保险资金参与保障房投资马太效应的生成与化解 The Matthew Effect Formation Mechanism of the Insurance Funds Involved in the Security Housing Construction Investment and the Resolution 张代军 浙江财经学院 Zhejiang University of Finance & Economics ZHANG Daijun

主要内容contents 1、保险资金参与保障房投资的理性思考 The rational thinking of the insurance funds involved in security housing investment 2、保险资金参与保障房投资马太效应的两大成因 The dual factors of the Matthew effect for the insurance funds involved in security housing 3、保险资金参与保障房投资马太效应的危害 The Matthew effect hazards of insurance funds involved in security housing investment 4、保险资金参与保障房投资马太效应的治理 The governance of Matthew effect of insurance fund invested in security housing

一、保险资金参与保障房投资的理性思考 The rational thinking of the insurance funds involved in security housing investments 保险资金运用是现代保险公司资产负债化管理必然要求。 The utilization of insurance funds is a necessary requirement for the assets and liabilities management in a modern insurance company. 保险资金的基本属性和“三性”原则决定保险资金的流向、流量与流时，提高保险资金运用效率是保险融资功能集中体现，自然也有助于保险基本职能有效发挥。 The basic property and the “three natures” principles of insurance funds decide the direction, rate and time of insurance funds flow, and the increasing efficiency of the use of insurance funds embodies the insurance financing function, which also naturally help the effective role in fundamental insurance function. 3

一、保险资金参与保障房投资的理性思考 The rational thinking of the insurance funds involved in security housing investments 保险资金投资结构主要取决于市场发育程度和受制于金融制度。 Insurance funds investment structure mainly depends on the degree of market development and is subject to the financial system. 从保险业在社会经济运用中的地位与作用的角度审视保险公司应扮演角色，保险资金运用是全社会资金余缺调剂的重要组成部分，其投融资功能对现代金融市场产生重要影响。 In the view of the socio-economic status and role in the insurance industry to consider the role of insurance companies, the utilization of insurance funds constitutes the primary component of the surplus and deficiency transfer of the whole society funds, and its investing and financing functions have an important impact on the modern financial markets. 4

在市场经济中如何看待保险资金参与保障房投资是当下值得关注的话题。正确认识这个问题需要解释清楚以下两个问题： How to view the insurance funds involved in security housing investment in the market economy is the subject of current concern. Correct understanding of the issues need to explain the following specific issues: 1、保险资金在保障房建设中是参与性资金而非主导性资金 The insurance funds in the security housing construction are not leading funds but participatory fund “ ” 2、保险资金参与保障房投资是保险公司资产负债管理客观要求 The utilization of insurance funds is an objective requirement for the assets and liabilities management in a modern insurance company

1、保险资金集中运用的制度因素分析 2、保险资金投资的趋利因素分析 二、保险资金参与保障房投资马太效应的两大成因 The dual factors of the Matthew effect for the insurance funds involved in security housing investment 1、保险资金集中运用的制度因素分析 The system factors analysis of the concentrative use of insurance funds 2、保险资金投资的趋利因素分析 The factor analysis of the insurance funds going for benefits

1、保险资金集中运用的制度因素分析 The system factors analysis of the concentrative use of insurance funds 明确保险资金集中运用的制度要求是保险公司有效控制风险总量和实现公司内部保险资源的合理配置，维护保险稳健经营具有一定科学性与合理性。作为一种常识，无论是发达地区还是欠发达地区保险赔付率通常低于100%。 It’s clear that the system of the concentrative use of insurance funds requires effective control of the total volume of risk, realization of the rational allocation of the internal business resources by the insurance company, and maintaining the stable insurance business operation in a sound scientific and reasonable manner. As a common sense, the insurance loss ratios in developed or underdeveloped areas are usually lower than 100%.

1、保险资金集中运用的制度因素分析 The system factors analysis of the concentrative use of insurance funds 上述图表是通过北京、上海、深圳等全国36个地区2001年至2010年，毛保费收入和理赔支出计算得出的毛赔付率为基础，分别计算出2010年全国GDP总值排名前后五名与全国各地区平均赔付率。其中GDP排名前五名的广东、江苏、山东的平均毛赔付率分别为0.2676，0.2592，0.2497，后五名的甘肃、海南、宁夏的平均毛赔付率分别为0.2746，0.2628，0.2491，这些地区与全国各地区的平均毛赔付率0.2691比较接近。

1、保险资金集中运用的制度因素分析 The system factors analysis of the concentrative use of insurance funds So generally speaking, whether in backward areas or developed areas of China, except for the local claims and cost expenses, extra premiums need to be turned over to the headquarters, that is, these funds are basically delivered to the investment institutions which are set up and authorized by the parent corporation to concentrate manipulation. Facing a number of Investment projects of security housing construction, the way to choose by the insurance companies directly concerns where insurance funds concentrated by insurance companies invest in security housing construction projects. Where to locate the head office of insurance company funds operation and the company headquarters the headquarters generally lies in the level of financial markets development, specifically including the degree of civilization in financial professionals market, network communications market, commodity market and cultural market, etc. In reality, both the insurance company funds and the company set up headquarters in the central city. As all of 34 present Chinese insurance companies for example, there are respectively 17, 12 and 5 headquarters located in Beijing, Shanghai and Shenzhen. 通常而言，无论中国发达地区还是落后地区，除了在当地的理赔与费用支出，多出保费收入需要上缴总公司，这些资金基本交付给总公司设立或授权的投资机构集中运用。面对众多保障房建设投资项目，保险公司如何选择，直接关系到保险公司所集中的保险资金投向哪个地区的保障房建设项目。保险公司资金运用总部与公司总部的设在什么地方一般取决于金融市场发达程度，具体包括金融人才市场、网络通讯市场、商品市场、文化市场等市场建设的文明程度。现实中，保险公司资金运用总部和总公司全部设立在中心城市以上。以目前中国所有34家内资保险公司为例，总部所在地北京、上海、深圳，分别有17家、12家、5家。

1、保险资金集中运用的制度因素分析 The system factors analysis of the concentrative use of insurance funds 从投资信息的可获得性和便利性，当然总公司所在地或经济发达地区保障房建设投资信息采集渠道与技术、信息的准确性、真实性、有效性和完整性要比边远地区或经济欠发达地区具有较强的信息优势，同时地缘优势也较为明显，当地保障房建设同总部员工或亲友存在较为直接或间接的利害关系。因此，即便是在同等保障房投资收益与风险的情况下，保险资金参与保障房投资在总部投资或经济发达地区投资的具有一定倾向性。 In terms of the availability and convenience of investment information, of course, the information collection channels and technology, information accuracy, authenticity, validity and completeness of security housing construction in head office location or economically developed areas have the stronger information advantage, obviously more geographical advantage than those in remote or underdeveloped areas, as there are more direct or indirect interest between the local security housing construction and the headquarters staff or relatives. Thus, even security housing investment in the two regions has the same situation with returns and risks, insurance funds involved in the security housing investment have a certain priority to invest in the headquarters or economically developed areas.

2、保险资金投资的趋利因素分析 The factor analysis of the insurance funds going for benefits 保险资金遵循市场游戏规则运用资金不断寻求更高的投资效率无可厚非。保险资金最求的同样风险程度实现更大的投资收益或一定的投资收益期望投资风险尽可能的小。经济发达地区保障房建设的配套设施要比欠发达地区完善，其地方政府政策资源比较充分，政府兑现政策诺言的可信度较高。因此，在保障房投资项目选择上，经济发达地区保障房投资基础、投资环境、政策优势或政策风险要比经济欠发达地区具有一定优势，这方面的优势显然可以转化为地方吸纳保险资金参与当地保障房建设的优势。如果将经济发达地区这方面的优势同中国较为落后地区相比，保障房投资优势会更为显著。 There is nothing wrong for insurance funds to follow the rules of the market game using the funds constantly to seek higher investment efficiency. Insurance funds seek to realize the greater investment return at the same level of risks or expect investment risks as small as possible with a certain investment profit. Facilities of security housing construction in economically developed regions are more improved than those in less developed regions, meanwhile its local government policy resources are more fully, and the government promises to honor the policy credibility high. Therefore, as for the choice of the security housing construction projects, compared with less developed regions, investment infrastructures, investment environment, policy merits, and policy risks in economically developed areas have a certain advantage, obviously this advantage clearly turn to the advantage of attracting insurance capital into the local security housing construction. If this advantage in the economically developed areas is compared with China's more backward areas, the security investment superiority will be more significant.

有失社会公平Loss of social justice 三、保险资金参与保障房投资马太效应的危害The Matthew effect hazards of insurance funds involved in security housing investment 加重两级分化Increasing polarization 市场环境恶化 The deterioration of the market environment 有失社会公平Loss of social justice

四、保险资金参与保障房投资马太效应的治理 The governance of Matthew effect of insurance fund invested in security housing 1、制度完善 Completeness of the System 2、政策扶持 Supportive policy 3、基本思路与途径 basic ideas and ways

1、制度完善 Completeness of the System （1）搞好试点，总结经验 Do well in experimental units, and sum up the experience. （2）广泛征求意见，制度形成过程透明 Extensively solicit opinions, and institutional formation process transparent

2、政策扶持 Supportive policy （1）明确各级政府职责 （2）建立政策制定协调机制。 （3）明确政策指导原则和目标。 （4）危机处理机制建立。 1) Clear responsibilities at all levels of government. 2) Establish policy-making coordination mechanism. 3) Clear policy guidelines and objectives. 4）Establish crisis management mechanism.

3、基本思路与途径 basic ideas and ways 以中国地方经济GDP为主要依据，将中国地方经济划分三类地区，并选择具有代表性欠发达地区、一般地区和发达地区为试点，根据保费收入、理赔支出、保险投资规模与结构等方面的统计数据，分析保险资金参与保障房建设投资所形成的马太效应，论证保险资金集中运用与保险资金趋利属性的双重因素对马太效应的解释程度。 Based on the Chinese local economic GDP mainly , we divide the local economic into three regions, then select representative underdeveloped region, general area and developed regions as the pilot, according to the premium incomes, claims expenses, insurance investment scale and structure analysis of the statistical data of insurance funds involved in security room construction investment, analysis the formation of Matthew effect in insurance funds in the security housing, then demonstrate the explanation extend of the concentrate use of insurance funds and its nature of going for benefits as the dual factors to the generation of the Matthew effect.

3、基本思路与途径 basic ideas and ways 运用保险资产负债管理理论和VaR风险管理技术对保险资金参与保障房建设进行风险管理以及可行性方案设计与实施。 use insurance assets and liabilities management theory and VaR risk management to take feasibility study for the insurance funds involved security housing construction

3、基本思路与途径 basic ideas and ways 在保险资金参与保障房建设具体投资对象的选择上，鉴于具体地区筹集保险资金总量与结构同保险资金参与该地区保障房建设投资资金的总量与结构的非对称性和运用REIT模式、BOT模式、信贷模式等传统投资模式易生成的过渡流入经济发达地区的实证结果——马太效应，建立基于机会均等的、公平合理的保险资金参与保障房投资模式，并着力制定有助于保险公司在不同地区参与保障房建设投资效应无差异的扶持政策。 concerning choosing of the insurance fund specific investment security housing construction, In view of the specific areas to raise volume and structure of insurance funds in the region exist non-symmetry with the total amount and structure of the insurance funds involved in the security housing construction, and the use of traditional investment model could easily result in the insurance fund pour into the developed areas of the empirical results – the Matthew effect[5], establish the innovative mode of insurance funds invested in security housing based on the principle of fair equality of opportunity, at the same time, tries to formulate the supportive policy with no difference effect in different regions for the insurance companies involved in security housing construction.

3、基本思路与途径 basic ideas and ways 针对保险资金参与地方保障房投资可能面临的巨灾风险或经济运行异常波动，借鉴国外经验，构建保障资金参与保障房建设投资的退出机制以及政府救助的预备方案及其运作机制。 As the insurance fund participating in local security housing construction may confront catastrophe risk or abnormal fluctuations in economic performance, drawing lessons from foreign experience, we should build exit mechanisms, the government assistance preparatory program and its operation system.

五、结语 Conclusion 本论文所阐述内容主要是围绕保险资金参与保障房投资问题提出一些观点和思路，许多问题的论证基本是处于定性分析的层面。保险资金参与保障房投资模式以及风险管理技术层面分析、马太效应形成机理、治理具体手段与措施、应急救助方案设计与论证等方面值得进一步研究。 This thesis mainly elaborate some opinions and ideas on the problems of insurance funds involved in the security housing investment, so many problems is in the level of qualitative analysis. The analysis of the model of insurance funds involved in the security housing investment and risk management in technique level, Matthew effect mechanism, specific governance methods and measures, the design and demonstration of emergency assistance program deserves further study.

Thank you!