关于我国保险资金运用问题的探析

2010年8月31日起我国施行《保险资金运用管理暂行办法》。结合新保险法,本文从保险资金投资收益率偏低,投资结构不合理,资产负债匹配不合理等方面分析了我国保险资金运用的现存问题,并给出了一些建议。     

关于我国保险资金运用问题的探析

2010年8月31日起我国施行《保险资金运用管理暂行办法》。结合新保险法,本文从保险资金投资收益率偏低,投资结构不合理,资产负债匹配不合理等方面分析了我国保险资金运用的现存问题,并给出了一些建议。     

浅谈保险公司资产负债

资产负债匹配管理是保险资金运用的核心内容,相比保险业发达国家,我国金融市场并不成熟,且我国保险资产负债管理技术和经验都较为落后。本文通过介绍资产负债匹配基本理念,分析我国保险资产负债缺配原因,进而提出建立完善我国保险资产负债管理机制的几点建议。     

浅谈保险公司资产负债

资产负债匹配管理是保险资金运用的核心内容,相比保险业发达国家.我国金融市场并不成熟,且我国保险资产负债管理技术和经验都较为落后.本文通过介绍资产负债匹配基本理念,分析我国保险资产负债缺配原因,进而提出建立完善我国保险资产负债管理机制的几点建议.     

美国保险资金运用的分析及借鉴

美国是全世界最重要的保险市场,其保险资金运用对我国具有很好的借鉴意义。美国寿险资金和非寿险资金因为来源不同,所以投向也不相同。美国保险资金运用呈现以下特点:广泛的保险资金运用渠道,高稳定性的保险投资追求,多重的保险资金管理模式,协调的保险投资监管方式。美国保险资金运用为我国带来如下启示:要与金融市场环境和监管制度相适应、要实现资产负债匹配管理、要注重加强战略性资产配置、要充分发挥资产管理公司的作用。     

基于CDaR的保险资金运用风险管理模型

基于对国内保险资金投资风险测量的主流方法VaR和CVaR模型的缺陷进行分析后,本文提出将新的风险度量方法CDaR模型引入到国内保险资金的投资风险管理实践,结合我国保险资金投资管理条例中的相关投资风险约束条件和国内金融市场的实际情况,并考虑到保险资金的资产负债匹配管理要求,提出了有投资约束条件下的保险资金风险管理拓展模型.     

美国保险公司的资产负债管理及对我国的启示

资产负债匹配是保险资金投资管理的核心。保险投资的方式与比例应考虑到不同的资产和负债在数额、期限、性质、成本收益双边形成对称并相匹配。保险投资中的资产负债匹配管理技术主要有现金流测试、现金流匹配、免疫管理、动态金融分析和货币匹配等。     

保险公司的资产负债匹配管理

由于保险资金的鲜明负债特性,保险投资资产分配中必须充分考虑不同保险资金的负债特征的要求,科学的资产负债匹配模式及有效实施是保险公司有效控制风险、实现投资价值最大化的重要保证,资产负债匹配是保险资金投资运作的核心。     

论保险公司的资产负债匹配管理

保险公司经营管理之核心工作就是资产负债匹配管理,对资产和负债进行灵活匹配、科学运用资产负债管理策略,可以降低风险、提高盈利和市场竞争力。本文论述了保险公司资产负债管理及其匹配管理的重要意义及其紧迫性,研究了我国保险公司资产负债管理的发展现状与差异、分析了资产负债管理的行业环境,最后提出了选择保险公司资产负债匹配管理的相关策略。     

保险资金参与保障房融资对保险机构资产负债管理的影响分析

论证了保险资金参与保障房建设符合保险公司资产负债管理的需要,同时针对保险资金参与保障房建设对保险公司资产负债管理和优化投资结构的影响进行了探讨。基于VaR模型,马克维茨的均值一方差模型,鉴于我国部分省市已开展地方债试点,故以筹资保障房建设的地方债收益率为主要数据来源,提出了实证分析保险资金参与保障房建设优化保险资金投资组合研究思路的构想。创新之处是将保险资金参与保障房建设融资同保险公司的资产负债管理模式相结合,阐述了保险资金参与保障房建设融资对资产负债管理产生的影响以及对于优化资产结构的积极意义。     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

旅游企业与社区居民利益冲突及协调博弈研究

随着旅游业发展的深入,旅游企业与社区居民的利益冲突及协调问题成为影响旅游业发展的重点问题。从旅游企业和社区居民的单次博弈入手建立模型,并通过重复博弈模型分析,探索实现利益协调的路径。提出完善社区居民旅游开发参与机制和构建收益均衡分配机制,解决旅游企业与社区居民的利益协调问题。     

Amplification and asymmetry in crashes and frenzies

We often observe disproportionate reactions to tangible information in large stock price movements. Moreover these movements feature an asymmetry: the number of crashes is more than that of frenzies in the S&P 500 index. This paper offers an explanation for these two characteristics of large movements in which hedging (portfolio insurance) causes amplified price reactions to news and liquidity shocks as well as an asymmetry biased towards crashes. Risk aversion of traders is shown to be essential for the asymmetry of price movements. Also, we show that differential information can enhance both amplification and asymmetry delivered by hedging. This paper is based on part of my Ph.D. thesis submitted to the University of Minnesota. I am grateful to Andy McLennan and Jan Werner for their valuable advice and unwavering support. Also, I would like thank Mehmet Barlo, Michele Boldrin, Partha Chatterjee, Mehmet Ozhabes, Dimitrios Tsomocos and seminar participants at the University of Minnesota, the MEA and the MFA Meetings in St Louis for helpful comments. Comments on a previous draft by an anonymous referee greatly improved the presentation of this paper. Financial support from William W. Stout Fellowship is gratefully acknowledged.     

Stock and Bond Liquidity and its Effect on Prices and Financial Policies

An asset is liquid if it can be traded at the prevailing market price quickly and at low cost. We show that in addition to risk, liquidity affects asset prices and returns. Theories of asset pricing suggest that the expected return of an asset is increasing in its risk, because risk-averse investors require compensation for bearing more risk. Because investors are also averse to the costs of illiquidity and want to be compensated for bearing them, asset returns are increasing in illiquidity. Thus, asset prices should depend on two asset characteristics: risk and liquidity. This paper surveys research on the effects of liquidity on asset prices and returns, showing that liquidity is an important factor in capital asset pricing.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

Noise trading and prime and score premiums

This paper documents that a common element drives the time-series variation of the premium pricing of Primes and Scores. I argue that this common element is noise trading. The noise trading model of Delong, Shleifer, Summers and Waldmann (1990) predicts that returns on assets that are predominantly traded by noise traders will be correlated, since the misperceptions of noise traders are cross-sectionally correlated. Consistent with the noise trading hypothesis, changes in the average premium of Primes and Scores, which are predominantly traded by individual investors, are correlated with both changes in average discounts of closed-end funds and small firms returns. These empirical facts provide additional evidence that noise traders can affect security prices.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

美国“两房”危机分析及启示

文章分析了“两房”危机的形成过程,以及美国政府应对“两房”危机的救助措施。虽然美国金融海啸对国内上市银行的投资影响不大,但国内银行业对海外投资与交易的风险管理有待加强。面对全球市场动荡,文章从加强监管、完善政策调控、稳定房地产市场发展,以及提高金融机构风险管理能力等方面提出应对之策。     

垄断与通货膨胀:理论与证据

本文从微观层面构建多维状态非线性系统理论模型,应用非线性模型预测控制方法研究了垄断与通货膨胀之间的关系。理论分析表明,垄断与通胀存在明显的正向关系。本文进一步应用变系数半参数估计方法为上述理论预期提供了经验支持,并发现我国在生产效率较低的行业中,垄断会导致显著的通胀效应,但这种效应在生产效率较高的行业中则明显减弱。上述结论对我国当前“下限保增长、上限防通胀”的宏观调控目标具有重要的启示意义。