The Research On Financial Derivatives For Chinese Insurance Investment

Insurance investment and insurance business are known as the two wheels of the coverage of insurance industry, with the development of economic, The scale and number of Chinese insurance companies is increasing , the share of underwriting market is in an increasingly competitive, the rates of underwriting is decreasing. How to develop the insurance investment, which insurance investment income to ensure insurance companies have become an important weight in the survival and development. At the same time, insurance Law in China's management of insurance funds in 1999, equity funds can invest in insurance funds to enter the market indirectly, insurance investment of RMB common stocks in 2004, and the Insurance Act 2009 amended the stock variety of investment liberalization and investment proportion of the overall improvement. Insurance investment in China is from the initial exploration, test to professional management, to an almost completely open investment era. Asset Securitization more developed today, insurance stocks for income investors is to ensure and promote the development of an important force in the insurance industry. Insurance investment guarantee security and stability of stock returns, to avoid stock market volatility caused by the loss of revenue or loss of existing, on the development of stock index futures insurance investment research is becoming increasingly urgent.Insurance investment stock index futures purpose with other enterprise investment seems no difference between stock index futures, stock index futures can invest based on speculation, hedging and arbitrage trading, while insurance purpose enterprise itself is a kind of operational risks of special enterprise, its financing source and characteristics request insurance company investment are different from the general enterprise's radical investment and too conservative investments cannot satisfy the insurance company assets and liabilities management based on the need of hedging purposes, so the insurance investment stock index futures, become insurance investment stock indispensable important risk hedging tool. However, insurance investment stock index futures can guarantee insurance investment stock proceeds from safe, to what extent avoid risk guarantee its safety, as well as stock index futures as derivatives have both are insurance investment stock index futures problems need to be solved.Firstly, this paper from the insurance fund sources, characteristics and function and characteristic of stock index futures, insurance investment related theory, Expounds these theory in the application of its insurance investment. Then this paper present situation and domestic and foreign insurance investment, insurance and investment regulation and a comparative analysis and gain experience for reference. Reviews the development course of international stock index futures, and analysis the purpose of stock index futures insurance and investment , drawing institutions invested hedged stock-index futures are the developing trend and hedging is mostly institutional investors take trading stock index futures purpose. Analyzes the situation and characteristics of insurance and investment, points out there are some problem of insurance investment in China such as the yields is low, instability, risk concentration and the stock markets have higher realities of relevance, put forward the necessity of China insurance stock index futures, futures from abroad to stock market influence launch angle, analyze the safety of the insurance investment stock index period. Subsequent use invest stock index futures of empirical research, according to the principle of equity portfolio investment portfolio selection, insurance investment stock index futures the practical feasibility of inspection, use the OLS model to process and analysis traditional data, obtained the optimal stock index futures insurance investment rate hedging, checkout the effect of hedging. Compare the hedging effectiveness and hedging length relationship, compare at the same time length and different period, obtain the best effect of the hedging, do to insurance investment stock index futures can ensure the safety of insurance funds best conclusion.Finally, this paper contra pose that stock index futures as a derivatives investment tools, itself has two sides. For better play insurance investment stock index period hedging role, exploit the advantages of using its positive effect on the capital market, reduce the influence of reduced negative utility, put forward to improve the investment literacy of the investment subject, improve the level of capital market development, construct of a sound legal system and so on, coordination of the overall state of risk management measures.