In 2003 the Lichai Sun of the insurance industry to highlight the problem, the number up to 500 million in low interest rates, insurance companies how to improve the yield it? At that time, coincided with the bear market cycle, the securities industry is a need to introduce new funds, so the two sides hit it off, there needs. Today, however, this "shot" in the end that should not "take"?
Guests:
Gao Xu Lin: 2004.7 University of International Business and Economics, Dr. graduated in economics doctorate at the University of International Business and Economics College of Insurance as the medium of instruction. Xu Lin in the high-insurance funds investment management community to have a certain reputation, has just completed publication of "insurance funds tutorial Investment Management", in "Economic Finance and Trade" and "Insurance" and "international trade" core journals published papers More than 10 articles, written by the "insurance capital stock of direct investment and recalled thinking," an article in the Journal of the core "of the financial theory and practice" in 2008 after the publication of Phase 2, the National People's Congress was published in the press information center "for investment and securities," the full text of .
Into the city Niuxiong between the "three insurance-hung," the path Trader
Analysis of the third quarter of 2008, insurance investment track
Comparative Study of Chinese and foreign investment insurance and case studies
Sharon Record:
And the Web: You have just summed up the look of our three companies in the first three quarters of the total investment, in fact this is only the Xu study a number of teachers drop the idea. Today, we are fortunate enough to please many teachers out on his recent book, "insurance funds tutorial Investment Management", the book introduced the system of teacher Xu insurance in a number of investment research. Please tell us about this book is what? What prompted you to write this book?
Gao Xu Lin: This book can be said to be one of my efforts. This book is in my doctoral dissertation in 2004 on the basis of the completion of the addition, doctoral thesis at the time chose such a subject, but also because the insurance industry in 2003, 2004 and the two sides of the securities industry to pay out the storm, is facing huge problems of the period, Therefore, it is necessary for insurance funds to study how to invest, insurance and securities has the role. In 2003, the insurance industry has highlighted the issue of Licha Sun, was in a very low level of interest rates, insurance companies how to improve the rate of return, to ease the high interest rate policy in the history of losses, which is very prominent The problem. At that time, the figures are more than 500 million Licha Sun, was in accordance with the insurance proceeds, we should 50,000,000,000 fill the hole is very difficult, it is the insurance industry.
The securities industry, in 2003 after two years in 2001 since the long-term decline in the securities industry so that the bear market has been very difficult, the need to introduce new funds, so it should be said that the two sides hit it off, there needs. But as you mentioned earlier, this should not have to shoot the film in the end? As long as the door opened, the stock has come high-yield potential, the securities industry with new blood. I have just mentioned, insurance companies have to invest indirectly in the open, but numerous Fukui has been bitten by a Therefore, although it is difficult here, there may not necessarily be good.
That is why we choose to take a look at how it is done abroad, first on the "Anglo-American principle of insurance funds investment research." Later, because of the needs of the teaching materials, teaching materials into the want, but there have been a problem. Doctoral thesis can only study the question, but the material needs to be done on the system. On when faced with two outstanding issues. First, the experience of Britain and the United States apply to China. Second, the investment of insurance funds, Britain and the United States is also a major investment in bonds and stocks. We are in the insurance department to open the stock and bond investment until the other has Jinrongxuexi "Investment securities" such a course. Well, how our materials are consistent with China's national conditions and characteristics, and also the traditional curriculum of the Securities Investment distinguish between, which is troubled by that time I have a year's time. The reason why this book was a slow too, we have not think that it is necessary that there should be a characteristic of a self-teaching materials. So, after thinking again, we feel that the investment of insurance capital has its unique materials.
Unique content is divided into four blocks. The first analysis of the insurance funds to the characteristics of the source of funds, insurance funds in analysis of the characteristics of the operation. We found that indeed different from other financial institutions, which is a large, is the so-called principle of investment. Second, in-kind operation. We found the same fish-flavored pork in a roadside restaurant in a five-star hotel and there are differences, the same reason, we have found in the bonds, the insurance fund's turnover rate of a year may be only 7-8 times in the 10 times, the fund may be 20-30 times that of securities companies is 70-80 times, which are a source of inspiration to us, although it is the same tool, but the different agencies in the use of a lot of difference there. That is why we have such an empirical basis, we established a thought, though we also talk about the stock and bond investments, but we have two constraints. 1, is the only insurance company to use the tools and methods. 2, the only Chinese we have some tools, and the China Insurance Regulatory Commission voted in favor of the insurer's tools, and this simple principle of distinction seems to talk about investment, is highly oriented applications. Insurance companies have also invested in real estate, private equity, including derivatives, we have a unique perspective on, so it has characteristics of the content.
And the Web: You have just introduced to the book, which is part of the focus should be reading?
Gao Xu Lin: I have just mentioned, the book's content or more, divided into three articles. I have a joke I said that this book is similar to the Encyclopedia of teaching materials. Earlier I mentioned that I had to set their own tasks, it is necessary to study a problem, they study it thoroughly, both from the perspective of the various studies, so I put out my research results to the readers. However, this has caused some readers to question, the book close to 400,000 words, the content should be rich, not all readers will need to read from start to finish. I think the reader is divided into two categories: one is called the course. Regular college students as teaching materials to study. The second category of readers, is due to various reasons, compared to the investment of insurance of interest to readers, we referred to as community readers. I am here to talk about the main social problems of the readers, I'll give you some suggestions online.
My friends are interested in this book may have different reasons, but the reasons for this, I divided into two groups: one is a particular interest in the issue. For example, on the possible investment of insurance funds interested in principle. We all know that there are many from the securities companies, fund companies to switch insurance asset management companies here, and they are on the bond side of the operation is already very familiar, part of them do not have to read, may be a very simple . However, the characteristics of its own insurance fund, which is the need to look at. Or all of our friends Baojian Ju wanted to take a look at how to monitor foreign investment in insurance, you can just look at the third part of the regulation. This is the first class of readers, with special concrete-oriented reading.
The second category, the book I have read two types of law. "Insurance funds tutorial Investment Management" We just talked about the meaning of the professional side of it, in fact, there is a level of understanding of popularization. In fact insurance funds can also be a wide range of understanding can not be brought into play. As we all know, a lot of retired officers used their life savings into investment, or their children's education expenses of the investment used, the money can be used as insurance funds, the money is not lost, and these are hard-earned money There is need for an insurance thought, that our money should have a safety-oriented. At the same time, but we want to own hands Lian Lian, I would like for this part of the reader from this angle to read the book. 1, you have to draw on the assets of insurance companies thinking of the match. Everyone should own a property in the planning, you have a match in which the concept. 2, the book I set out an important conclusion, our historical experience shows that any of the agencies if you want to achieve long-term high-risk rate of return to steady growth and this is impossible. If you want a stable earnings growth, rate of return on high can not, you can only reach a level of fixed asset-based. If you want to pursue high-yield, high-risk must assume that this is historical experience. We own the assets the same way, if you want to pursue sound growth, can not fully invested the stock market, we know that the stock market than the average bond yield is higher, we have to pursue a 10% annual compound growth in the stock market, which let ordinary investment , Even the body can do. So you have a position of the mainstream of our assets 50-60% in bonds and deposits on robust assets, can only come up with 20-30%, or even no more than 20% of the funds and assets to win such a high stock Risk products.
And the Web: The book includes a major Anglo-American investment of insurance funds empirical results, you can probably tell us, the Anglo-American investment in China and some of the differences.
Gao Xu Lin: The United States is the main bond-oriented. Some friends from abroad, some of the sites look at the United States life insurance industry asset allocation, but we have not seen before, it is the account of the total vote and even the risk of the combined results of the two accounts are essentially different and must be Can be separated. We have the total account is the account of traditional life insurance funds.
And the Web: dividends on a regular basis and life insurance.
Xu Lin high: in this part of the account, the proportion of equity investments less than 5% of the vote even at the risk 60-70%, two stocks together account for the ratio of 20-30%. In the past, we have been out of a joke, because some of my friends saw the account of the merger ratio than the United States that we bid too bad, but the fact is he did not notice the difference between the two accounts. China is also a matter of fact, the traditional restrictions on the proportion of the risk is relatively low, but we have not even vote in the insurance accounts have been opened Fang Dehen, the ceiling can be a hundred percent. This is the American model.
Britain is not the same as the model. Britain even traditional insurance account, the proportion of shares can also account for 30-40%, which is the difference between Britain and the United States, the problem here is not carried out specific, it is Britain and the United States and its insurance design are different, and the United Kingdom There are differences between the U.S. stock market. This part of the contents of the books we have to explore, you can see.
And the Web: We can not simply through a number of comparative figures on coming to a conclusion. The last question, you mentioned that the United States in the use of insurance funds when there are differences between China and the most recent period, AIG is of concern, their current financial crisis encountered considerable difficulties in the current loan limit has been To reach 1,000 billion U.S. dollars. As a hundred years of the Financial Group, which met in the end, what issues?
Gao Xu Lin: This is everyone's concern. It can be imagined in June at the U.S. loan crisis to deteriorate, we may feel that the United States to buy insurance for insurance companies than the safety of Chinese-funded insurance companies still much stronger, which is a lot of policy holders have the impression, but as mentioned earlier , Overnight from one of the most reliable insurance provider into a crisis-prone state. Here I would like to clarify a question, AIG can be achieved today, 90-year-old senior, is indeed a very robust, mainly in the business are very strong. Even now, into this predicament, it's not the problem comes from the insurance industry, but it comes from the United Kingdom to engage in a financial transaction, a subsidiary of the product. The subsidiary in the past 20 to 30 years of development is very fast, AIG accounted for a total share of the profits from 20 years ago, less than 5%, to the development of the 2007 level of 17-18%, this is a fast-growing sector. Because of its great contribution to our Chinese people are saying, well over a hundred ugly, as it makes a significant contribution to profits, AIG piece of its business has eased. Because the company is mainly engaged in credit products, innovation, in times of crisis after the loan-to-bear the brunt of its losses, the loss is estimated to reach 250 billion dollars, due to psychological factors, making the result of shaken confidence, making the business of other AIG has also been the Drag on the deteriorating situation today.
And the Web: This is something we can find a special time please XU teachers to do to answer, because AIG is a financial holding group, our insurance business will bring enlightenment. Today we are here to Sharon, Xu thanked the teachers to answer the wonderful, thank you! See you soon!
Gao Xu Lin: Thank you wish, I would like to thank my friends. In the future and we have the opportunity to good-bye!
Exclusive articles where the statement noted, "and the Web," the source of work (text, pictures, charts), and without hearing mandated network, any media or individual is allowed to reproduce all or part of. For a reprint, please contact 010-85650836; reprinted by permission, please be sure to reference, and add links to the source, and offenders were Benwang will be prosecuted according to law.
No comments:
Post a Comment