The Strategy And Risk Management Research Of Commercial Insurance Fund Investment In Stock Markets

With the gradual opening up of China's insurance market, the domestic insurance market become increasingly competitive. The status of insurance funds investment become more and more important in insurance companies operating and development. This dissertation have done a more in-depth research in the strategy and risk management of insurance fund investment in stock markets by following the bottom line to protection the solvency of insurance companies,the present status of development of China's insurance industry,applying the value investment theory and management technology about risk.First, this dissertation conducts a more comprehensive analysis and comment on the status of insurance investment in China. It is considered that insurance funding operation is confronted with greater value-added pressure, the current investment channels is still relatively narrow, there is instability in investment income and capital utilization and sources of funding does not match in the period. With analyzing, the permission of more insurance funds get into stock market would have great promotion in insurance industry, or improve and Chinese stock market.Next, this dissertation focuses on China's insurance funds investment strategy. Based on the analysis about stock market transparency,liquidity,volatility and the effectiveness, it discusses the selection on operation mode of insurance investment in stock market and considered that the large insurance companies should base on asset management model-based companies when they invest in stock market, meanwhile, small and medium sized insurance companies should adapt investment branch which can be used to reduce costs and agency risk. By studying the different ways that the insurance founds directly invest in stock market, it is considered that the value investment philosophy should be followed, and they should pay more attention to the timing strategy and sector selection strategy and positively practice social responsibility related to the stock investment.Finally, the dissertation studies the issues about risk management and control of insurance funds investment in stock market, make a detailed analysis about various risk characteristics the insurance funds facing when they invest in stocks and discusses the measurement methods about investment risk. On this basis, it proposed that China's insurance funds should strengthen the risk control measures from the prospects of external supervision and internal control mechanism. The principal innovations in the dissertation are: First, improve the model which is the current popular model of the intrinsic value of investments-based on book value and residual income model (F-O model) , and make it theoretical foundation to investment in Chinese listed companies; Second, by innovatively examining the "organizational behavior individualization" phenomenon, it is considered that the phenomenon is deprived from the institutional investors'social responsibility separating from the shareholders trust obligation. It is proposed that insurance companies should make proactive impact on the investments targets with strategic vision, and bring about the unity of social responsibility and the shareholders trust obligation; Third, it is proposed that insurance companies should strengthen the risk control of insurance investment in capital market by the external supervision combination with internal control and mixed supervision combination with the commix control.