I 摘要 在我国当前的经济快速发展的时期，人们的生活质量越来越高，在日常的生 活中，人们加强了健康生活行为模式的培养，由此使得人们的寿命越来越长，逐 渐呈现出老龄化的态势。尤其我国作为人口基数最大的国家，老龄化的态势尤为 显著。早在十几年前，我国就已经步入了老龄化社会中，增加了传统家庭养老的 负担，从而导致了老年人口生活质量的下降。并且，传统的家庭式养老模式难以 满足当前时代中老年人的需求，亟需根据老年人的情况建立养老社区，平衡我国 养老床位供需，以此达到我国养老的目标。因此，我国的寿险公司看准商机，加 大了寿险公司对养老社区的投资，实现了经济效益的增加，同时分担了部分社会 以及家庭的养老负担。 但养老社区在我国依旧是一个比较新的领域，且具有投资金额巨大，经济周 期较长，风险较多等特征。研究寿险公司对养老社区的投资模式对寿险公司投资 决策、项目选址等有一定的可借鉴性。 本文通过文献研究、国外养老社区发展研究、保险资金投资养老社区研究， 了解了基于我国国情的寿险公司投资趋势。其次，用净现值法对养老社区的投资 模式进行了理论分析，用净现值公式中的参数分析了寿险公司投资养老社区的初 始投资额，可能的项目收益，机会成本，并基于投资收益提出了假设，寿险公司 规模越大，采取全资投资模式建设养老社区的可能性越大。寿险公司的规模大主 要体现在拥有足够多的可投资额、现金流充裕、市场占比大。因而本文具体从寿 险公司总资产、保费收入、保险密度三个方面分析寿险公司规模对投资模式的影 响关系，认为寿险公司总资产越大，采取全资模式的可能性越大；寿险公司在养 老社区项目所在地区的保费收入越大，取全资模式的可能性越大；养老社区项目 所在地区的人身保险密度越大，采取全资模式的可能性越大。再次，尽可能收集 完善的样本数据，对投资模式中最多的两个模式，即全资模式和合资模式进行了 回归分析。最后，基于回归分析和实际案例分析，得出寿险公司投资养老社区的 选择偏好。 研究结果表明，从投资收益的角度来说，寿险公司在养老社区项目所在地区 的保费收入越大，采取全资模式的可能性越大；养老社区项目所在地区的人身保 险密度越大，采取全资模式的可能性越大。 关键词，寿险公司，养老社区，投资模式ABSTRACT II ABSTRACT At present, China's economy has entered a period of rapid development. People's quality of life is getting higher and higher. In daily life, people have strengthened the cultivation of healthy living behavior patterns, which has made people's lifespan longer and longer, and society has gradually shown an aging trend. In particular, China is the country with the largest population, and the trend of aging is particularly significant. As early as a decade ago, China has entered an aging society. Aging has increased the burden of traditional family pensions, which has led to a decline in the quality of life of the elderly. Moreover, the traditional family-based pension model is difficult to meet the old-age needs in the current era. It is urgent to establish an old-age community based on the situation of the elderly and balance the supply and demand of the old-age bed in China, so as to achieve the goal of providing for the elderly in China. Therefore, China's life insurance companies have seen business opportunities, increased investment in old-age communities, realized an increase in economic benefits, and shared the burden of old-age care for some societies and families. However, the old-age community is still a relatively new field in China，and it has the characteristics of huge investment amount, long economic cycle and high risk. Studying the life insurance company's investment model for the old-age community has certain reference to the life insurance company's investment decision-making and project site selection. This paper has learned about the investment trend of life insurance companies based on China's national conditions through literature research, foreign pension community development research, and insurance fund investment in old-age community research. Secondly, the net present value method is used to analyze the investment model of the old-age community. The parameters in the net present value formula are used to analyze the initial investment amount of the life insurance company's investment pension community, possible project income, opportunity cost, and put forward three Assumptions. Assume that the large-scale life insurance company is more likely to choose a wholly-owned investment model to build a retirement community. The large scale of life insurance companies is mainly reflected in the fact that they have enough investment amount, sufficient cash flow and large market share. Therefore, thisABSTRACT III paper analyzes the relationship between the size of life insurance companies and the investment model from three aspects of Life Insurance Company. It is considered that the larger the total assets of a life insurance company, the more likely it is to choose a wholly-owned model; the greater the premium income of a life insurance company at the project location, the greater the possibility of choosing a wholly-owned model; that the greater the density of personal insurance, the more likely it is to choose a wholly-owned model. Again, collecting as much sample data as possible and perform regression analysis on the two most common models of the investment, which are the wholly-owned model and the joint venture model. Finally, based on regression analysis and actual case analysis, the choice preferences of life insurance companies investing in the old-age community are obtained. The results show that the greater the premium income of the life insurance company in the area where the old-age community project is located, the greater the possibility of adopting the wholly-owned model; the greater the density of personal insurance in the area where the old-age community project is located, the greater the possibility of adopting the wholly-owned model. Key words: Life Insurance Company，retirement community，investment model目 录 IV 目 录 第一章 绪论.................................................................................................................... 1 1.1 选题背景............................................................................................................. 1 1.1.1 老龄化社会 .............................................................................................. 1 1.1.2 政策及相关法律 ...................................................................................... 2 1.2 研究目的和意义................................................................................................. 4 1.2.1 研究目的 .................................................................................................. 4 1.2.2 研究意义 .................................................................................................. 5 1.3 论文整体结构..................................................................................................... 5 1.4 可能的创新点..................................................................................................... 6 第二章 文献综述............................................................................................................ 8 2.1 国内研究综述..................................................................................................... 8 2.2 国外研究综述..................................................................................................... 9 2.3 文献述评........................................................................................................... 10 第三章 国外养老社区发展概况...................................................................................11 3.1 国外寿险公司的投资概况................................................................................11 3.2 国外养老社区的经营状况............................................................................... 12 3.2.1 美国的养老社区经营状况 .................................................................... 13 3.2.2 日本的养老社区经营状况 .................................................................... 15 第四章 保险资金投资养老社区的现实背景及原因.................................................. 17 4.1 我国养老形式严峻...........................................................................