Research On Risk Management Of Insurance Fund Investing In Stock Market

Recently, the Chinese insurance fund develops continuing and quickly, but the way of investing is too narrow to improve the investing efficiency of insurance. Following the experience of developed country, it shows that insurance fund investing in stock market is a good choice. Now the question is that the stock market in our country has a short history and immature mechanism, which lead to a serial of risks. In order to low down the risk of investing for insurance fund, we make use of the risk management theory as well as the special features in our stock market.In all, we do the research by the main line of "risk recognition, risk measurement, risk management". Especially, it is under the background of reform of non-tradable shares. At first, we recognize the risk of two parts--outside risk and inside risk, which are caused by running rule of stock market, policy and regulation, mechanism of information disclosure, the game between institution and non-tradable shareholders. At second, we pay attention on measuring the outside risk and inside risk by using of game theory and VaR theory that includes some new ideas. At last, some suggestion is given about risk management.