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论文编号：	4124
作者编号：	2120102399
上传时间：	2012/6/2 14:20:32
中文题目：	我国保险资金投资不动产方式研究
英文题目：	An Analysis on Insurance Fund Investment in Real Estate in China
指导老师：	黄福广
中文关键字：	保险资金;不动产;房地产投资信托基金（REITS）
英文关键字：	Insurance fund; Real estate; Real Estate Investment Trusts (REITs)
中文摘要：	2011年度保险资金运用的年化收益率仅有3.6%，而同年银行一年期存款利率为3.5%，这就要求保险公司提高资金运用效率。本文研究的意义在于系统梳理了现有的投资不动产的方式，并结合中国保险业发展的现状提出了适合保险资金投资的新模式。通过新模式的引入可以缓解长期以来保险资金投资渠道单一，集中度高，收益相对较低，抵御通货膨胀能力不强等问题，为保险公司的健康稳定发展提供了新的动力和路径。 本文的研究分为六个部分，采用总分总的论文结构，第一部分携领全文，开篇点题；第二部分至第五部分分别从保险资金性质，保险资金与不动产的匹配程度，保险资金投资不动产方式，保险资金投资过程中应防范的风险四个方面进行分别叙述；最后一个部分总结全文，并对这种投资行为的战略价值和社会意义进行了归纳和强调。本文站在保险公司发展战略的角度，从保险资金的属性与不动产证券化产品的属性的匹配度的视角，综合比较分析了各个资产证券化产品的风险与收益。正是由于保险资金的长周期，强外部性，成本滞后以及幸射性的特点与REITS产品既具有流动性和长期性，又具有高分红的特征，加之在经济危机中常会出现逆周期的防御性特征相适应。文中列举了现有的投资不动产的方式，并结合中国保险业发展现状提出了新的模式，并且对投资过程可能遇到的风险进行了定性研究，并在制度建立和企业内部控制两个层面加以探讨。 本文认为：保险资金先投资与主营业务相关联的物业企业，在持续经营获得稳定现金流之后，再通过REITs的形式证券化，获取资本溢价，并通过持有部分股权的形式继续控制原物业这种模式是更加适合保险资金投资的。保险资金按照这种模式投资不仅有利于保险企业的长期健康发展，更有利于社会财富的合理分配，是利国利商利民的善资义举，亦是科学发展观在经济层面的集中体现。
英文摘要：	Only 3.6% of the proceeds of the 2011 annual investment of insurance funds, while the one-year deposit interest rate of 3.5% in the same year, which requires insurance companies to improve the efficiency of capital utilization. The significance of this study is a systematic summary of the existing investment in real estate, combined with the development status of China's insurance industry to put forward a new model for the investment of insurance funds. Can ease long-standing single investment channels of insurance funds by the introduction of a new model, with a high concentration, relatively low income against inflation capability is not strong, healthy and stable development of the insurance company to provide a new momentum and path. The thesis is divided into six parts, out of total paper structure, the first part of the Consul General of the full text of the opening turned a deaf ear; the second to fifth, respectively, from the nature of insurance funds, insurance funds and real estate match the investment of insurance funds real estate way, four aspects should guard against the risk of the insurance funds in the investment process are described; the last part of the conclusion, and the strategic value of this investment behavior and social significance were summarized and emphasized. In this paper stand in the strategic point of view of insurance companies, from insurance funds, property and the properties of the real estate securitization products matching degree viewing angle, integrated comparative analysis of the risks and benefits of asset securitization products. It is because of the long cycle of the insurance funds, strong external, cost characteristics of lag and fortunate shot. REITS for both liquidity and long-term, but also has characteristics of high dividend defensive characteristics of counter-cyclical, coupled with the economic crisis, the Central Standing Committee. Just to meet the needs of the insurance funds. And guard against moral hazard in the insurance claims process, and can also expand the scope and impact of the insurance companies underwriting business. Social value and commercial value of the insurance funds and insurance companies, by investing in REITS products can play to a very high level. Listed in the existing investment real estate, combined with the development status of China's insurance industry put forward a new model, and the possible risks of the investment process of qualitative research, and system and internal control be discussed. This article asserts: The insurance funds are investment associated with the main business of property management companies, a stable cash flow from continuing operations, then the form of REITs, securitization, access to capital, premium, and continue to control part of the shares held in the form of property This mode is more suitable for the investment of insurance funds. Investment of insurance funds in accordance with this model is not only conducive to the long-term health insurance companies are more conducive to a rational allocation of social wealth, the Republic and Shang people good-owned and owed, and effective use of the scientific concept of development in the economic field.
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