保险公司债券投资信用级别限制对债券市场流动性的影响  

The impact of credit ranking restriction of insurance companies′ bond investment upon bond′s market liquidity

作　　者：周沅帆[1] 陈文鹏 

机构地区：[1]东北大学,辽宁沈阳110819 [2]鹏元资信评估有限公司,广东深圳518040

出　　处：《保险研究》2010年第1期104-109,共6页Insurance Studies

摘　　要：2005年12月,保监会发布《保险机构投资者债券投资管理暂行办法》,对符合保险公司购买条件的债券信用级别作出严格限制。保险公司的债券投资对象仅限于指定的信用级别债券上,不同信用级别的债券可能因为保险公司能否参与投资导致市场流动性水平出现较大的差别。本文通过分析52只发行额度为10亿元的短期融资券市场流动性水平,认为保险公司的参与对提高债券流动性水平有一定的正面影响。China Insurance Regulatory Commission issued ＂The Provisional Measure on Administration of Bond In- vestment by Insurance Companies＂ in December, 2005, strictly limiting the credit rating of investable bonds for in- surance companies. Insurance companies are confined to invest in bonds with certain level of credit rating. Whether the bond can be invested by insurance companies may affect the bond＇s market liquidity. This article analyses the market liquidity of 52 short-term financing bills with an issuance of RMB 1 billion, and arrives at the conclusion that the participation of insurance companies has a positive effect on bond＇s market liquidity.

关 键 词：保险公司 债券投资 市场流动性 

分 类 号：F840.32[经济管理—保险]