我国保险资金投资养老地产的路径研究

The Research on the Path of China's Insurance Fund Investment in Old-age Real Estate

近年来,中国保险业发展迅速,保费收入快速增加,资金规模逐年扩大,保险资金运用余额从2004年的10778.62亿元增加到2016年的133910.67亿元。新《保险法》允许保险资金投资不动产,养老地产投资期限长且收益稳定的特点,符合保险投资对安全性和收益性的要求。文章通过对保险资金投资养老地产的路径研究,对投资主体性、合作性和市场发展程度三个角度的比较构建以合作开发运营体系为基础,以"PE+REITs"投资体系为核心,同时施行PE介入和REITs退出的稳定投资模式,体现保险企业对不同项目的投资特点以及适应养老地产项目在不同发展时期的资金需求差异。

In recent years, China＇s insurance industry has been developing rapidly, with the rapid in- crease of premium income, the amount of capital increased year by year, and the use of insurance funds increased from 1077862 million yuan in 2004 to 1339.10.67 billion yuan in 2016.The new insurance law allows insurance funds to invest in real estate, and the characteristics of long term and stable earnings of the pension fund are in line with the safety and profitability requirements of insurance investments. Therefore, old-age property is an appropriate direction for the investment of insurance funds.This arti- cle through to the path of the endowment insurance fund investment in real estate research, through in- vesting subjectivity, cooperative, and market development degree three angles is built on the basis of the operating system for the development of cooperation, with ＂PE^REITs＂ investment system as the core, at the same time as PE intervention and PElTs exit stable investment mode, reflect insurance companies to invest in different project characteristic and adapt to the endowment real estate projects in different development period of capital requirements.