保险

1. 引言 5

1.1研究背景 5 1.2文献综述 5

2.中国保险资金投资房地产市场发展概况 6

2.1 中国保险资金投资房地产市场发展历程 6

2.1.1相关法规的立法进程 6

2.1.2 《保险资金投资不动产暂行办法》内容概述 6 2.2 中国保险资金投资房地产市场现状 7

2.2.1 中国保险资金投资房地产市场历程 7 2.2.2 中国保险资金投资房地产市场发展状况 7

3.保险资金投资房地产市场的3个具体对策 8

3.1 保险资金投资保障性住房 8

3.1 .1中国保障性住房发展概况 8

3.1.2保险资金投资保障性住房的必要性及影响 8 3.2保险资金投资养老产业 9

3.2.1 中国保险资金投资养老地产概况 9

3.2.2 保险资金投资养老地产的必要性及影响 9 3.3保险资金投资商业地产 9

3.3.1中国保险资金投资商业地产概况 9

3.3.2 中国保险资金投资商业地产的必要性及影响 10

4 保险资金投资房地产市场的效益分析 10

4.1 保险资金投资房地产市场对保险业的效益分析 10

4.1.1 拓宽投资渠道,减轻保险公司资产配置压力 10 4.1.2 确保险资保值增值，实现资产负债相匹配 10 4.1.3 提升保险业竞争地位 11

4.2 保险资金投资房地产市场对房地产行业的效益分析 11

4.2.1 拓宽房地产市场融资渠道 11 4.2.2 弥补房地产市场的资金缺口 11 4.2.3 带动房地产相关产业链的发展 12

5.保险资金投资于房地产行业的风险分析 12

5.1 保险资金投资房地产的行业风险 12

5.1.1流动性风险 12 5.1.2收益性风险 12 5.1.3安全性风险 13 5.1.4.政策性风险 13

5.2 保险资金投资房地产的投资模式风险 13

5.2.1委托代理风险 13 5.2.2房地产行业的风险 13 5.2.3法律风险 14

6.小结 14 7.参考文献 14

保险学论文

题目：保险资金投资于房地产 市场的风险和效益分析

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摘要

为解决保险资金运用渠道狭窄、保险资金保值增值难度大的问题，2009 年 10月 1 日起开始实施的新《保险法》规定保险资金可以投资不动产。2010 年 7 月 31日，保监会颁布了《保险资金运用管理暂行办法》，9 月 5 日，颁布了《保险资金投资不动产暂行办法》，严格限制保险公司为不动产项目提供无担保债权融资，禁止以所投资的不动产提供抵押担保或直接从事房地产开发建设，但是可以间接投资房地产市场。近些年来，保险资金主要用于投资银行存款和购买债券，导致保险资金投资收益低，易受通货膨胀影响，使保险公司很难实现资产负债相匹配的目标。尤其是最近几年保费收入大幅增长，拓宽保险资金投资渠道，实现保险资金的合理配置显得尤为重要。房地产业投资周期长，投资收益安全稳定，正好符合保险资金投资要求，允许保险资金投资房地产市场势在必行。 房地产业属于资金密集型产业，资金需求量巨大。而房地产业融资渠道狭窄，主要靠自筹资金和银行贷款获得资金，但是房地产商靠自筹资金弥补资金缺口的能力有限，过度依赖银行进行贷款又会产生金融性风险。允许保险资金投资房地产市场不仅可以扩大房地产市场融资渠道，减少融资风险，而且巨额保险资金的投入还可以弥补房地产市场的资金缺口，促进房地产市场健康发展。

关键词 ：保险资金 保险投资 房地产市场 风险 效益

ABSTRACT

In order to solve the problem that the way to use the insurance funds is narrow, and the problem that it is difficult to preserve and increase the value of the insurance funds. On October 1, 2009,when the new Insurance Law began to implementation, the new Insurance Law allow the insurance funds to invest in the real estate market. On July31,2010, the China Insurance Regulatory Commission published the\insurance funds management Interim Measures\，on September 5,officially published the\insurance company to provide unsecured creditor's rights financing for the real estate projects , prohibiting providing collateral for the real estate investment or directly engaged in the development and construction of real estate, but it can be indirectly invest. The investment channels of the insurance funds, in recent years, is mainly used for investing bank deposits and buying bonds, leading to the result that the income of the insurance funds investment is low, easily affected by inflation, so that the insurance company is difficult to realize the target that keep the asset liability. Especially in recent years, the premium income is growing, broad the investment channels of the insurance capital, realizing the reasonable configuration of the insurance funds is very important. The Real Estate investment cycle long, the investment income is security and stability, justly fitting with the requirements of the insurance funds investment, allowing the insurance funds to invest in the real estate market is imperative. The real estate industry is a capital-intensive industry, the capital demand is huge. The real estate financing channels is narrow, mainly rely on self-financing and bank loans, but real estate developers rely on funds that raised by

themselves’ capacity is limited, excessive rely on bank loans may produce financial risk. Allow insurers to invest in real estate market can not only expand the real estate market financing channel, reducing financing risk, but also that the huge amounts of insurance funds can make up for the market of real estate financing gap, promoting the real estate market develop healthy.

Key Words : Insurance funds Insurance investment Real estate market Risk

Benefit