摘 要
根据国际上社会老龄化的标准，我国在 1999 年左右就步入了老龄化的时代，并且老龄化正在一步步的深入，2011 年的人口普查显示，我国年龄在 65 岁以上的人数已经占国家全部人数的 8.87%,经济强劲的发展，使医疗卫生条件较以前有了很大进步，人们的预期寿命也比以前延长了。生育水平的降低带来了我国家庭“421”结构的出现，家庭规模由大变小，家庭承受的养老压力大大的增加。随着老年人群的增多，养老问题成为家庭和政府的沉重负担，家庭成员不仅要留出大量的时间来照顾老人，还要提供给老年人物质精神上的满足，政府需要投入更多的财力在养老基础设施的建设上，我国尚不完善的养老保障体系，还无法覆盖所有的老年人群，现有的养老金储备不能满足人们获得更高养老金享有更好的老年生活的期望，使得许多老人仍旧无法安心养老。传统的家庭养老方式受到老龄化的冲击也慢慢的发生改变，人们对机构养老的需求猛增，而我国现有的养老服务供给却相对缺乏，政府设立的养老院和社会其他组织设立的养老机构远远不能满足当前养老需要，养老市场供需出现严重的不平衡，如果不能有效的解决社会养老问题就将会引发其他的社会管理的问题，这就需要我们尽快的探索一条新型的解决养老问题的道路。
2009 年颁布实施了新修改的《保险法》，许可保险公司能够在不动产的某一领域进行投资，为保险资金在不动产方面的投资提供了法律上的支撑，同时也打破了之前保险资金的投资渠道单一的局面，政府还出台相关政策支持保险公司投资于医疗、养老等社会保障事业。近年来我国保险有较高的发展劲头，保费收入呈现了上扬的趋势，保险资金迅速聚集并形成了较大规模，但是由于科学有效的技术手段缺失，又由于受较少的投资途径的限制，保险公司的资产在时间长短、规模和利率等方面没有和负债合理的匹配，保险资金较长时间以来处于投资收益率低下的境况，这将严重的造成保险公司利润的低增长，因此，急需要形成多元化的投资渠道来将大规模的保险金在坚持安全性原则的情况下实现较大幅度的增值。养老地产是一种将养老和房地产相结合的新型复合地产，在开发和经营上都需要巨大的投资规模，并且具有投资期限长、收益稳定的特点，这些特征也符合了寿险资金的性质及投资原则，是实现寿险资金投资渠道多元化的很好的方式。该投资还能缓解寿险资金管理方法不科学造成的资产负债不能够实现合理匹配的问题，能够分散投资带来的风险，使寿险公司投资带来的现金流能够稳定的流入，同时，寿险公司也为养老地产解决了融资规模大的问题，两者实现了有效的契合。
本文的写作目的在于通过对我国寿险公司投资养老地产的现状进行研究，并总结出投资过程中遇到的问题，结合国外的实践经验给出合理的对策。本文的第一部分首先介绍了文章写作的背景和意义，分别对本文所参考的国、内外专家学者的研究成果进行分析整理，用结构图和叙述的方式对本文的内容简要的介绍，并说明了文章在研究中采用的三种方法，指出文章的创新点及研究中存在的不足。第二部分对养老地产和寿险资金运用理论进行概述，对养老地产的内涵和寿险公司投资养老地产的特点进行了阐述，并运用社会管理理论、福利经济理论、外部经济理论作为本文的理论基础。第三部分首先分析了寿险资金投资养老地产的作用，然后从投资概况、投资模式、盈利模式等介绍了我国寿险资金投资养老地产的现状，并对我国现有的寿险公司投资的养老地产进行了具体的案例分析，最后从外部环境方面、养老地产的需求方面、寿险公司方面得出我国寿险公司投资养老地产存在的问题。第四部分对美、日、英三国寿险公司投资养老地产的实践进行研究，并得出对我国的启示。第五部分针对寿险公司投资养老地产中的问题在结合国外实践及给我国带来的启示的基础上，针对性的给出了解决对策。
关键词：养老地产 寿险资金 投资
Abstract
According to the international standard of aging society, our country has entered theaging time around 1999, and aging is a step further, the census of 2011, the number ofChinese over the age of 65 years has accounted for 8.87% of the number of all countries, thedevelopment of strong economic, medical and health conditions than before there has beengreat progress, people's life expectancy than the previous extended. Reduce the fertility levelbrings emerged in China “421” family structure, family size from big to small, familyendowment pressure bearing greatly increased. With the increase in the elderly population, thepension issue has become a heavy burden for the family and government, family memberswill not only allow yourself plenty of time to take care of the elderly, but also to provideelderly people material spiritual satisfaction, the government needs to put more money in theconstruction of endowment infrastructure, is still not perfect old-age security system of ourcountry, but also unable to cover all of the elderly population, the existing pension reservescan not meet people get higher pensions to enjoy a better life in old age expectations, makes alot of the old man still unable to ease endowment. The traditional family pension mode underthe impact of aging also slowly changed, people demand for endowment institutions soared,and our existing pension service supply is relatively lack, pension institutions set up by thegovernment in nursing homes and other social organizations established cannot meet theneeds of old-age pension, the market supply and demand serious imbalance and if you can'teffectively solve social endowment problems will lead to social management and other issues,which we need to explore a new way to solve the pension problem.
In 2009, the promulgation and implementation of the new revised “insurance law”, theinsurance company to license in real estate investment in a certain field, for insurance funds toprovide legal support in real estate investment, but also for the break before the insurancefunds investment channel is single situation, the government has promulgated relevant policyto support the insurance companies to invest in medical, pension and other social securityprograms. In recent years, China's insurance development momentum higher, premiumincome showed a rising trend, the insurance funds quickly gathered and formed a large scale,but because of the lack of effective means of science and technology, but also because of theVIinvestment way less restrictions, the insurance company assets and liabilities withoutmatching in a reasonable length of time, scale and interest rates, longer time since the rate ofreturn on investment of insurance funds in the situation of low growth, low, it will causeserious insurance company profit therefore, urgent need to form a diversified investmentchannels to the large scale insurance gold in upholding the security under the principle toachieve more substantial appreciation. Endowment real estate is a new kind of compositeproperty pension and real estate combined in need, the development and operation of the hugescale of investment, and has the characteristics of long term investment, income stability,these features are consistent with the nature and principles of investment of life insurancefunds, is to achieve diversification of life insurance funds investment channel is very goodmethods. The investment can ease the life insurance funds management method is notscientific cause balance can not realize the reasonable matching problem, can disperse riskinvestment brings, make the life insurance company investment and cash flow from to steadyflow, at the same time, life insurance companies for the endowment real estate solves thefinancing of large scale problems, both to achieve the effective fit.
The purpose of this article is to study the current status of China's life insurancecompany investment of endowment real estate, and summarizes the problems encountered inthe investment process, the foreign experience to give a reasonable countermeasurescombining. The first part of this article firstly introduces the background and significance ofwriting, Chinese and foreign experts and scholars, the research results of this paper were thereference analyses, using the structure diagram and the narrative way of the contents of thisarticle briefly, and explains the three methods used in the study of this paper, points out theexisting problems the innovation of this article and the research of. The second part is theoutline of the endowment real estate and life insurance investment theory, the connotation andcharacteristics of endowment real estate are described, and the use of social managementtheory, welfare economics theory, the external economic theory as the theoretical basis of thisarticle. The third part first analyzes the life insurance funds investment endowment real estaterole, and then from the survey of investment, investment mode, profit mode introduced thepresent situation of China's life insurance funds investment of endowment real estate, and toour country's existing life insurance company investment of the endowment real estate areanalyzed the concrete case, finally obtains the existence of life insurance in China investmentcompany endowment real estate problems from the external environment, endowment realestate demand, life insurance company. Study on fourth part of the practice of investment tothe U.S., Japan, British insurance company endowment real estate, and obtains theenlightenment to our country. The fifth part aims at the foundation of life insurance companyinvestment endowment real estate problems in combination with foreign practice andInspirations to our country on the targeted countermeasures are presented.
Keywords: endowment real estate life insurance capital investment
目 录
摘 要
Abstract
目 录
1 引言
1.1 研究背景
1.2 研究意义
1.3 文献综述
1.3.1 国内文献综述
1.3.2 国外文献综述
1.4 研究内容和方法
1.5 创新及不足
2 寿险公司投资养老地产的理论分析
2.1 养老地产的内涵及特征
2.1.1 养老地产的内涵
2.1.2 养老地产的特征
2.2 寿险公司投资养老地产的特点
2.2.1 资金雄厚且具有稳定性
2.2.2 养老地产和寿险产品相结合
2.3 寿险公司投资养老地产的理论基础
2.3.1 社会管理理论
2.3.2 福利经济学理论
2.3.3 外部经济理论
3 我国寿险公司投资养老地产的现状及问题
3.1 寿险公司投资养老地产的作用
3.1.1 寿险公司投资养老地产有利于寿险公司实现资产负债合理匹配
3.1.2 寿险公司投资养老地产能够对冲通货膨胀带给寿险资金的冲击
3.1.3 寿险公司投资养老地产能够推动我国养老产业的发展
3.2 我国寿险公司投资养老地产的现状
3.2.1 我国寿险公司投资养老地产的概况
3.2.2 我国寿险公司投资养老地产的投资模式
3.2.3 我国寿险公司投资养老地产的盈利模式
3.3 我国寿险公司投资养老地产的案例分析
3.3.1 泰康人寿-“泰康之家”养老社区
3.3.2 中国人寿-廊坊“国寿生态健康城”
3.3.3 中国平安-桐乡养生养老综合服务社区
3.3.4 合众人寿--优年养老社区
3.4 我国寿险资金投资养老地产存在的问题
3.4.1 外部环境方面存在的问题
3.4.2 市场需求方面存在的问题
3.4.3 供给方面存在的问题
4 国外寿险公司投资养老地产的实践及启示
4.1 国外寿险公司投资养老地产的实践
4.1.1 美国--养老地产运营商+住房反向抵押+REITs
4.1.2 日本--连锁养老机构+住宅养老
4.1.3 英国--满足多样化养老服务需求的养老地产
4.2 国外寿险公司投资养老地产的启示
4.2.1 经营方式灵活，加强与多机构合作
4.2.2 寿险资金投资养老地产离不开政策支持
4.2.3 设定寿险资金投资上限，注重风险控制
5 推进我国寿险公司投资养老地产发展的对策
5.1 政府应加强立法，制定统一的行业标准和监管政策
5.2 政府应制定和落实寿险公司投资养老地产的配套政策
5.3 各方要共同努力打破公众传统养老观念的束缚
5.4 寿险公司要扩大与专业机构的合作，弥补经验不足
5.5 寿险公司应建立风险防控机制，加强风险防范
5.6 寿险公司要加强专业人才队伍建设
5.7 寿险公司要拓展投资模式，提高养老地产盈利能力
5.7.1 将养老地产与以房养老相结合
5.7.2 投资 REITs
5.8 寿险公司要完善养老地产与寿险产品的结合方式，稳定客户基础
结 论
参考文献
后 记
