美国寿险公司优先股投资实践及其借鉴-金融学专业毕业论文.docxVIP

摘 要 伴随着国务院《有关开展优先股试点的指导意见》以及证监会《优先股试点 管理办法（征求意见稿）》的发布，中国也即将建立起自己的优先股市场。与此 同时，保监会高级官员近期也提到优先股是“保险公司优先选择的投资对象”， 表明监管机构放开保险公司投资兼具债券和普通股票的双重特征、收益率介于债 券和普通股票之间的优先股也是大概率事件。由于美国拥有世界上最大的优先股 市场，因此本文把目标集中在了美国，探究美国寿险公司如何进行优先股投资。 本文首先对优先股制度本身进行了研究，分析了其特征、分类以及合适的投 资者，梳理了美国优先股市场的历史、现状以及中国短暂的优先股历史；随后研 究了优先股基本的定价方法，投资优先股的主要风险，整理分析了巴菲特优先股 投资成功的案例；第四章主要对美国主要寿险公司投资优先股的情况按普通优先 股和信托优先股两方面进行了详细研究；最后一章结合美国经验和中国实际情况 为我国寿险公司投资优先股提出了一些建议。 关键词：优先股，寿险公司，投资 Abstract With the publication of Guideline on Launching the Pilot Program for Preferred Shares by the State Council and the Rules for Preferred Stock Pilot Program (Draft) by the China Securities Regulatory Commission, China is about to 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 high likelihood that regulators will allow insurers to invest in preferred stock, a hybrid of bond and stock, which yields between bonds and common stocks. Considering the fact that the U.S. is home to the largest preferred stock market in the world, this paper focuses exclusively on America, investigating how American life insurers invest in preferred stock. The thesis firstly introduces the system of preferred stock, its characteristics, classifications and who the preferred stock is most suitable for. Then it investigates the history, current situation of American preferred stock market and the short history of Chinese preferred stock. Subsequently, the pricing and risks of preferred stock are discussed, followed by success stories of Warren Buffett. The fourth chapter studies in 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, it presents some suggestions for Chinese life insurers on how to make investment in preferreds based on the experienc