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
浙江财经学院
Zhejiang University of Finance & Economics
张代军
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.
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.
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 asse
and liabilities management in a modern insurance company
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%.
2001年-2010年间GDP总值前后五名与全国地区的平均毛赔付率
gross loss
毛赔付率
1、保险资金集中运用的制度因素分析
ratio
0.5000
The system factors analysis of the 0.5000
concentrative
use of insurance
funds
0.4000
GDP总值前五名
0.4000
0.3000
GDP总值后五名
0.2000
全国地区
0.1000
0.3000
0.2000
0.1000
0.0000
2010年
0.0000
The top five
total GDP region
The last five
total GDP region
The total GDP in
China
2010
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
通常而言，无论中国发达地区还是落 developed areas of China, except for the local claims
后地区，除了在当地的理赔与费用支 and cost expenses, extra premiums need to be turned
中资保险公司总部所在地分布
出，多出保费收入需要上缴总公司， over to the headquarters, that is, these funds are
17 to the investment institutions which
basically18delivered
这些资金基本交付给总公司设立或授
17
18
are set up and authorized by the parent corporation to
16
权的投资机构集中运用。面对众多保
concentrate
manipulation. Facing a number of
16
14 projects of security housing construction,
Investment
障房建设投资项目，保险公司如何选
中资保险公司总部
14
12 insurance companies directly
12
the
way
to
choose
by
the
择，直接关系到保险公司所集中的保
12
所在地分布
12
The location
concerns where insurance funds concentrated
by of the
险资金投向哪个地区的保障房建设项
10 companies invest in security housing
insurance
10
chinese-invested
目。保险公司资金运用总部与公司总
construction
head office
companyof
8 projects. Where to locate theinsurance
8
insurance company funds operation and the
company
部的设在什么地方一般取决于金融市
headquaters
5
6
5
6
场发达程度，具体包括金融人才市场、 headquarters the headquarters generally lies in the level
4
of financial markets development, specifically including
网络通讯市场、商品市场、文化市场 the degree4 of civilization in financial professionals
2
2
等市场建设的文明程度。现实中，保 market, network
communications market, commodity
0
险公司资金运用总部和总公司全部设 market and
0 cultural market, etc. In reality, both the
北京
上海
深圳
and Shenzhen
the company set up
立在中心城市以上。以目前中国所有 insurance company
Beijing funds
Shanghai
headquarters in the central city. As all of 34 present
34家内资保险公司为例，总部所在地 Chinese insurance companies for example, there are
北京、上海、深圳，分别有17家、12 respectively 17, 12 and 5 headquarters located in
Beijing, Shanghai and Shenzhen.
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.
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
有失社会公平
Loss of social
justice
加重两级分化
Increasing
polarization
市场环境恶化
The deterioration of
the market
environment
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.