中國(guó)人壽保險(xiǎn)股份有限公司投資優(yōu)化管理研究

中國(guó)人壽保險(xiǎn)股份有限公司投資優(yōu)化管理研究 

摘要

保險(xiǎn)資金投資是保險(xiǎn)公司得以生存和發(fā)展的主要支柱，投資得好，保險(xiǎn)公司的償付能力就高，企業(yè)經(jīng)營(yíng)的穩(wěn)定性就高。中國(guó)人壽保險(xiǎn)股份有限公司（以下簡(jiǎn)稱：中國(guó)人壽）是我國(guó)最大的商業(yè)保險(xiǎn)集團(tuán)，也是中國(guó)資本市場(chǎng)最大的機(jī)構(gòu)投資者之一，研究其投資問題對(duì)公司的發(fā)展具有重大的現(xiàn)實(shí)意義。2011年，中國(guó)人壽總保費(fèi)收入達(dá)到3182.76億元，占境內(nèi)壽險(xiǎn)業(yè)務(wù)市場(chǎng)份額為34.75%，總資產(chǎn)達(dá)到1.96萬億元，總投資收益率為3.51%。隨著保險(xiǎn)資金進(jìn)入資本市場(chǎng)越來越廣泛和深入，增加了利潤(rùn)增長(zhǎng)點(diǎn)的同時(shí)，也擴(kuò)大了經(jīng)營(yíng)風(fēng)險(xiǎn)。本文首先介紹了保險(xiǎn)資金的主要投資方式，銀行存款、債券、基金和股票，還有其它新興的投資方式，如不動(dòng)產(chǎn)投資和境外投資等；其次，從中國(guó)人壽2008年到2011年年度報(bào)告中分析中國(guó)人壽的投資規(guī)模、結(jié)構(gòu)和收益狀況；再次，指出中國(guó)人壽投資中存在的問題，如投資收益率低、投資結(jié)構(gòu)不合理、資產(chǎn)負(fù)債期限匹配程度不高、新的投資方式尚未充分發(fā)揮作用等，并針對(duì)這些問題進(jìn)行了原因分析；最后，結(jié)合我國(guó)投資環(huán)境和中國(guó)人壽現(xiàn)狀，總結(jié)并提出了主要優(yōu)化策略。

關(guān)鍵字：中國(guó)人壽 投資方式 投資收益 匹配管理 

 

Study on the Optimal Investment Management of China Life Insurance Company Limited   

Abstract

The investment of insurance funds is the main pillar of the insurance company's survival and development.If the investment were better,the solvency of the insurance companies would be higher,and higher the stability of insurance business.China Life Insurance Company Limited (hereinafter referred to as:China Life) is the largest commercial insurance group and is one of the largest institutional investors in capital market in China.In 2011,the total premium income reached 318276000000 yuan,market share of domestic life insurance business for 34.75%,the total assets reached 1.96 trillion yuan,and the total investment returned rate of 3.51%.With the development of the insurance funds to enter the capital market more and more deeply and widely,it not only increases profit point of growth,but also expands the business risk.This paper first introduces the main investment modes of insurance funds,bank deposits,bonds,funds and stocks,and other emerging investment mode,such as real property investment and overseas investment;secondly,from the China Life from 2008 to 2011 Annual Report of China Life insurance investment scale,structure and profit situation;thirdly,pointed out existing problems in Chinese Life insurance investmen,such as the rate of investment income is low,investment structure is irrational,the duration of assets and liabilities matching degree is not high, new investment has not yet fully played its role,and analyses the reasons for these problems;finally,combined with China's investment environment and the status of China Life insurance,it summarizes and puts forward the main optimization strategies.

Key words: China Life Investment mode Investment profit Matching management

目錄

前言…………………………………………………………………………………1

一、保險(xiǎn)資金的投資方式…………………………………………………………1

（一）銀行存款…………………………………………………………………1

（二）債券投資…………………………………………………………………1

（三）基金投資…………………………………………………………………2

（四）股票投資…………………………………………………………………2

（五）其它方式…………………………………………………………………3

二、中國(guó)人壽投資現(xiàn)狀……………………………………………………………3

（一）資金管理…………………………………………………………………3

（二）投資規(guī)模…………………………………………………………………3

（三）投資結(jié)構(gòu)…………………………………………………………………4

（四）收益狀況…………………………………………………………………5

三、中國(guó)人壽投資存在的問題……………………………………………………5

（一）投資收益率偏低…………………………………………………………5

（二）投資結(jié)構(gòu)欠合理…………………………………………………………6

（三）資產(chǎn)負(fù)債期限匹配程度不高……………………………………………6

（四）新的投資方式尚未發(fā)揮作用……………………………………………7

（五）缺乏專業(yè)化的投資人才…………………………………………………7

四、中國(guó)人壽投資存在問題的原因分析…………………………………………7

（一）資產(chǎn)負(fù)債管理理念與技術(shù)比較落后……………………………………7

（二）金融市場(chǎng)產(chǎn)品種類與期限結(jié)構(gòu)不太合理………………………………8

（三）利率調(diào)整頻率和幅度加大，投資收益不穩(wěn)定…………………………8

（四）缺乏完善的資產(chǎn)負(fù)債匹配風(fēng)險(xiǎn)監(jiān)管機(jī)制………………………………9

五、中國(guó)人壽投資優(yōu)化策略………………………………………………………9

（一）完善國(guó)內(nèi)投資環(huán)境………………………………………………………10

（二）加大基礎(chǔ)建設(shè)項(xiàng)目的投資，增加中長(zhǎng)期投資比例……………………10

（三）加強(qiáng)資產(chǎn)負(fù)債匹配管理…………………………………………………10

（四）合理利用新的投資渠道，提高收益率…………………………………11

（五）培養(yǎng)和吸引專業(yè)化投資人才……………………………………………11

結(jié)束語 ……………………………………………………………………………12

  參考文獻(xiàn)…………………………………………………………………………13

致謝………………………………………………………………………………14