Research On The Model Of Insurance Fund Participating In PPP

In recent years,the scale of insurance assets in China has been growing rapidly,and the scale of insurance funds has been increasing steadily.On July 3,2016,the CIRC revised and promulgated the Regulations on the Management of Indirect Investment of Insurance Funds in Infrastructure Projects,further clarifying that insurance funds can invest in PPP projects.The characteristics of large amount of insurance funds,long investment period,stable supply,low risk preference and relatively moderate and stable rate of return on capital coincide with the principle of PPP projects with large demand for funds,long construction period,relatively stable income and advocating the prevention of violence.However,the participation of insurance funds in PPP projects in China is still in the initial stage of exploration and implementation experience is insufficient,making the allocation of insurance funds PPP projects still have relatively high risks.Based on this,the core research questions of this paper are:how to design management products to meet the allocation needs of insurance funds in the complex transaction structure of PPP?Domestic and foreign scholars,the relevant theoretical research on insurance fund allocation PPP is relatively vacant,most of the focus is on the investment channel of insurance fund allocation PPP project,and the study of investment plan is only simple from the macro perspective of the project,but lack of in-depth analysis.The anticipated innovation of this paper is that,unlike other studies,this paper studies the decomposition of investment plan transaction structure more vigorously.At the same time,this angle is also consistent with the essential attributes of PPP.Based on principal-agent theory,incomplete contract theory,value-for-money theory and existing research results,this paper carries out case analysis and specific analysis from the dimensions of target selection,design of trading structure,risk control and the effectiveness of equity investment plan.Then from a macro perspective,based on case analysis,the paper puts forward the problem analysis and optimization suggestions for the case.Finally,combined with the investment and financing experience of the case,the paper puts forward the research conclusions and shortcomings of insurance fund allocation PPP project.The anticipated research and discovery of this paper:This paper selected typical cases of insurance fund allocation PPP project and analyzed them in depth,in order to find out the design method of transaction scheme which is generally applicable to insurance fund allocation PPP project,study the key elements of insurance fund and PPP project combination,put forward investment suggestions for insurance companies,accelerate the integration of the two,and improve the landing rate of PPP project.The research value and enlightenment of this paper:PPP project is in urgent need of a large number of long-term stable funds while insurance funds are facing "asset shortage".Under the guidance and support of relevant policies,the combination of the two will become the future development trend.For insurance funds,the security of the use of funds is extremely important.In this paper,through the in-depth analysis of the selection of the target of equity investment plan,the design of income distribution,the design of risk sharing mechanism and the risk control of Beijing Metro Line 16,the key points of insurance fund investment are studied,and the corresponding suggestions and references are provided for insurance fund to participate in PPP project,so as to further promote the combination of PPP project and insurance fund.