stabilizing role in the positive and healthy development of stock market. With the increasing investment of insurance funds in the stock market, insurance institutions have become an important institutional participant in the stock market. X Insurance Company is a joint-venture life insurance company with distinctive features and growth potential. After nearly 20 years of rapid development, it has served nearly 500,000 customers and won a good reputation among customers. Although the main business of X Insurance Company has achieved sound and steady development, its stock investment business performance is mediocre. The company's financial returns on stock investment in the last three years were 6.8%, 1% and -1.2%, respectively, lower than the industry average. The reason is that there are many problems in the stock investment process. Starting from the development status of insurance fund stock investment, this paper analyzes the characteristics and investment principles of insurance fund, emphasizes the importance of value investment theory, stock valuation theory and portfolio management theory for insurance fund stock investment, and studies the operation mechanism and investment process of insurance fund stock investment system. Then, through the study of X Insurance Company's stock investment process, problems in the aspects of investment research, investment decision and investment execution are found. By introducing the case of X Insurance Company investing in Muyuan Company, this paper analyzes the problems existing in the stock investment process, such as insufficient industry research, narrow investment research scope, too short-sighted stock valuation, excessive pursuit of short-term return in stock trading decision-making, mismatch between investment decision-making and investment research, imperfect stop loss mechanism and lack of quantitative trading mechanism. Then it puts forward some suggestions, such as establishing a systematic research and analysis framework, increasing the scope of investment research, establishing a scientific diversified valuation method, changing the performance evaluation criteria, adjusting the investment portfolio according to the investment principles of insurance funds, establishing a stop loss mechanism for individual stocks, and establishing a simple quantitative trading process. The optimization suggestions correspond to the problems raised one by one, which has certain guiding significance for X Insurance Company to optimize the stock investment process.
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