| Since the implementation of China's reform and opening up,China's insurance industry is also constantly reform and opening up,keeping a rapid development speed for a long time to the sustained development.By the end of 2016,China's total premium income had reached 3.1 trillion yuan and surpassed Japan,leapt to become the world's second largest insurance market.Compared with the developed countries and regions especially Europe and the United States,there are many gaps between us in the quality of the development.In the face of the existing problems,we must attach great importance and take effective measures to solve them in order to promote China's insurance industry effectively,especially the development of insurance investment.August 10,2014 the State Council issued a normative document a number of opinions on accelerating the development of modern insurance services industry,is the development of the insurance industry programmatic document,clearly reveals the development goals of the insurance industry to 2020.China is paying more and more attention to the role of insurance in the financial industry and the role of insurance companies as investors,requiring to improve the investment efficiency of insurance funds.However,the benefits of investment are accompanied with risks,high profit means high risk.Therefore,the regulation of risk also provides for the need to improve supervision,to guard against risks,and to keep the bottom line of financial risks.This article takes the method of theoretical research and empirical analysis.The theoretical analysis mainly analyzes the domestic and foreign insurance fund investment situation and risk control.Empirical analysis is focused on the China's 2011-2015 insurance industry which is reserched as a whole object and then we construct the Markowitz portfolio model.In the existing China's investment restrictions on the conditions,we reserch what kind of combination strategy we should take on the risk of insurance funds investment,to reduce investment risk,to ensure a certain rate of return,to find a balance in the profit and risk,to ensure that the insurance company solvency,to ensure the safety of funds and to promote the healthy development of the company.Finally we summarize the conclusion of the article and put forward policy recommendations.The specific research ideas of this paper are as follows:Chapter 1 is an introduction.This chapter focuses on the background and significance of the topic,literature review,research ideas and methods,and briefly summarizes the main innovations,difficulties and shortcomings.Chapter 2 describes the theory of insurance investment.Chapter 3 analyzes the investment portfolio of insurance funds at home and abroad.The United States,Britain and Japan as an example to illustrate the basic mix of portfolio,yield and regulatory conditions,and summed up investment and regulatory guidance of the developed countries to China.And then we make a status quo analysis about China's investment portfolio situation of insurance funds from 2011 to 2015.Chapter 4 is an empirical analysis of China 's insurance fund portfolio.Based on the data of China's entire insurance market from 2011 to 2015,the Markowitz portfolio model is constructed and the non-linear programming is carried out,then use the operational research method and the tool Matlab to get the results and evaluate it.Chapter 5 is the conclusion and policy recommendations.The author analyzes the insurance fund portfolio and the supervision situation of the developed countries,and obtains three points of inspiration.The empirical analysis of Markowitz is carried out,and got the combination strategy of insurance fund investment under the current policy background.In the policy recommendations,we should take measures from three aspects to improve the of China's insurance capital investment situation:the insurance company's own management,government departments and the establishment of a stable financial environment. |
