Research On The Investment Risk Identification And Prevention Of Insurance Real Estate Management Corp Under The New Situation—Take PA Real Estate As An Example

Due to the irrational development of the real estate industry with high liabilities,high leverage and high turnover,the industry has been over-financialized,occupying a large number of financial resources,and also accumulating huge debt risks.In order to curb the foam trend of the industry,the state has successively introduced relevant policies on the investment and financing end of the industry,limiting the financing of real estate enterprises,and standardizing and clearing the participation of non bank financial institutions in real estate.The implementation of relevant policies effectively controlled the further increase of the overall leverage ratio of the industry,but also led to the increasing policy and market risks faced by relevant enterprises.In recent years,the investment scale of insurance funds in the real estate field has been increasingly expanded.Some large insurance groups have established professional real estate asset management companies.The projects they invest in involve many types of real estate,and are inevitably affected or even impacted in the regulation.Therefore,under the new situation of deleveraging in the real estate industry,the uncertainty of real estate investment of insurance funds is increasing.It is particularly urgent and important to re-examine the investment,identify potential risks and strengthen risk prevention.Based on the case of PA Real Estate Co.,Ltd.(hereinafter referred to as"PA Real Estate"),this paper systematically studies various real estate investment risks of the professional real estate investment and asset management platform under the insurance company.First of all,using the literature research method,this paper combs the relevant research on risk identification and management of real estate investment of insurance funds at home and abroad,focusing on the portfolio,comprehensive risk management and assetliability management theories that have a profound impact on the allocation of insurance funds.Secondly,the case study method is used to analyze the current situation and problems of PA real estate and its industry.Then,using a number of strategic analysis and financial analysis tools,comprehensively examine the policy,economic,market,operation,financial and other risks related to the real estate investment of the case enterprise from the two dimensions of systemic risk and non-systematic risk.Finally,based on the above analysis,combined with the industry’s development prospects,this paper uses classical theory and Markowitz investment model to put forward targeted prevention suggestions for many risks faced by the real estate investment of the case enterprises and forms a quantifiable investment risk prevention tool.Through case study,this paper found that PA real estate led the industry in terms of business scale and profitability from 2017 to 2021.However,with the deepening of industrial adjustment,the existing investment model of enterprises also led to the imbalance of revenue structure,the decline of profitability,the emergence of debt worries and other prominent problems.In view of the above real estate investment risks,in order to maintain the stable development of relevant industries and enterprises in the future,specific risk prevention suggestions are put forward for enterprises:First,optimize the investment portfolio,and realize diversified investment and rational investment by selecting categories,timing,friends and methods;2、Improve the organizational structure and make it match the needs of the new situation and new business by adjusting the original organizational structure;3、Strengthen risk management and establish a risk management and control system with the whole system,process and staff participation.In combination with the case situation and basic theory,it provides three sets of quantitative tools for risk prevention of real estate investment with insurance assets,namely,the quantitative model of real estate investment portfolio with insurance assets,the quantitative guidance of real estate investment standard with insurance assets,and the quantitative guidance of risk early warning of real estate investment with insurance assets.It is hoped that the research on real estate investment risks and prevention suggestions of typical enterprises will provide useful reference for other insurance funds in real estate investment and management.