论保险资产委托管理模式中的资金治理

保险资产委托管理模式是当前国内外保险业的主流投资运作方式。此模式中的资金运作机制包括投资委托和资金托管两个方面，前者是指保险公司将保险资金委托给专业投资机构实施运作，后者是指保险公司将保险资金的保管、清算等职能交由托管银行负责。资金运作的各方当事人即委托人、管理人、托管人三方应合理分工，各司其职。委托管理模式在治理结构、专业分工、风险控制等方面具有制度优势，但同时代理成本、道德危险、信息不对称等问题的产生也会带来相应的制度成本。

Trusting management is the leading model of insurance funds management presently. This model comprises of investment trust and capital custody. Investment trust refers to the fact that insurers entrust specialized fund managers to manage their funds, and capital custody refers to the operation that the bank is entrusted to play the role of custodian and settlement for the funds. The three parties involved, namely the client, the custodian and the trustee, should have an explicit division of job and take on their responsibilities respectively, Trusting management has distinct advantages in respect of governance structure, specialization and risk control, etc. However, this model has the disadvantages of agency cost, moral risk, information asymmetry, etc.