| Under the circumstance that finance is the international trend for insurance as well as the economy in China is restructuring and gradually opening up, insurance investment is not only the inherent requirement of financial attribute for insurance enterprises in the modern market economy, but also the inevitable choice for the insurance industry to response changes of environment and development of financial market. Insurance investment in China not only has a certain scale, but also accumulated a lot of investment experience through twenty more years' development, but there are still many problems that need be solved. The most prominent problem is that the investment channel of insurance funds is narrow, investment instruments are deficient and investment proportion is unreasonable, which seriously restricts the revenue of insurance investment in China and the development of the insurance industry. However, the current literature regarding insurance investment is very less in the aspect. This question has become urgent in the field of use of insurance funds in our country.Against the above background, the proportion of insurance investment becomes the research object of this paper. The paper is intended to identify the optimal proportion of investment of insurance funds to solve the irrational problem of insurance asset allocation. The paper takes the research methods that is the combination of theoretical and empirical analysis, on the base of the analysis of insurance asset allocation theories, through analyzing and comparing three existing models on insurance investment, at last chooses the one that considers the underlying risk as the empirical study model. According to various types of insurance investment requirements in our country, the status of insurance investment in our country as well as the operation conditions of securities markets, the paper put forward the optimal proportion of investment and sub-optimal investment proportion for the current investment in insurance industry in our country, meanwhile, proposes related policies and recommendations that are expanding the channels of the use of insurance funds, optimizing the financial market environment, strengthening the management of assets and liabilities matching, etc, which solves the bottleneck problem of constraining the development of insurance investment in the long term in our country and has practical guiding significance for the reasonable and efficient use of insurance funds.The main innovations in this paper are the following two points: Firstly, the paper analyzes compares and summarizes the situations of insurance investment proportion in developed countries as well as draws lessons for the insurance investment in our country. Secondly, according to the insurance investment data since 2004, the paper calculates the proportion of bank deposits, bonds, stocks, securities investment funds, gives the corresponding investment scope on the basis of the theoretical optimal proportion combining the actual situation in our country, which has practical guiding significance for the reasonable and efficient use of insurance funds. |
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