论文总字数：23545字

摘 要

2014年8月，国务院颁布了《国务院关于保险业改革发展的若干意见》在保险行业内被简称为新的国十条。新国十条”将保险资金的投资放在了重要的地位,推动了保险资金新型投资模式的创新。我国自从 1984 年开始就出现保险投资,保险公司的投资模式大体上经历了五次较大的变革，一是在 1984至1988 年间，中国人民保险公司垄断经营时期产生的内设投资部模式,当时主要成立了以保险资金运用为 主的信托投资部,并将其投资纳入中国人民银行的信贷计划中,其结果是投资方向单一,风险低,收益差。二是在 1988至1995 年,多级、实体投资模式虽然出现了两次严重的通货膨胀,但保险市场依旧确立了“三足鼎立”的寡头垄断格局。三是从1996年到2003年间,我国开始出现保险集团公司,如中国人民保险(集团)公司、中国再保险(集团)公司、平安保险 (集团)公司等,1995年新颁布的《保险法》,确立了保险资金实行由集团或保险公司集中统一管理、各分支机构不得参与的投资模式;四是在2003到2011年,我国开始出现保险资产管理公司的投资模式,所有的保险资金的托管只能交给保险资产管理公司;五则是2012年保险投资新政颁布以来的政策上鼓励的委托投资模式,这一阶段保险公司的投资模式具有一定的多样性的趋势, 2014年的“新保险国十条更是鼓励保险公司设立基金管理公司多样化投资模式来管理保险资金,可以说我国目前在政策上已经基本上为保险资金的投资松绑了, 同时也明确的鼓励保险公司在投资模式上多多创新,尤其是在创业投资方面、加快城市化进程、养老产业等非传统投资方面,可以说我国保险公司的投资模式的第五次变革即将拉开序幕。

故本文以寿险投资为研究对象，采用案例分析法，通过对比分析香港以及内地的寿险投资案例，并结合国十条对保险行业的影响，不仅对香港和内地的保险投资理念进行分析，并提出在香港及海外购买保险风险问题，同时尝试提出保险新的投资模式和投资方向，为国内保险业投资提供参考。

关键词：投资风险；寿险投资；投资模式

Life Investment Case Studies and Analysis

Abstract

August 2014, the State Council promulgated the "State Council on the Reform and Development of the insurance industry" in the insurance industry is referred to as the new ten countries. Ten new countries, "the investment of insurance funds in an important position, promoting innovative insurance fund new investment model in our country since 1984, there have insurance investment, insurance companies, investment patterns generally experienced five large change, one in 1984-1988, China People"s Insurance Company offers Investment Department monopoly pattern period generated when the main unit to set up a trust and investment-oriented insurance funds, and investment as part of China People"s Bank credit plan, with the result that the direction of a single investment, low risk, yield spreads. Second, in 1988-1995, a multi-stage, solid investment patterns, although there have been two serious inflation, but the insurance market is still established the "three pillars" oligopoly. Third, from 1996 to 2003, China began to emerge Insurance Corporation, as China People"s Insurance (Group) Corporation, China Reinsurance (Group) Company, Ping An Insurance (Group) Company, etc., newly enacted in 1995 " Insurance Law ", established by a group of insurance funds and insurance companies to implement centralized management, all branches shall not participate in the investment model; four in 2003-2011, China began to emerge insurance asset management companies of investment mode, all of the insurance funds Managed only to the insurance asset management companies; five is the insurance policy in 2012 to encourage investment since the New Deal enacted delegate investment model, the insurance company"s investment at this stage model has certain diversity trend, 2014"s "New Insurance ten countries, is to encourage insurance companies to set up fund management companies to diversify investment models to manage insurance funds, it can be said that China has basically relaxed in the policy of investment of insurance funds, but also explicitly encourage insurance companies on the investment model a lot of innovation, especially in business investment, accelerate the process of urbanization in non-traditional investments, the pension industry, etc., it can be said that the fifth change of the insurance company"s investment pattern kicked off soon.

Therefore we have life insurance investment for the study, using the case study method, comparative analysis of life insurance investment case in Hong Kong and the Mainland, and binding ten countries, the insurance industry, not only for Hong Kong and the Mainland insurance investment philosophy are analyzed and presented in Hong Kong and overseas buy insurance risk, while trying to make the insurance for new investment models and investment direction, provide a reference for the domestic insurance industry investment.

Keywords: Investment risk ; Insurance invest ; Investment model

目 录

摘 要 I

Abstract II

目 录 III

第一章 绪 论 1

1.1 研究背景 1

1.2 研究的意义 1

1.3 研究思路及内容 1

1.4 论文框架 1

第二章 寿险投资一般理论 2

2.1研究重要性 2

2.1.1寿险资金的特性 2

2.2保险收益理论 3

2.2.1 风险的有价性及风险溢价
 3

2.2.2风险聚合效应
 3

2.2.3保险行业的合理利润
 3

第三章 我国寿险投资及相关收益情况 5

3.1我国保险资金整体运用情况 5

3.1.2我国保险资金投资结构 5

3.1.3我国保险资金投资收益率 6

3.2内地与香港寿险收益分析比较 7

3.2.1内地方面： 7

3.2.2香港方面： 7

3.2.3在收益方面必须注意的几个关键点 7

第四章 中国内地寿险投资案例分析－以中国人寿为例 8

4.1中国人寿投资收益实证分析 8

第五章 美国寿险资金投资收益分析－以美国大都会保险为例 11

5.1美国行业环境 11

5.2公司资金投资以及收益情况分析 11

5.2.1公司资产情况 11

5.2.2公司资金投资收益率 12

5.3总结与借鉴 13

5.3.1投资比例 13

5.3.2投资收益 13

结 论 14

致 谢 16

参考文献（References） 17

第一章 绪 论

1.1 研究背景

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