Let insurance and capital market interaction
Wu Jingwei
International experience shows that as an integral part of the financial industry, the insurance industry must form a benign interaction between the entire capital market. This relationship is manifested in two aspects: First, the development of the insurance industry needs a healthy capital market; second, the development of the capital market requires the active participation of the insurance industry. Accelerate the reform and development in these two areas, promote the benign interaction between the two is one of the basic premise of ensuring the healthy development of my country's financial system. China's insurance industry develops requires the capital market, and is currently a very pressing issue. China's insurance industry is still in its infancy, regardless of the number and scale of insurance companies, the total amount of premium income and its proportion of insurance products, the type and number of insurance products, and the space and channel of insurance funds, are all in A relatively low level of development. From the perspective of the development experience of the insurance industry in the world, as a credit intermediary of organizational, dispersion risks and providing risk guarantees, insurance companies must have diversified means and capabilities to use insurance funds to ensure this "life-saving money" safe. And benefit. In contrast, securities investment, especially stock investment has become the most important choice for the use of insurance funds from all over-term insurance companies due to their high long-term benefits. Therefore, in order to improve the overall solvency capacity of China's insurance industry, the investment in insurance industry should be opened, allowing insurance industry to enter the capital market. It is gratifying that the 1999 government has licensed the insurance fund to purchase a securities investment fund, and the insurance funds entered the capital market opened a window. On the other hand, from the perspective of capital market development, the entry of insurance funds is also indispensable. At present, there is a bad atmosphere in my country's securities market, and the price is big. Some listed companies do not have the concept of shareholder value, and the overall benefits of listed companies and the return on investment return will continue to investors. Risk caused investors. One of the reasons for this abnormal situation is difficult to eliminate, which is the investor structure of my country's securities market is too dispersed, and the institutional investors are too small, and the retailholders account for absolute advantages. Therefore, in order to promote the development of the securities market, it is necessary to vigorously cultivate institutional investors, one of which is the insurance company. From the experience of developed and some developing countries, insurance funds are one of the main funds to support the development of capital market. For example, the long-term funding provided by the insurance industry is equivalent to the total financing total financing in capital market. 1/3 . It is not enough to achieve the benign interaction of the insurance industry and the capital market, just allow insurance funds to enter the securities market. It must also have some other conditions. Since the insurance company has a significant responsibility to the insurance household, it is extreme importance to ensure the robustness of the insurance industry and the safety of insurance funds. This makes the standardization of the insurance industry and the capital market become a prerequisite for both benign interactions. In terms of the insurance industry itself, it is necessary to strengthen the self-discipline of the insurance industry and the law of the insurance industry for the preceding period. Since the insurance fund is to prevent the insured, especially the life insurance is the "life" money of the insured, it can't be slightly lost. Therefore, the capital market needs of insurance funds is a market that is stable, transparent, fairly transaction; to ensure the safety of insurance funds, the capital market needs to further standardize and develop. The most important thing is that the supervision department must effectively change the guiding ideology of the development of the capital market, and truly start, strengthen the market "public, fair, fair, fairness, fairness, and fairness, the market" "Sexual supervision, reduce unnecessary administrative interventions, and take measures to gradually release and inhibit market" bubble "to reduce market overall risk. Another important condition for realizing the benign interaction in the insurance industry and capital market is that the insurance industry and capital market must improve service and product innovation. It is a bridge to communicate with the capital market to enable insurance funds to enter the capital market. .
Product innovation in the capital market can provide diversified choices for insurance funds into the capital market, which is conducive to the expansion of insurance funds; the same, the insurance industry must also make product innovation, so that insurance funds can better meet the capital market. Need, insurance companies can also get more investment income and returns. In this regard, there are many good successful experiences available for reference. Investment link insurance is one of them. It has a certain insurance function and has a strong investment. Through it, the long-term savings funds in the hands of the residents can be maximized to increase investment while playing insurance and security functions. This product has been practiced in foreign countries, especially Europe and America, but this product is applicable to China, and we need to study carefully in combination with international experience and China. "People's Daily Overseas Edition" (second edition, June 05, 2000)
