保险资金介入保障房建设的退出机制研究

目前我国保障性住房建设的难题之一是资金的短缺,解决这一难题需要引入市场手段作为政府投入的必要补充。一方面是保障性住房建设的融资缺口,另一方面是保险公司的资金等待合理的配置,然而由于没有规范的退出机制,保险资金想要大规模地介入保障房建设还有待时日。文章从保障性住房和保险资金运用的基本现状入手,从保险资产负债管理和保险资金的良性循环两个方面说明建立保险资金介入保障房建设退出机制的必要性。并按其退出原因分为常态退出和非常态退出,具体分析了融资资金权益转让、资产证券化和政府回购三种退出方式。建立有效的保险资金退出机制应做好三方面工作：健全险资退出的法律体系及配套制度;建立和完善险资企业资产管理体制;加强危机状态下政府应急预案的建立。

Exit Mechanism of Insurance Funds Involved in the Affordable Housing Construction

The shortage of funds is one of the difficult problems in China＇s affordable housing construction at present,to solve this problem need to introduce market means as a necessary complement to the government investment. On the one hand the first problem is the financing gap of affordable housing construction,on the other hand the second is the insurance funds waiting for reasonable allocation. However,due to the absence of specific rules and normative exit mechanism,the insurance funds want to be involved in affordable housing construction on a large scale remains to be time. This paper starts from the basic status of affordable housing construction and the use of insurance funds,based on two aspects about the insurance asset- liability management and the virtuous cycle of insurance funds,to illustrate the necessity of establishing the exit mechanism of insurance funds involved in affordable housing construction. According to the causes of exit,it can be divided into normal exit and abnormal exit. This paper discusses three means of financing capital exit- transferring the financing funds interests,asset securitization and the government repurchase. Finally,three aspects should be prepared to establish an effective exit mechanism of insurance funds- perfect the legal system and supporting systems of insurance funds exiting; establishing and improving the assets management system of insurance company and strengthening the establishment of the government＇s emergency plan when those insurance companies involved in affordable housing construction are under the crisis state.