1、中 国保险业开展资产证券化业务的现状、问题及对策研究 摘要： 证券化对现如今的金融业有着非常深刻的影响。中国己加入 WTO,尽管中国的保险业无论从资本实力还是偿付能力方面来讲都同国外竞争对手存在巨大差距，但是一定要用国际金融市场的标准要求自己，这样中国的民族保险业才能拥有竞争优势。举例来讲，在偿付能力的提高方面，中资保险公司因偿付能力不足，难以跟上我国整体保险市场的发展速度。运用以前的传统模式（增大分出业务和增 加资本金）提高偿付能力具有一定的限制性，通过更大的资本市场扩大其偿付能力具有必要性和紧迫性。为此，中资保险公司要在保证最低自有资本金的基础上，利用保险资产证券化
2、产品这种资本市场新产品，动态地补充保单持有者盈余，或者动态地减少超额的承保损失，减低提高偿付能力的成本，从而来提高保险公司承保竞争力。 当前，国际金融市场的充分发展，一般集中在资本市场、商业银行和投资银行业务等方面，保险业作为金融市场的重要组成部分，却似乎是在一直走自己的路，得益于金融市场发展的不多。从另一个角度看，这正给金融市场在新的条件下获得新的 发展提供了契机可以向保险市场进击。就保险业的证券化来说，尽管中国无论从资本市场还是法律环境来看，都同西方发达国家有很大差距，以致条件还不成熟。但是，理论需要超前研究。更为重要的是，从本文的分析将看到，中国的保险业具有证券化的强烈需求。
3、 保险业作为金融业的三大支柱之一，它的发展状况对金融结构和市场经济的发展起着举足轻重的作用。同样，资本市场对保险业也有着深远的影响；从上个世纪开始，国外的保险业先由注重承保业务的盈利，然后到主要依靠保险资金投资收益弥补承保利润率很低甚至亏损的阶段。我国保险业一直以来都采取的是粗 放型的经营模式，同时，由于经济周期和保险周期的原因，在竞争激烈的保险市场，保险供给的收缩和扩张导致保险收益出现上升和下降之间重复发生，保险公司之间恶性的竞争，会因为在保险周期下降时候导致保险公司面临偿付能力不足的风险。如何有效的规避偿付能力不足是理论与实践活动中都亟待解决的问题，同时，如何解决传统的保险和再
4、保险的需求和供给之间的矛盾也是亟需解决的问 题。证券化中，证券发行活动迫使保险业改变了传统的商业信息保密的规范，保险资金的投资渠道渐宽，保险公司通过资产证券化融 资，保险公司发挥着原始权益人的作用，使保险业务更加透明，由此看来，我国推行保险资产证券化具有很强的现实意义。本文在界定了保险资产证券化的含义之后，对保险资产证券化的 理论支撑 - 资产证券化进行了理论分析，为下文的保险资产证券化的分析做 了一个理论铺垫。然后，从保险投资的重要性、风险性和我国推行保险资产证券化的动因、必要性、可行性、现状、制约因素、路径及其对策等方面进行具体的分析。从本文
5、的分析将看到，中国的保险业具有证券化的强烈需求，希望能够为我国以后开展保险资产证券化提供一些帮助。 关键词：资本市场；保险市场；保险资金；资产证券化 Abstract In the financial sector now securitization has a very profound effect. China has joined the WTO, though China's insurance industry whether from the capital strength or the solvency point with foreign
6、competitors are there is a huge gap, but must use the international financial market standards ourselves, so that China's national insurance industry can have a competitive advantage. For instance, in the improvement of solvency, Chinese insurance company for solvency is insufficient, hard to ke
7、ep up with the development of our country's whole insurance market speed. Before using the traditional mode (increase cent gives business and to increase capital gold) the improvement of the solvency have certain restriction, through the more capital market to enlarge its solvency has necessity
8、and urgency. Therefore, Chinese insurance company to own capital to ensure minimum in, on the basis of asset securitization of insurance products this capital market new products, dynamically add policy holder surplus, or to reduce the accept insurance of dynamic excess loss, reduce the cost of the
9、improvement of the solvency, and to improve the competitiveness of insurance company accept insurance. At present, the full development of the international financial market, general concentration in the capital market, commercial Banks and investment Banks business etc, insurance as an important pa
10、rt of the financial markets, but seems to be in has been going his own way, thanks to the development of the financial market is not much. The insurance industry is the securitization of speaking, although China whether from the capital markets or legal environment to see, all with the developed cou
11、ntries of the west had the very big disparity, so that the conditions are not mature. But, theory need to advance research. Even more important, from the analysis of this paper will see that China's insurance industry has the strong demand securitization. Insurance industry as the financial indu
12、stry one of the three pillars of its development of financial structure and the development of the market economy is of vital importance. Also, the capital market of insurance industry also had a profound impact； The last century began, foreign insurance first by the attention of the earnings of acc
13、ept insurance business, and then to rely mainly on the insurance fund investment income make up for profit is very low, and even a loss insured the stage. The insurance industry has been taken extensive business model, and at the same time, because of the economic cycle and insurance period of reason, in the fierce competition in the
