美国寿险公司优先股投资实践与其借鉴.pdfVIP

Abstract WiththepublicationofGuidelineonLaunchingthePilotProgramforPreferred Shares by the State Council and the Rules for Preferred Stock Pilot Program (Draft)by the China SecuritiesRegulatory Commission Chinais aboutto establish its own preferred stock market. Meanwhile senior official from China Insurance Regulatory Commission mentioned recently that preferred stock would be a preferred investment for insurance companies which clearly implies that theres highlikelihoodthatregulatorswillallowinsurerstoinvestinpreferredstock ahybrid ofbond andstock whichyieldsbetweenbonds andcommonstocks.Consideringthe factthattheU.S.ishometothelargestpreferredstockmarketintheworld thispaper focuses exclusively on America investigating how American life insurers invest in preferredstock. The thesis firstly introduces the system of preferred stock its characteristics classifications and who the preferred stock is most suitable for. Then it investigates thehistory currentsituationofAmericanpreferred stockmarketandthe shorthistory ofChinesepreferred stock. Subsequently thepricing andrisks ofpreferred stockare discussed followedbysuccessstoriesofWarrenBuffett.Thefourthchapterstudiesin depth the current situation of preferred stock investment by American major life insurer from two aspects: traditional preferred stock and trust preferreds (TruPs).At last itpresentssomesuggestionsforChineselifeinsurersonhowtomakeinvestment in preferreds based on the experience of American counterparts and the actual situationinChina. Keywords Preferredstock insurancecompany investment ： 目录 第1章 引言1 1.1 选题的背景及实践意义1 1.2 国内外研究现状1 1.3 研究的特色与创新之处4 第2章 优先股制度、历史及现状4 2.1优先股的基本特征与种类4 2.1.1 优先股的基本特征4 2.1.2 优先股的分类7 2.1.3 适合投资优先股的投资者8 2.2 美国优先股的历史和发展现状9 2.3 中国优先股历史试点情况15 第3章 优先股投资分析基本方法16 3