Value At Risk Theory And Its Application In Investment-oriented Life Insurance

The perchasing power and the demand investment and buy of public become strong under the rising of chinese national strength and national status after reform and opening up. The demand not only for a living, but also how to maximise the return and howto minimize the loss of their wealth,especially powerful demand of institutional investor. Capital market is not fully perfectAnd financial investment tolls are developed and promoted by transnational institution under Mixed-business management and constantly innovation of financial derivatives. But the function of these investment tolls is unique and homogeneous, it cannot meet the need of investors for personality and differentiation. So national insurance institution promote transforming Investment-oriented life insurance with industry characteristics and various function. It realize the need of investors for value-added hedge in Financial assets and provide channels and choice in investment.Meanwhile,it make investment structure rich in China.Following continuous and high speed growth, reform of economic system and initial realization of Market economy, the transnatioal institution take segments of market, creat the brand,sound service, make species rich Meanwhile, they found professional and three-dimensional service system and sales network by modern high-tech.Nonetheless, thousands of investors face various of risks when they make decisions in investment. I do research for long. Conclusions reveal the following trend:complication of investment environment,modernization of financial concepts (consciousness of benefit consciousness of market, time,development,competition), digestion of investment content,investment diversification, way to invest scientifically,perfection of investment tolls, industrialization of investment service, quantification of investment research. Benefit and security of investment-oriented life insurance is higher than bank deposits, bonds investment and other tools.In view of value-added hedge investment-oriented life insurance is better than traditional tools with high risk and return,such as equity and fund. In addition to these, Investment-oriented life insurance is both stable returns and security function. All of these is the best explanation that Investment-oriented life insurance is very fashionable as long as in market.Investment-oriented insurance products is common and general abroad.In china,the products are market prospects although development and promotion of it is slow and limited.The article take systematic introduction for investment-oriented life insurance with representative and special characteristic in series financial products and Value at Risk theory.Following this,the article analyse empirically the representative products for sample by Value at Risk,and reveal and quantify the market risk in making investment decision.The conclusion of empirical analysis is that portfolio can reduce the risk in Investment-oriented life insurance investment.At last,the article take possible recommendation about this product to value-added hedge for financial asses by quantifying and dispersing risk.The thesis introduce systematically Value at Risk and Investment-oriented Financial products.Following this,conclude the national and abroad development of Value at Risk and Investment-oriented Financial products.Generally speaking,the thesis connect quantification and qualification analysis.At first,introduce systematically Value at Risk,Investment-oriented Financial products and sample such as fuyunianian of Ping and guoshoulianlian of China Life Insurance by qualification analysis.The last,the thesis take a advice for investors that invest the Investment-oriented Life Insurance by qualification analysis.This part include:founding of VaR model,calculation of model, press testing.The thesis have selected is representative and typical,such as:fuyunianian of Ping and guoshoulianlian of China Life Insurance by qualification analysis. The data have found is latest,and empirical analysis clarify that there are lots of risks and possible loss and give investors a little inspiration that control and prevent risks. The writing ideas above base on the consideration:the one that thesis connect theory arrangement to empirical analysis make it acceptable and understandable to readers. The two that this arrangement come brick and tile to building meet the thinking of the common.The three that ideas first following argument conclusion at last is convenient to find writing materials and to arrange overall these.Generally speaking,the these adopt logic of interpreting and use the VaR Model to analyse the data empirically.The aim is test whether traditional portfolio theory can disperse risks effectively or not.And the these utilize the model to test the design of products for advice to investors in financial assets.The data is form investing annual report and analysing report that published Official Website of insurance. In process of these writing,the empirical analysing utilize the professional software about statistics,including SPSS,excel,EVIEWS etc...