相关链接：《保险研究》2013年第5期目录及摘要
中国农业保险大灾风险分散制度及大灾风险基金规模研究
庹国柱1 王 克2 张 峭2 张 众3
（1首都经济贸易大学农村保险研究所,北京 100070；2中国农科院农业信息研究所,北京 100081；3中国人保资产管理公司,北京 100140）
［摘 要］ 建立农业保险大灾风险管理制度对我国农业保险的健康和可持续发展有重要意义。对农业保险来说，保险人的责任准备金无力支付保险赔款就需要有制度上的安排来保证农业保险制度的可持续性。在这个条件下，本文讨论了农业保险大灾风险管理制度的基本框架，建立和管理大灾风险准备金的原则和建构方式，并具体测算了中央级大灾风险准备基金的规模。希望对该制度的决策和建设提供参考。
［关键词］ 农业保险；大灾风险准备金；制度设计；规模
Research on the Dispersion System for Major Agricultural Insurance Risks and the Scale of Major Disaster Fund
Tuo Guozhu1,Wang Ke2,Zhang Qiao2, Zhang Zhong3
(1Rural Insurance Research Institute of Capital University of Economics and Business,Beijing 100070;2Agricultural Information Institute of CAAS,Beijing 100081;3PICC Asset Management Company,Ltd.,Beijing 100140)
Abstract：Establishing a management system for major agricultural insurance risks is of important significance for the healthy and sustainable development of agricultural insurance in ChinaFor agricultural insurance,when the insurer’s liability reserve is insufficient for claims payment,there should be an institutional arrangement to ensure the sustainability of the agricultural insurance systemBased on this precondition,the paper discussed the basic framework for managing major agricultural insurance risks,and principles for establishing and administering the major risk reserveIt also projected the scale of the central governmentlevel major disaster fundHopefully,this paper may offer some useful suggestions for related decisionmaking and actions.
Key words：agricultural insurance;major risk reserve;institutional design;scale
庹国柱在《保险研究》上发表过的其他文章：
粮食主产区“北旱南涝”相关性分析与农业风险管理模式优化
叶明华
（华东师范大学金融与统计学院，上海 200241）
［摘 要］ 为从定量视角分析我国粮食主产区“北旱”与“南涝”之间是否存在相关性，本文收集1978年～2010年粮食主产省份水灾与旱灾成灾率数据，采用典型相关分析计算四个主要粮食产区之间水旱灾害相关系数。研究发现：东北、华北粮食主产区旱灾风险与长江中下游粮食主产区及江淮粮食主产区水灾风险间具有较高相关性，易造成农业保险赔付的系统性风险；据此，从补贴、税收和防洪抗旱区域协调等视角提出农业水旱灾害风险管理的优化对策。
［关键词］ 水旱灾害；相关性检验；农业保险；财政支农
Northern Drought and Southern Flood Correlation Test in Major Crop Producing Areas
and Optimization of Agricultural Risks Management Modes
Ye Minghua
(School of Finance and Statistics，East China Normal University,Shanghai 200241)
Abstract：In order to conduct a correlation testing on the northern drought and southern flood in major crop producing areas,the paper collected data relevant to flood and drought damage ratio in 12 major crop producing provinces from 19782010Then it calculated their canonical correlation coefficientThe findings were that in the 4 major crop producing areas,the drought in northeastern and northern China was highly correlative with the flood in Yangtze River area and Huai River areaThis correlation of agricultural risks might result in systemic claim risks for insurance companiesTherefore,the paper proposed some optimized countermeasures such as fiscal subsidy,preferable tax policy and regional cooperation for effectively managing agricultural drought and flood risks
Key words：flood and drought；correlation test；agricultural insurance；fiscal agricultural supporting
叶明华在《保险研究》上发表过的其他文章：
我国体育运动伤残风险及其防范研究——基于2007年～2010年优秀运动员伤残互助保险索赔数据
基于BP神经网络的保险欺诈识别研究——以中国机动车保险索赔为例
构建我国机动车保险欺诈识别的指标体系——基于江、浙、沪机动车保险索赔样本数据
家庭财务脆弱性、资产组合与人寿保险需求：指标改进和两部回归分析
孙祁祥 王向楠
（北京大学经济学院，北京 100871）
［摘 要］ 先改进一个衡量家庭财务脆弱程度的指标，使其更具逻辑一致性和直观性，并讨论如何对指标构成元素赋值。进而利用微观数据采用两部模型研究中国家庭的寿险需求行为。研究发现，家庭是否持有寿险受到家庭财务相对脆弱程度的影响，但家庭财务风险绝对程度却没有显著影响已持有家庭的寿险持有水平。资产越多的家庭越会购买寿险，但是所持有寿险占家庭总资产的比重越低。家庭资产组合中，股票与寿险呈互补品，房产则挤出了家庭持有寿险。家庭户主及其配偶的平均年龄、教育程度对寿险占家庭总资产比重的影响并不显著。最后，讨论经验结果的产生机理并提出政策含义。
［关键词］ 家庭财务脆弱指标；资产组合；寿险需求；两部模型；规模效应；替代效应；门槛效应
Household Financial Vulnerability,Asset Portfolio,and Life Insurance Demand：Index Reconstruction and Twopart Regression Analysis
Sun Qixiang,Wang Xiangnan
（School of Economics,Peking University,Beijing 100871）
Abstract：This paper improved the index measuring household financial vulnerability,making it more logically consistent and intuitive,and then discussed how to assign values to the ingredientsIt also studied Chinese households’ life insurance demands using the twopart model based on micro dataThe results included:the relative level of household financial vulnerability impacted households’ life insurance asset holdings,however,the absolute level of household financial vulnerability didn’t impact the level of life insurance holdings significantlyHouseholds with more total assets were more likely to purchase life insurance,however the proportion of life insurance in households’ total assets was lower for themIn households’ asset portfolio,stock and life insurance were complementary,and the housing estate investment crowded out life insurance holdingsNeither the average age of husband and wife nor the level of their education had significant influence on the proportion of life insurance in total assetsFinally,it explained the empirical results and proposed the policy implications.
Key words：household financial vulnerability index;asset portfolio;life insurance demand;twopart model;scale effect;substitution effect;threshold effect
孙祁祥在《保险研究》上发表的其他文章：
中国保险市场对外开放的重大议题与政策选择：2012～2020
王向楠在《保险研究》上发表的其他文章：
数理方法在我国保险学研究中的运用：国际比较与驱动因素——基于2001年～2010年中外学术期刊载文
外资保险公司的母国构成、区位布局和业务结构——入世十周年的分析
中国保险市场成熟度指数研究
朱 航
(南开大学经济学院，天津 300071)
［摘 要］ 当前对我国保险市场发展程度的各种评价和测度指标，都是从某一方面测度，无法全面、客观地反映整个市场的发展水平。通过构建保险市场成熟度这样一个综合性的评价模型来反映保险市场的发育成熟状态，同时动态跟踪其未来发展的趋势。在保险成熟度指数模型的指标体系中，总共包括规模维度、结构维度和效率维度三方面共十二个指标，利用主成分分析法和SPSS 190软件得到计算结果，并将最后得分指数化，从而得到2000年～2009年我国保险市场成熟度的发展曲线。从模型结论所反映的结果来看，该指数能够较好地反映当前我国保险市场的发展态势及所面临的问题，是一个综合性的评价指标。
［关键词］ 保险市场；成熟度指数；主成分分析法
Research on Maturity Index of China’s Insurance Market
Zhu Hang
(The School of Economics Nankai University,Tianjin 300071)
Abstract：Many current assessment and appraisal matrixes on the development of China’s insurance market approach this topic from one angle or anotherTherefore,they are not a subjective or allround assessment on the maturity level of the marketThe purpose of this paper is to construct a compound index of insurance maturity as an effective method to measure the performance of insurance market and to track its future trend of developmentIn the suggested Insurance Market Maturity Composite Index (IMMCI),there were altogether 12 variables falling into 3 categories of scale,structure and efficiencyThen the paper applied the principal component analysis and spss19.0 software to arrive at the indexation resultFinally,the paper constructed the maturity curve of China’s insurance market from 2000 to 2009 by using this indexThe model’s conclusion showed that this index was a comprehensive matrix that fairly accurately represented the current situation and existing problems of the insurance market in China.
Key words：insurance market;maturity index;principal component analysis
我国保险业区域发展协调度研究——基于“区际”视角
王 翔1，2 华日新3 穆菊梅2
（1武汉理工大学管理学院，湖北 武汉 430070；2云南财经大学金融学院，云南 昆明 650221；
3中国保险监督管理委员会云南监管局，云南 昆明 650011）
［摘 要］ 我国保险业“十二五”规划，将优化保险区域结构，统筹城乡保险市场，促进东、中、西部保险市场协调发展列为重要任务。本文从区际间的角度出发，将我国大陆31个省市自治区进行保险区域划分，分为四大保险区域，以2001年～2011年的保险业基本数据为基础，分别按照保费收入法、保险密度法、保险深度法、保险业绩指数法以及保险基准深度比进行定性分析，发现我国保险业的区域关系是较为和谐的，而且从长期走势来看，这五种方法分析的结果也趋于一致。在此基础，本文运用加权变异系数构建协调度模型，从上述五个角度对保险业区域协调度进行定量分析，测算结果与定性分析的结果完全一致。
［关键词］ 区域保险；保险基准深度比；保险业绩指数；协调度
The Empirical Study on the Coordination Degree of China’s Regional Insurance Development:Based on the Interdistrict Perspective
Wang Xiang1,2，Hua Rixin3,Mu Jumei2
（1.The School of Management,Wuhan University of Technology,Hubei Wuhan 430070;2.Yunnan University of Finance and Economics Institute of Finance,Yunnan Kunming 650221;3.the CIRC Yunnan Regulatory Bureau, Yunnan Kunming 650011)
Abstract：The 12th Fiveyear plan of China’s insurance industry has laid down the important tasks to optimize the regional structure of the insurance industry,coordinate urban and rural development,and promote the harmonious development of eastern,central and western insurance marketsFrom the interdistrict perspective,the paper divided the 31 provinces,cities and autonomous regions into four regionsThen,based on the insurance industry data from 2001 to 2011,it conducted qualitative analyses by premium income method,insurance density method,insurance penetration method,insurance performance index method,and benchmark ratio of insurance penetration method respectively The results of these five methods indicated that regional insurance development was quite harmoniousMoreover,from the longterm perspective,the analysis results tended to be consistent as wellOn the base of these analyses,the paper constructed the Coordination Degree Model with the weighted coefficients of variationThe results of quantitative analyses from the abovementioned 5 aspects were the same to the results of qualitative analyses.
Key words：regional insurance;benchmark ratio of insurance penetration;insurance performance index;coordinate degree.
华日新在《保险研究》上发表的其他文章：
个人年金产品中蕴含的长寿风险研究
韩 猛1 王晓军2
（1内蒙古财经大学统计与数学学院，内蒙古 呼和浩特 010070；2中国人民大学统计学院，北京 100872）
［摘 要］ 本文基于随机死亡率预测，并将年金合同定价问题与年金保单组的破产概率相结合，对我国年金业务中蕴含的长寿风险进行了实证研究。一方面，在死亡率预测的基础上，研究了即期年金保单组未来现金流的分布特征，探讨了保单规模和性别对长寿风险的影响；另一方面，在考虑长寿风险条件下，测算了即期年金保单组的未来现金流，讨论了长寿风险对保单组破产概率和破产时间的影响，以及对冲长寿风险时对资产回报率要求。
［关键词］ LeeCarter模型；长寿风险；生存年金
An Analysis of Longevity Risk in Individual Annuity Products
Han Meng1,Wang Xiaojun2
(1School of Statistics and Mathematics,Inner Mongolia University of Finance and Economics,Inner Mongolia Hohhot 010070;2School of StatisticsRenmin University of China,Beijing 100872)
Abstract：Based on random mortality prediction,this paper empirically studied the longevity risk in annuity portfolio by combining annuity pricing and ruin probability togetherOn the one hand,on the basis of predicted mortality,it studied the distribution characteristics of the future cash flows of immediate annuity portfolio,and discussed the impact of policy scale and gender on longevity risk in annuity portfolio;on the other hand,with the consideration of longevity risk,it estimated the future cash flows of the immediate annuity portfolio,and discussed the impact of longevity risk on the ruin probability and ruin time of annuity portfolio,as well as the return on assets requirements for hedging against longevity risk.
Key words：LeeCarter model;longevity risk;life annuity
韩猛在《保险研究》上发表的其他文章：
Lee-Carter模型在中国城市人口死亡率预测中的应用与改进
王晓军在《保险研究》上发表的其他文章：
Lee-Carter模型在中国城市人口死亡率预测中的应用与改进
我国寿险保单退保影响因素的实证研究——基于公司层面的微观数据
展 凯1 陈 华2
（1广东外语外贸大学，广东 广州 510006；2中央财经大学，北京 100081）
［摘 要］ 从微观的角度，利用中国寿险市场的统计数据考察了寿险公司经营信息对保单持有人退保行为的影响，考虑到不同类型公司受影响程度的差异性，将样本数据分成大型寿险公司和中小寿险公司两类，并建立非线性平滑转换面板数据模型来研究不同类型的寿险公司退保率受各因素影响的差异。实证分析的结果表明：是否销售投连险显著地影响中小寿险公司的退保率，对大型寿险公司则无影响；与寿险公司规模高增长相伴随的是保单的高退保，这在中国寿险行业普遍存在；保单分红水平对于退保的影响程度要低于预期，“利率替代”效应并不是导致退保的最主要原因；保单持有人会比较信赖历史悠久的公司，而保费水平的高低并不是影响保单持有人是否退保的重要因素。
［关键词］ 寿险退保；影响因素；平滑转换模型
An Empirical Analysis on Factors Impacting Life Insurance Surrender—Based on Micro Data from Insurance Companies
Zhan Kai1，Chen Hua2
(1.Guangdong University of Foreign Studies,Guangdong Guangzhou 510006;2.Central University of Finance and Economics,Beijing 100081)
Abstract：Based on relevant market statistics in China,the article took a micro perspective to study the impacts of life insurance company’s operation performance on policy surrendersTaking into account the differentiated impacts on companies of different size,samples were divided into two types:large life insurance companies and small and mediumsized life insurance companiesPanel Smooth Transition Regression Model was used to take a closer look at the effects of different factors on different companies’ surrender ratesThe results were as follows:whether selling unitlinked life insurance products or not significantly influenced the surrender rate of small companies,but had no impacts on large companies;it was common that high growth coupled with high surrenders for all life companies;policy dividend level had smaller effects on surrender rate than expected;“interest rate substitution” effect was not the main reason for surrenders;policyholder tended to have more faith in longstanding companies;and premium size was not the critical factor for policyholder to surrender their policies.
Key words：life insurance surrender;influencing factors;Panel Smooth Transition Regression
展凯在《保险研究》上发表的其他文章：
陈华在《保险研究》上发表的其他文章：
保险业参与城镇化发展的思考
徐志峰1 温剑波2
（1中国人民大学商学院，北京 100872；2中央财经大学外语学院，北京 100081）
［摘 要］ 国际经验表明，一国的保险发育程度与城镇化水平高度正相关，当前我国已经进入城镇化的下半程，重点是打破城乡二元以及城市二元结构的制度藩篱，逐步推进公共服务和社会保障的均等化。本文着重分析了我国社会保障体系存在的突出问题，提出通过发挥商业保险机制作用，进一步完善我国城镇化进程中的社会保障体系的构想。
［关键词］ 城镇化；社会保障；保险
A Reflection on Insurance Industry’s Participation into Urbanization
Xu Zhifeng1,Wen Jianbo2
(1RENMIN University of China,School of Business,Beijing 100872;2Central University of Finance and Economics,School of Foreign Studies,Beijing 100081)
Abstract：International experiences have shown that the insurance educational level is positively correlated with the level of urbanization of a countryChina has entered the second phase of urbanization where the key is to bringing down the institutional barriers due to the urbanrural dual structure and urban dual structure and pushting forward public service and social security equalizationThe paper analyzed existing problems in China’s social security systemIt proposed to further optimize the social security system along with the process of urbanization by exploiting the role of commercial insurance.
Key words：urbanization;social security;insurance
诚信创新价值观对公司并购发展的影响——中国平安并购深发展案例分析
谢获宝 王 艳
（武汉大学经济与管理学院，湖北 武汉 430072）
［摘 要］ 金融保险业是与民生高度相关的行业，树立诚信创新价值观，是金融保险业做大做强之根本。中国平安并购深发展案例分析，揭示了在金融保险业通过并购实现快速成长和相关多元化经营的过程中，选择有相似价值观、诚信度和创新度匹配度高的目标公司，可以减少并购后内部交易成本，使合并体易于发挥协同效应，提高并购绩效，有助于金融保险集团战略目标的实现。
［关键词］ 诚信创新价值观；战略发展；金融保险业；并购
Impacts of Credibility and Creativity Values on Corporate M&As—A Case Study of China Pingan Acquiring Shenzhen Development Bank
Xie Huobao,Wang Yan
(Economics and Management School of Wuhan University,Hubei Wuhan 430072)
Abstract：The finance and insurance industry is highly relevant to the livelihood of the peopleUpholding the values of credibility and creativity is key for the finance and insurance industry growing bigger and strongerThe case of China Pingan merging Shenzhen Development Bank reveals that,by selecting the target enterprise with similar values,the purchasing side would achieve synergy and improve M & A performance and reduce postmerging internal transaction cost,therefore contributing to the strategic goals of the finance and insurance group.
Key words：credibility and creativity values;strategic development;finance and insurance industry;mergers and acquisitions
王艳在《保险研究》上发表的其他文章：
插因存在情况下近因的判断与近因原则的运用——对暴雨条件下保险车辆发动机进水损失保险索赔争议案件的思考
赵苑达
(东北财经大学金融学院，辽宁 大连 116025)
［摘 要］ 本文认为现行车损险条款中保险车辆发动机进水损失这一除外责任并不构成对近因原则适用范围的限制，但又不认同把暴雨这个初始原因视为保险车辆发动机进水损失的必然的或唯一的近因的简单化做法，而是主张从当时的实际情况出发分析和判断暴雨条件下导致保险车辆发动机进水损失的近因，并提出了在插因存在的条件下近因判断与保险人赔偿责任认定的方法。鉴于证据对于近因判断和责任归属的重要性，本文还探讨了暴雨条件下保险车辆发动机进水损失保险索赔争议案件举证责任的分配、举证内容和法院在证据收集中应当承担的责任。
［关键词］ 无条件免责特定用语；近因；插因；举证责任；证据收集
Judgment of Proximate Cause and Application of Proximate Cause Principle in the Existence of Inserted Cause
—Reflection on Insurance Claim Dispute over Engine Damage
Caused by Water Infiltration of Insured Motor Vehicle in Rainstorm
Zhao Yuanda
(School of Finance,Dongbei University of Finance and Economics,Liaoning Dalian 116025)
Abstract：This article upheld the point of view that the exclusion clause about engine damage caused by water infiltration in current motor vehicle insurance terms didn’t constitute a limitation of the scope of application of proximate cause principle,nor did the paper agree with the simplified practice which took rainstorm as the inevitable or sole proximate cause of engine damage of insured motor vehicleThis paper,however,argued that we should analyze the proximate cause of damage from the actual situation of each case,and put forward the method of proximate cause judgment and responsibility confirmation with the existence of inserted causeDue to the importance of the evidence in deciding the proximate cause and the responsibility,the article also discussed the allocation of burden of proof,content of proof and responsibility of the court in evidence collection in the case of dispute over the engine damage of insured motor vehicle under the condition of rainstorm.
Key words：particular wording of unconditional exception;proximate cause;inserted cause;burden of proof;evidence collection
赵苑达
在《保险研究》上发表的其他文章：保险价值与可保利益不可分割——兼与游源芬《保险价值≠实际经济价值》观点的商榷
我国《保险法》不可争辩条款制度：问题与对策
李青武
(对外经济贸易大学保险学院，北京 100029)
［摘 要］ 不可争辩条款制度通过约束保险公司撤销保险合同的权利，强化保障保险消费者的保险合同权利，但同时也可能诱发保险消费者的道德风险。本文重点围绕我国保险法关于不可争辩条款制度的规定，结合他国立法例，论述我国不可争辩条款制度存在的问题，提出了完善该制度的建议。
［关键词］ 如实告知；投保欺诈；不可争辩条款
On Incontestable Clause Of the Insurance Law of China:Problems and Countermeasures
Li Qingwu
(School of Insurance and Economics,University of International Business and Economics,Beijing 100029)
Abstract：Incontestable clause constraints the right of insurance companies to revoke the insurance contract,and strengthen the protection of insurance consumer’s right,but it may also induce moral hazard of insurance consumersThis paper focused on the incontestable clause system of the Insurance Law of China,and looked into some related cases of other countriesIt discussed the Chinese system’s existing problems and putt forward recommendations to improve on it
Key words：objective disclosure;fraud in application;incontestable clause
李青武
在《保险研究》上发表的其他文章：美国保险公司投资性房地产监管法规研究与借鉴
徐高林
（对外经济贸易大学保险学院，北京 100102）
［摘 要］ 通过梳理1759年以来美国放开保险公司房地产投资的背景和脉络，比较纽约、加州和美国保险监督官协会的现行相关法规，发现经过绝对金额限制、自用和收债限制、19世纪下半叶的放开教训之后，美国20世纪中期确定出租为保险公司投资性房地产的主要途径。各州从合计上限、单项限额、会计处理、资产门槛、行业选择、产寿险差异等多方面逐步完善法规，在20世纪八、九十年代规则趋于定型。这些基本规律和经验教训值得中国借鉴吸收。
［关键词］ 保险公司房地产投资；美国保险投资监管；房地产出租
American Regulation on Incomeproducing Real Estate Investment of Insurers and Its Implications for China
Xu Gaolin
(School of Insurance and Economics,University of International Business and Economics,Beijing 100102)
Abstract：Ever since 1759,America has permitted insurance companies to invest in real estate to a limited extentThe paper reviewed the long history of regulation evolution and current regulations in New York,California and by National Association of Insurance Commissioners which includes dollar amount capping,accommodation for business,or acquired for satisfaction of debts,and liberalization in the later half of the 19th centuryIt found out that,starting from 1950s,the U.Sregarded incomeproducing real estate as the choice for insurance fundsHowever,various restrictions on such an asset have been tried in different states:maximum percentage in the aggregate and for each parcel of land,accounting treatment,asset threshold,allowing investment into selective industries,differentiation between life and nonlife funds,etcThe rules seemed to be mature from the 1980sThe experiences,lessons,as well as current laws summarized here are a good reference for the Chinese authority
Key words：real estate investment of insurers;insurance investment regulation in the U.S.; incomeproducing real estate
徐高林在《保险研究》上发表的其他文章：
企业年金投资风险补偿机制研究——兼论借鉴他国制度的适应性
孙 洁 张运智
(对外经济贸易大学，北京 100029)
［摘 要］ 从目前世界各国的具体实践看，建立管理风险补偿机制是保护受益人应对年金计划破产以及年金资产流失情况的一种有效方式。然而到目前为止，我国企业年金的投资风险补偿机制并不健全。因此，需要借鉴国外社会保障体系中的风险补偿机制来完善国内机制建设的缺失。然而，国外的机制并不一定适合我国的实际，在借鉴时需要考虑我国的国情。通过建立相应的指标体系及其分析，波兰的收益率担保制度更适合将来我国企业年金风险补偿机制的发展。
［关键词］ 企业年金；风险补偿机制；适应性
A Research on the Compensation Mechanism for Enterprise Annuity Investment Risks
—Also on the Applicability of Other Countries’ Policies
Sun Jie,Zhang Yunzhi
(University of International Business and Economics,Beijing 100029)
Abstract：Other countries’ practices have shown that establishing the compensation mechanism is an effective way to protect annuity beneficiaries against bankruptcy or asset losses of enterprise annuity fundsHowever,China hasn’t established an effective compensation mechanism for enterprise annuity investment risksWe need to borrow from successful foreign experiences to improve on our current mechanismIt should be noted that,not all foreign experiences can be applicable to ChinaTherefore,while doing so,we need to take into consideration specific conditions of ChinaThrough setting up corresponding metrics systems and making an analysis,the paper suggested that Poland’s return guarantee system was more suitable for China’s risk compensation system for enterprise annuity.
Key words：enterprise annuity;risk compensation system;applicability
孙洁在《保险研究》上发表的其他文章：
企业年金投资中风险预算的应用与改进
王一飞 丁日佳
(中国矿业大学(北京)管理学院, 北京 100083)
［摘 要］ 分析企业年金投资风险管理特点，论证风险预算应用于企业年金的必要性与可行性。规划企业年金市场风险管理中风险预算的实现方法，改进形成具有预测性控制属性的风险预算处理策略，设计符合年金投资规律的风险测度指标，建立风险预算管理流程，研究核心-卫星投资策略的使用与投资基准问题。通过实证分析研究了改进后的方法对投资风控管理的提升作用，讨论了方法在实际应用中需要关注的问题。
［关键词］ 企业年金；投资风险管理；市场风险；风险预算；核心-卫星策略
Application and Improvement in Risk Budgeting of Enterprise Annuity Investment
Wang Yifei,Ding Rijia
（School of Management,China University of Mining & Technology,Beijing 100083）
Abstract：The paper analyzed characteristics of enterprise annuity (EA) investment risk management and discussed the necessity and feasibility of risk budgeting for EA investmentIt also explored the method of implementing risk budgeting in EA market risk managementThen the paper proposed a modified risk budgeting strategy featuring predictive control,designed investment risk measures and established the risk budgeting management processIt also studied the coresatellite investment strategy and investment benchmarksFinally,through the empirical analysis,it proved the risk control improvement by the new method and studied and discussed practical application issues.
Key words：enterprise annuity;investment risk management;market risk;risk budgeting;core satellite strategy
王一飞在《保险研究》上发表的其他文章：