金融危机对国内保险公司融资行为的影响

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1、 金融危机对国内保险公司融资行为的影响.摘要：由美国次贷危机引发的全球金融海啸对全球经济产生了重大影响。尤其是身处风口浪尖的金融行业，受到的直接冲击尤为明显。本文从融资行为的角度，分析了这场罕见的金融危机给中国国内的保险公司造成的影响，指出在严峻的考验面前国内保险公司需要致力于提高自身的核心竞争力以求得先机。 关键词：金融危机；保险公司；融资 美国次贷危机引发的全球金融海啸还在继续蔓延。受到这一重大事件的影响，全球经济遭受了沉重的打击。作为新兴市场中耀眼的明星，中国经济一直保持了稳健的增长态势，随着未来保增长、扩内需政策的不断落实，相信中国经济保持一个平稳较快的增长速度依然是可以期待的。 但即

2、使如此，作为风口浪尖的国内金融企业，其受到的影响依然让人倍加关注。从保险行业看，在此次金融危机形成中，保险业持有次级债券的19，深嵌次贷的利益关系链中，是次级债券的重要投资者之一；保险业为次级抵押贷款提供保险，增强了放贷机构的信心；此外，保险业还为次级债券提供了单一风险保险、信用违约掉期(CDS)等信用担保产品，大大提高了次级债券的信用评级，增强了投资者的信心。因此，可以说保险业是此次金融危机的重要推波助澜者，同时也遭受了重大损失。 中国国内的保险公司，作为金融行业的重要组成部分，虽然受到的冲击相对较小，但是其影响却不能忽视。2008年中国保险业保费收入为9784.1亿元，比上年增长39.1，

3、是2002年以来增长最快的一年。2008年末，保险业总资产3.3万亿元，较年初增长15.2；保险资金运用余额3.1万亿元，较年初增长14.3。而在业务规模快速增长的同时，却是投资收益率的显著下降。随着资本市场的高位跳水，整整一年的熊市让保险公司风光不在。2007年保险业整体投资收益率达到10.9，而2008年估计保险业投资收益率不会超过5。如果按照投资资产占总资产的比例80来计算，那么2008年全行业的整体投资回报减少了接近1200亿元。这对保险行业来说影响无疑是巨大的。行业整体的经营状况不加，直接的影响就是持续发展的能力，也就是“做大做强”的能力。作为典型的金融企业，保险业的做大做强离不开雄

4、厚的资本金。对资本的持续需求，是整个行业特别是部分中小保险公司的在企业发展初期的典型特征，因为资本金与其偿付能力息息相关，而偿付能力的充足与否决定了企业发展的速度和规模。 可以说很多保险公司尤其是中小保险公司总是在忙着干两件事情，一是发展业务，二是补充资本。一般来说，保险公司补充资本金主要方式有以下几种：一是通过新股上市或者增发；二是通过原有股东持续增资；三是通过私募方式融资；四是发行次级定期债务。金融危机对这四种融资方式均提出了一定的挑战，具体分析如下： 一、上市融资方式 从市场情况分析，金融危机爆发以来，全球股票市场持续低迷，上证综指从2007年10月最高点6124点一路下行到08年底的1

5、820点，跌幅深达70。从2006年以来火爆的IPO，随着市场转冷也风光不在。07年全年公开发行的股票为299只，其中增发178只，新股121只，累计募集资金7875.3亿元。而08年全年公开发行的股票为212只，其中增发135只，新股77只，累计募集资金3765.7亿元，募集额度明显减少，同比下降超过50。尤其是08年下半年以来，IP0几乎停顿，高达几百家公司的上市申请在等候证监会发审委的审批。在这样的市场情况下，一方面获得上市批准很难，另一方面整体估值降低也不利于企业获得满意的价格，增发同样困难重重。从保险行业来说，目前A股上市的保险公司屈指可数，仅有中国人寿、中国平安和中国太保三家公司。

6、2007年10月，中国人寿和中国平安的市盈率曾一度高达75倍和144倍，而到2008年8月，这两家公司的市盈率则分别下降到25倍和20倍。 从中小保险公司的实际情况看，能够满足IPO要求的公司并不多。根据首次公开发行股票并上市管理办法的规定，发行人应当符合“最近三个会计年度净利润均为正数且累计超过人民币3000万元”的条件，而国内众多的中小保险公司仍在生存线上苦苦挣扎，能够符合如此严格的财务指标的公司屈指可数。因此通过上市来达到融资的目的，对中小保险公司来说在目前的情况下并不可行。 二、原股东增资方式 目前中国的保险公司股东基本来自国内的大企业和国外知名的金融及保险公司，即使是已经上市的人保财

7、险、中国人寿、中国平安、中国太保，除去流通股外，占股份比例绝大多数的仍然是国内外的知名企业。保险公司的经营特点是盈利周期较长，财产险一般需要45年才能获得盈利，人寿保险需要78年才能扭亏为盈。原始股东在获得盈利之前持续注资的意愿有限。而这场金融危机中，其中的某些企业或多或少都受到了一定的影响。同时在中国设立保险机构的外资公司，根据中华人民共和国外资保险公司管理条例的规定，应该符合：(1)经营保险业务30年以上；(2)在中国境内已经设立代表机构2年以上；(3)提出设立申请前1年年末总资产不少于50亿美元等要求。也就意味着这些已经在中国拥有保险业务的公司大部分都是国际知名，历史悠久的金融企业，而这

8、些企业中的相当部分在这场危机中同样无法幸免。 三、私募方式融资 国内保险公司私募的对象，除去国内有实力的国有企业和民营企业外，就是国际金融机构。从私募对象看，在目前的危机中，国际金融机构能够保全自身已属很不容易，对外投资的意愿大大降低，同时即使有少数依然抱有对外投资意愿的机构，愿意付出的价格也大大降低。这是因为即使是私募融资，一般也会参照可比上市公司的估值倍数来衡量购买价格。在这一点上，公开市场和私募是同起同落的。 四、发行次级定期债务 2004年9月，中国保监会发布(保险公司次级定期债务管理暂行办法，允许保险公司通过发行次级债的方式募集资金，所募集的资金可以认作保险公司的认可资产，以达到补充

9、公司偿付能力的目的。发行次级定期债务可以说是保监会为保险公司融资补充偿付能力打开的一扇大门。虽然在保险公司次级定期债务管理暂行办法中，对发债的条件做为较为严格的规定，包括经审计的上年度末净资产不低于人民币5亿元、最近两年内无重大违法违规行为等，但是依然没有阻止保险公司纷纷通过这一方式对外融资。如2008年合众人寿获准募集10年期11亿规模次级定期债，中国人保集团获准募集不超过100亿元10年期可赎回次级定期债等。此前，已有泰康人寿、新华人寿、太平洋人寿、民生人寿、天安财险、太平人寿、阳光财险等多家保险公司通过募集次级债的方式，有效的补充了自身的偿付能力，为促进业务发展提供了支持。 受到金融危机

10、的影响，股权融资市场活跃度下降，很多企业转而通过发债方式进行融资。而随着对债券这种收益相对稳定，风险相对较低的投资品种的需求不断上升，债券价格一路上涨，中债银行间国债指数2008年全年上涨了12.5。对于可以通过发债来融资的保险公司来说，债券市场的上涨会降低其融资的成本。从这点上看，金融危机似乎给其1融资提供了一些机会。但是事情总是具有两面性，金融市场的动荡不安使得各类投资行为都相较以往更加谨慎，保监会对于次级债的审批也日趋严格。更重要的是作为潜在投资者的国内商业银行，认购保险公司次级债的意愿显然也不如以前那样强烈。毕竟相比起有担保的企业债券来说，保险公司的次级债不论从流动性或信用度上都更差一

11、些。而对需要发债以补充资本的保险公司来说，能不能找到买家才是成功的关键。 在严峻的事实面前，如何安然度过这场风暴，或是如何在风暴中甩开对手获得先机，是国内中小保险公司亟待思索的问题。2008年底国务院下发的关于金融促进经济发展的若干意见中明确指出，要发挥保险保障和融资功能，促进经济社会稳定运行。在传达中央经济工作会议精神时，保监会主席吴定富提出要“注重从变化的形势中捕捉和把握难得发展机遇，在逆境中发现和培育积极因素”，这都是对保险公司提出的希望和要求。保险企业是经营风险的企业，只有紧紧抓住危机中的机遇，顺应经济发展的大方向，致力于提高业务质量，制定更加科学合理的战略规划，提高自身的核心竞争力，

12、才能真正做到在危机中临危不乱，靠过硬的业务品质和发展质量赢得更多资本的青睐，在经济复苏时才能抢占先机获得腾飞。organization system and working mode, the selection of a number of municipal strengthening group to build innovation and strengthen the organization of the basic level organizations advanced model.(seven) the manual work of the Communist Youth L

13、eague Organization published and League branch of manual work, to promote the use of two manuals in the citys organizations at various levels. The county committee, directly under the group (work) is under the jurisdiction of grassroots League and group (total) using branch ratio shall not be less t

14、han 70%.Three, to further strengthen the groups leadership and team building(a) to strengthen the leagues leadership at all levels of construction. Continue to do a good job of municipal Party Committee Organization Department on the strengthening of the Communist Youth League cadres management opin

15、ions implementation. To promote the group counties (autonomous counties, cities) Commission and city directly under the group (workers) appointed to carry out the Five team building activities. Improve the League Association Department working mechanism. Conscientiously fulfill the duties of CO, com

16、bined with the city group directly under (the) Committee of the general election and the adjustment, actively jointly with the unit where the party organization department good group leadership selection with the work. Do a good job in municipal Party committee assistant committee leadership and lea

17、ding cadres of the annual assessment work, adhere to and improve the assistant secretary of the Communist Youth League talk system group To weave individual conversation and collective conversation, to strengthen the committees of all levels, the Standing Committee of the Standing Committee, the est

18、ablishment of a sound system of central group learning, the system of investigation and study, the system of important issues and the reporting system.(two) to strengthen the work of education and training of cadres to conscientiously implement the Central Committee. On the implementation of grassro

19、ots cadres training project and opinions on carrying out the mission municipal CYL Cadres training project implementation opinions, full implementation of the project of the City Youth League cadres training education. Focus on the county grassroots cadres and workers focused on training, the new sc

20、hool system vocational training League cadres, for the Municipal Organization Department jointly held the third session of the Communist Youth League system training cadres in party. Focusing on the construction of new socialist countryside, strengthening village cadres and rural construction team g

21、roup member of the young team, the county organizations at various levels throughout the year is expected to train 100 00 rural grassroots cadres, plans to train 1000 village secretary of the village Party branch.(three) actively promote grassroots cadres election work. Under the unified leadership

22、of the party organization, to strengthen grassroots organizations direct work, standardize the election work rules and procedures, in the designated candidate, open competition to democratically elected branch secretary at the same time, actively and steadily the development of Township, streets and

23、 other grassroots organizations in the direct election of the pilot work, on the basis of summarizing the experience and gradually expand the scope of the pilot, and gradually formed a set of measures and cadres election system.(four) to strengthen the cadres testing exercise. To study the developme

24、nt of XX city from 2006 to 2008 cadres testing exercise planning. To select outstanding cadres to the central mission in Beijing, Shanghai, Guangzhou and other central organs and sending work in developed areas. With the Central Committee the implementation of the western region and ethnic minoritie

25、s cadres training plan . To carry out the eighth batch of municipal organs attachment cadre management, selection, training work. The outstanding cadres to start the National Development Bank XX branch testing exercise.(five) to strengthen the group construction. The main position to play the role o

26、f Youth League cadre education and training as the city, in accordance with the requirements of post training, further curriculum scientifically and rationally, adopt arrangement menu course, basic theory includes group work, focus, hot and difficult issues, to enhance the content and practice; to s

27、trengthen the construction of teaching staff, the integration of teachers, establish a quality teacher training team, establish and implement course evaluation system; take delivery of training to the countryside, on-site training, and increase the rural grassroots cadres training efforts.Four, effo

28、rts to strengthen the work of young talent(a) to tenth XX young 54 medal in recognition of the publicity, and actively explore the XX youth service. 54 Medal of institutionalization, standardization and socialization mechanism. Give full play to the XX award in recognition of 54 youth medal Associat

29、ion, Youth Award winner in the 54 chapter, investigation activities. Who won the Youth Service medal, dedication to the society to create conditions, build the stage. During the 54, named in recognition of the tenth XX young 54 medal. The association of XX editing of young talent , the exchange of i

30、nformation and communication platform for the XX of outstanding young talents.(two) the establishment of municipal Party committee of young talent information database. In accordance with the feasible, effective, classification management, implement step by step principle, the establishment of munic

31、ipal Party committee of youth talent database; guiding organizations at various levels generally established the young talent database, construction of city, county (directly under the Communist Youth League), grassroots organizations three young talent information database the relevant information

32、collection system, and gradually establish the citys young people, the Communist Youth League youth talent information network, provide information platform for young talent resource development.Five, take effective measures to strengthen the mission management(a) to strengthen the mission managemen

33、t work. Strengthen the dues collection and management, continue to adhere to the dues collection regularly reporting system, the annual comprehensive award in recognition of the tour and the tour one vote veto system audit system. Do statistical work in the group. The group service award in recognit

34、ion of the advanced units, standardization, promoting group management work institutionalized.(two) to strengthen the organization of research and information exchange efforts. Grassroots carry out research, efforts to form a number of theoretical results. Make full use of the network carrier, to ex

35、plore the establishment of electronic group service system, promote the work of Communist Youth League information.Attachment 4:XX municipal Party Committee Propaganda Department of the Communist Youth League work pointsIn 2006, the Communist Youth League propaganda ideological work XX to Deng Xiaop

36、ing theory and the important thought of Three Represents as guidance, study and implement the partys sixteen and the spirit of the the fifth Plenary Session of the 16th CPC Central Committee implementation of the eight plenary session of the two committee, the citys cultural work conference, the Pro

37、paganda Department of the meeting and the the fourth Plenary Session of the 15th CPC Central Committee permanent mission spirit, closely around 11th Five-Year XX the goal of full implementation of Scientific Outlook on Development, emancipating the mind, seeking truth from facts, keep pace with the

38、times, close to reality, close to life, close to the young, persevere grasp orientation, grasping deepening, grasping construction innovation, further improve the groups propaganda and ideological work ability, unity To guide the majority of members of the youth to achieve the 11th Five-Year plannin

39、g tasks, the overall construction of a well-off society, building a socialist harmonious society to make new contributions.One, adhere to the Three Represents important thought and Scientific Outlook on Development education to guide the youth, to further strengthen the ideological and political edu

40、cation of youth(a) armed with youth science theory. Unremittingly with Deng Xiaoping theory and the important thought of Three Represents armed members of youth education, to promote the study and implement to expand the depth and breadth. To study and implement the important thought of Three Repres

41、ents with the establishment and implementation of Scientific Outlook on Development combine with the implementation of the requirements of constructing socialist harmonious society with Scientific Outlook on Development, carry out education as an important part of the theory of armed youth in the ne

42、w period, strengthen the establishment and implementation of Scientific Outlook on Development education, educate and guide the youth to fully understand the great significance of establishment and implementation of Scientific Outlook on Development, in-depth understanding of the Scientific Outlook

43、on Development era back The king, the practice foundation, basic connotation, historical status, spirit and practice requirements, a profound understanding of Scientific Outlook on Development with Marxism Leninism, Mao Zedong thought, inheriting and developing relationship between Deng Xiaoping the

44、ory and the important thought of Three Represents, to help young people establish and consciously practice Scientific Outlook on Development. Persist in learning, grasping the backbone, grasp the practice, grasp the opportunity. Catch club, effective way to grasp the network, with the group of cadre

45、s, young students and young backbone fronts as the focus, to promote the work of the armed youth theory to develop in depth, to help the youth continue to firm ideals and beliefs, to build a powerful spiritual pillar. To carry out the study and implementation of the partys sixteen session of the fiv

46、e Eight plenary session of the two plenary session of the Central Committee and the party spirit, to the citys Youth League members thinking into the spirit of the meeting, to achieve the goal of national consciousness and XX economic and social development in 11th Five-Year period. Contribute to he

47、lp and guide the youth to a profound understanding of the significance and main task of building a socialist harmonious society, actively join the construction of socialist harmonious society.(two) to strengthen the ideological and moral construction of teenagers. Thoroughly implement the central sp

48、irit of the document No. 8, No. 16 and the program for Improving Civic Morality to minors and students as focus groups, to strengthen and improve the ideological and moral construction of minors and the ideological and political education of college students. Make full use of the spirit and the spir

49、it of the Three Gorges migrants Hongyan XX unique the use of educational resources, school, into the team, the league, to join the party, adult occasions, extensive Hongyan spirit generation theme education activities. Use of holidays and leisure time, youth organizations three rural areas, four com

50、munities, four and moral practice, guide the youth Youth to enhance national pride, self-esteem and self-confidence, to establish the trend of the times and adapt to the trend of thinking, value orientation and behavior.(three) innovative ways and means of ideological education. Grasp the new trend

51、of the development of the times, the new hot new features and social ideological status of young people, to further explore the methods of ideological education using modern technology and communication mode of education make lively and vivid, fully embodies the close to reality, close to life, clos

52、e to the young principle through the cultivation and selection. Hongyan demonstration group, good boy, Hongyan Hongyan Youth and other forms of more scientific use of advanced typical influence and promote youth, and strive to create advocating advanced, learning advanced, striving to advance a good

53、 atmosphere.Two, in order to forge ahead with the motherland, and XX with the development as its theme, guide the youth to build a common ideological basis for the construction of a socialist harmonious society(a) grasp the theme of the purpose of the activity. The go ahead with the motherland in th

54、e youth, and XX with the development of theme educational activities. Vigorously promote patriotism as the core of the national spirit and reform and innovation as the core spirit of the times, the combination of youth with common ideals and beliefs, with great achievements in socialist modernizatio

55、n the motivation of youth, the youth to enhance self-confidence, sense of mission and responsibility to educate and guide the youth to personal pursuit into the common pursuit of all people, their personal struggle into the great practice of building socialism China characteristics, further firmly f

56、ollow the party China characteristics The confidence and determination of the socialist road, and build the common ideological foundation of the young people to build a socialist harmonious society.(two) rich theme activities. By carrying out the two generation dialogue , in my eyes, the charm of XX

57、 situation and policy through activities such as lectures, report, seminars, theatrical performances, mass cultural activities, to help young people understand Chinas reform and opening up the extraordinary journey and brilliant achievements achieved fruitful results, to understand the citys economi

58、c and social development since the new XX, so that young people understand, love the new XX, and then to the construction of the new XX, a firm with the party on the road to socialism with China characteristics of faith; make full use of the 54, 61, National Day and the commemoration of the 85 anniv

59、ersary of the founding of the red In the 70 anniversary of the victory of the long march and other major activities, the favorable opportunity of major events and major festivals, to carry out educational activities, promote the theme education activities continue to create momentum, the rise of hig

60、h tide, popular. Further study, promotion of Scientific Outlook on Development, to carry out a wide range of situation and policy education, the development prospect of the future of the motherland and XX, guiding the youth to continue enhance the sense of mission and responsibility, in the implemen

61、tation of the 11th Five-Year planning and building a well-off society in the historical process of contributions. Be enthusiastic and press on.Three, to lead the trend of youth service, cultural city youth culture is taking action, and promote new progress in the construction of youth 8 / 8organizat

62、ion system and working mode, the selection of a number of municipal strengthening group to build innovation and strengthen the organization of the basic level organizations advanced model.(seven) the manual work of the Communist Youth League Organization published and League branch of manual work, t

63、o promote the use of two manuals in the citys organizations at various levels. The county committee, directly under the group (work) is under the jurisdiction of grassroots League and group (total) using branch ratio shall not be less than 70%.Three, to further strengthen the groups leadership and t

64、eam building(a) to strengthen the leagues leadership at all levels of construction. Continue to do a good job of municipal Party Committee Organization Department on the strengthening of the Communist Youth League cadres management opinions implementation. To promote the group counties (autonomous c

65、ounties, cities) Commission and city directly under the group (workers) appointed to carry out the Five team building activities. Improve the League Association Department working mechanism. Conscientiously fulfill the duties of CO, combined with the city group directly under (the) Committee of the general election and the adjustment, actively jointly with the unit where the party organization department good group leadership selection with the work. Do a good job in municipal Party committee assistant committ