| Recently, the life insurance has made great improvement in premium collection at the dual percent growing speed, and accelerated hundreds of millions of insurance fund. But under the high-speed development it hides many problems such as the negative spread. In fact, a life insurance company is not only a financial institution to collect premium to provide protection, but also an investor to operate capitals. How to take advantage of institutional investors to realize the maintenance and increment of insurance fund is one of problems that the industry must face. Despite the investing channels are being gradually broadened, the long-term investing projections have not been included in the portfolio actually. This paper suggests insurance funds investing on fundamental infrastructure, aiming at the predicament of fund operation. With widening the selective field the investment on fundamental infrastructure can add the share of long-term capital in life insurance companies. Additionally, projections with high-return or guaranteed by local governments in fundamental infrastructure are well worth paying attention. Investing in urban fundamental infrastructure is a popular topic in many industries. The accelerating urbanization produces the bottleneck between the stock of urban fundamental infrastructure and the modernization. As the funds dominated by governments have withdrawn step by step from the financing system of urban fundamental infrastructure, nongovernmental and foreign capitals are investing actively. While standing from the macroanalysis, the governments hold open attitude, issuing relative policies and statutes, even producing red files to guarantee returns of projections. At the same time, new investing styles are booming. Except traditional fiscal finance and bank loans, municipal bonds and capital trusts exploited by trust investing companies for urban fundamental infrastructures are blooming everywhere. These new tools inject new blood for constructions.Though Chinese life insurance companies have no clear policy to invest on urban fundamental infrastructures, they began to discovery new investing channels since last year. Concluded from loan granted by insurance companies-group suggested on a forum at the start of last year, permission on increasing investment on bonds issued by enterprises in the middle, and the questionnaires on operating in capital market at the beginning of this year, and CPIC`s ambition to acquire stock share of some crossing-river bridge directly, we have an urgent will to open investing channels for insurance funds. Meanwhile, enterprises annuity and pension funds with the same characteristics of insurance have been testing water on capital market. By comparison, insurance fund with the advantage of scale does not take any measure, which cannot bring mature and development of insurance market, nor solve the effect of negative spread all through the industry. By means of investing on urban fundamental infrastructures we should not only pay attention to high return, but also the pushing effect on local economics, and responsively, the reverse effect. From the stand of distribution of life insurance, most of premium achievements come from large-scale cities. The scale is proportional to the stock of urban fundamental infrastructures. Long-term development of life insurance depends on puissant economic impulse; similarly, the process of urbanization lives on urban fundamental infrastructures. The investment of life insurance fund makes a conjugation for both developments.The operation of life insurance fund investing on urban fundamental infrastructures is not only an open on policies, but also the support on examination, approval and regulation, which can provide the completeness and high effectiveness.The first part of this thesis is to introduce the operating actuality briefly, containing the comparisons on return and available channels, as a matting for the following investment.The second part is to introduce the definition, classificatio... |
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