寿险证券化的理论框架分析  

An Analysis of the Theoretical Framework of Life Insurance Securitization

作　　者：谢世清[1] 姚维佳[2] 

机构地区：[1]北京大学经济学院,北京100871 [2]北京大学软件与微电子学院,北京100871

出　　处：《财经论丛》2014年第2期50-55,共6页Collected Essays on Finance and Economics

基　　金：教育部人文社科研究规划基金资助项目(12YJA790152)

摘　　要：寿险证券化是寿险公司通过发行以标的业务现金流为支撑的资产支持证券的融资或转移寿险风险的过程。与一般资产证券化相似,寿险证券化的基本原理包含风险重组、风险隔离和信用增级三个原理,但融合了寿险业务的特殊性。寿险证券化可分为内含价值证券化、责任准备金证券化、风险转移证券化三类,且每类均包含特有的经济学与保险学原理。前两类证券化的目的是融资套现,而后一类则是为了转移极端死亡率风险和长寿风险。Life insurance securitization refers to the financing or risk transferring process in which a life insurance compa- ny issues asset-backed securities based on its operating cash flows. Like asset securitization, life insurance securitization has the three basic principles of risk restructuring, risk isolation and credit enhancement with the characteristics of life insurance business. Life insurance securitization can be.categorized into the following three types： （ 1 ） embedded value securitization which converts intangible assets such as acquisition costs and cash values embedded in insurance policies into cash to reduce financial pressure and increase underwriting capacity; （2） reserve securitization which releases excess reserves, reduces the reserve pressure, and fulfills the regulatory reserve requirements; （3） risk transfer securitization which aims to transfer ex- treme mortality risk and longevity risk into the capital market.

关 键 词：寿险证券化 内含价值证券化 责任准备金证券化 风险转移证券化 

分 类 号：F840.6[经济管理—保险] F830.91