金融创新、风险分担与监管:中国转轨时期保险资金运用的系统性风险及其管理  

作　　者：陆磊[1] 王颖[2] 

机构地区：[1]西南财经大学中国金融研究中心,成都610074 [2]四川大学公共卫生学院,成都610041

出　　处：《金融研究》2005年第6期1-16,共16页Journal of Financial Research

摘　　要：本文从保险资金运用的基本理论出发,通过建立保险资金运用的基本模型,在比较各国保险资产分布与金融制度相关性的基础上,实证地研究了中国在经济转型期保险资金运用所面临的宏观与微观风险,论证了金融创新、风险分担和监管体制改革在现阶段确保保险资金安全运行的必要性。本文的基本结论如下:第一,各国的经验和中国的实践都证明,保险资金运用与金融市场体制存在较大的相关性;第二,中国的经济转轨期,金融市场存在较大的系统性风险,保险资金的保值增值面临挑战,金融创新是控制体制风险的必要手段;但是,由于体制性风险的全局性,单个保险机构并不具备管理风险的能力,因此需要引入货币当局的“最后贷款人”职能,以此建立保险资金运用的社会风险分担机制;第三,现阶段,保险机构的自主风险管理需要金融创新,但是在金融市场存在体制性不确定因素的前提下,因信息不对称下的委托代理关系而可能导致出现保险资金滥用以追逐高风险操作的情形,即所谓“金融创新的悖论”,因而需要在金融监管体制上进行必要的改革。This paper reviews the literatures on insurance asset alloc ation,comp aratively studies the insurance asset distribution modes in major developed econ omies,and empirically analyzes the macro and micro risks of China's insurance f und during the financial transition to show the necessity of financial innovatio n,risk sharing and regulation reform. Conclusions are as follows. Firstly,the close correlation between insurance asset distribution and financial system is p roved by experiences of both developed economies and China. Secondly,though fin ancial innovation is a way to hedge risks,given the institutional systematic ri sks in transition,risk should be diversified by a social sharing system,which should be induced as the lender of last resort by the monetary authority. Finall y,since information asymmetry between insurance policy holders and insurers,th e principal-agent behavior could be distorted which results in high operational risk,and thus,financial regulatory system should be restructured.

关 键 词：保险资金运用 体制转轨 金融创新 金融风险 监管体制 

分 类 号：F842[经济管理—保险]