{"id":18223,"date":"2024-10-24T10:00:11","date_gmt":"2024-10-24T02:00:11","guid":{"rendered":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/?p=18223"},"modified":"2026-09-17T19:47:49","modified_gmt":"2026-09-17T11:47:49","slug":"how-insurers-inflate-bond-values-to-mask-underperformance","status":"publish","type":"post","link":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/how-insurers-inflate-bond-values-to-mask-underperformance\/","title":{"rendered":"\u4fdd\u96aa\u516c\u53f8\u5982\u4f55\u8a87\u5927\u50b5\u5238\u50f9\u503c\u4ee5\u63a9\u84cb\u6295\u8cc7\u8868\u73fe\u6b20\u4f73"},"content":{"rendered":"<p>\u4fdd\u96aa\u516c\u53f8\u6709\u591a\u7a2e\u6e20\u9053\u53ef\u9032\u884c\u6295\u8cc7\u3001\u8cfa\u53d6\u56de\u5831\uff0c\u540c\u6642\u5c65\u884c\u5176\u8ca1\u52d9\u4e0a\u7684\u8cac\u4efb\u3002\u5728\u4e91\u4e91\u9078\u64c7\u4e2d\uff0c\u50b5\u5238\u7531\u65bc\u56de\u5831\u76f8\u5c0d\u7a69\u5b9a\u4ee5\u53ca\u98a8\u96aa\u8f03\u4f4e\u800c\u5c24\u5176\u5177\u5438\u5f15\u529b\u3002\u4e8b\u5be6\u4e0a\uff0c\u50b5\u5238\u5728\u4fdd\u96aa\u516c\u53f8\u7684\u6574\u9ad4\u6295\u8cc7\u7b56\u7565\u4e2d\u4f54\u64da\u7740\u91cd\u8981\u6bd4\u91cd\u3002<\/p>\n<p>\u7f8e\u570b\u5168\u570b\u4fdd\u96aa\u76e3\u7763\u5354\u6703\uff08National Association of Insurance Commissioners\uff0cNAIC\uff09\u5728\u5176\u300a2023\u5e74\u7d42\u8cc7\u672c\u5e02\u5834\u901a\u8a0a\u300b(<a href=\"https:\/\/content.naic.org\/sites\/default\/files\/capital-markets-special-report-ye2023wrapup.pdf\"><em>Year-End 2023 Capital Markets Update<\/em><\/a>) \u5831\u544a\u4e2d\u6307\u51fa\uff0c\u7f8e\u570b\u4fdd\u96aa\u696d\u5c0d\u4f01\u696d\u50b5\u5238\u7684\u7e3d\u6295\u8cc7\u984d\u7d04\u70ba2.85\u842c\u5104\u7f8e\u5143\uff0c\u4f54\u884c\u696d\u7e3d\u73fe\u91d1\u53ca\u8cc7\u7522\u503c\u4e4b35 % \u3002\u6b50\u6d32\u592e\u884c\u53bb\u5e74\u4e5d\u6708\u767c\u8868\u7684<a href=\"https:\/\/www.ecb.europa.eu\/press\/research-publications\/resbull\/2023\/html\/ecb.rb230920~4e58287d01.en.html\">\u5831\u544a<\/a>\u4ea6\u986f\u793a\uff0c\u7f8e\u570b\u4fdd\u96aa\u516c\u53f8\u6301\u6709\u8fd140%\u7684\u7f8e\u570b\u4f01\u696d\u50b5\u5238\u3002<\/p>\n<p><iframe loading=\"lazy\" title=\"#CBKOnlinesSeries | How insurers inflate bond values to mask underperformance\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/WKn9GpIa0Ss?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>\u5728\u8a31\u591a\u570b\u5bb6\uff0c\u4fdd\u96aa\u516c\u53f8\u53d7\u5230\u9ad8\u5ea6\u76e3\u7ba1\uff0c\u4e26\u88ab\u898f\u5b9a\u9808\u5411\u76e3\u7ba1\u6a5f\u69cb\u53ca\u6295\u8cc7\u8005\u62ab\u9732\u5176\u8ca1\u52d9\u5831\u8868\u4e2d\u7684\u6295\u8cc7\u7e3d\u503c\u3002\u50b5\u5238\u4f54\u7e3d\u6295\u8cc7\u7684\u5927\u6bd4\u91cd\u610f\u5473\u7740\u5176\u4f30\u8a08\u50f9\u503c\u6216\u516c\u5141\u50f9\u503c\uff08fair value\uff09\uff0c\u4ea6\u5373\u6309\u5e02\u503c\u8a08\u50f9\uff0c\u6703\u5f71\u97ff\u4fdd\u96aa\u516c\u53f8\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u4ee5\u53ca\u6574\u9ad4\u8ca1\u52d9\u72c0\u6cc1\u3002\u96d6\u7136\u4fdd\u96aa\u516c\u53f8\u53ef\u81ea\u884c\u8a55\u4f30\u5176\u50b5\u5238\u6295\u8cc7\u7684\u50f9\u503c\uff0c\u4f46\u5927\u90e8\u5206\u516c\u53f8\u90fd\u9078\u64c7\u628a\u9019\u4e00\u4efb\u52d9\u5916\u5224\u4e88\u7b2c\u4e09\u65b9\uff0c\u4ee5\u63d0\u9ad8\u900f\u660e\u5ea6\u4e26\u7b26\u5408\u76e3\u7ba1\u8981\u6c42\u3002<\/p>\n<p>\u7136\u800c\uff0c\u4e00\u9805\u65b0\u7814\u7a76\u767c\u73fe\uff0c\u4fdd\u96aa\u516c\u53f8\u70ba\u4ee4\u5176\u50b5\u5238\u6295\u8cc7\u7372\u5f97\u66f4\u597d\u7684\u4f30\u50f9\uff0c\u6703\u6545\u610f\u66f4\u63db\u8a72\u7b2c\u4e09\u65b9\u6a5f\u69cb\u3002\u9019\u7a2e\u505a\u6cd5\u88ab\u7a31\u70ba\u300c\u516c\u5141\u503c\u610f\u898b\u7be9\u9078\u300d\uff08fair value opinion shopping\uff09\uff0c\u5177\u9ad4\u800c\u8a00\uff0c\u5373\u4fdd\u96aa\u516c\u53f8\u9078\u64c7\u80fd\u63d0\u4f9b\u8f03\u9ad8\u516c\u5141\u503c\u4e14\u53ef\u80fd\u8a87\u5927\u50b5\u5238\u6295\u8cc7\u5be6\u969b\u50f9\u503c\u7684\u6a5f\u69cb\u9032\u884c\u4f30\u503c\u3002<\/p>\n<figure id=\"attachment_18229\" aria-describedby=\"caption-attachment-18229\" style=\"width: 2048px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18229 size-full\" src=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c.jpg\" alt=\"\" width=\"2048\" height=\"1365\" srcset=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c.jpg 2048w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c-600x400.jpg 600w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c-1200x800.jpg 1200w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c-768x512.jpg 768w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_1920279017_\u526f\u672c-1536x1024.jpg 1536w\" sizes=\"auto, (max-width: 2048px) 100vw, 2048px\" \/><figcaption id=\"caption-attachment-18229\" class=\"wp-caption-text\">\u4e00\u9805\u65b0\u7814\u7a76\u767c\u73fe\uff0c\u4fdd\u96aa\u516c\u53f8\u70ba\u4ee4\u5176\u50b5\u5238\u6295\u8cc7\u7372\u5f97\u66f4\u597d\u7684\u4f30\u50f9\uff0c\u6703\u6545\u610f\u66f4\u63db\u8a72\u7b2c\u4e09\u65b9\u6a5f\u69cb\u3002<\/figcaption><\/figure>\n<p>\u9999\u6e2f\u4e2d\u6587\u5927\u5b78\uff08\u4e2d\u5927\uff09\u5546\u5b78\u9662\u6703\u8a08\u5b78\u9662\u52a9\u7406\u6559\u6388<a href=\"https:\/\/www.bschool.cuhk.edu.hk\/staff\/koo-minjae\/\">\u5177\u654f\u8f09<\/a>\u8868\u793a\uff1a \u300c\u4fdd\u96aa\u516c\u53f8\u8f49\u63db\u4f30\u50f9\u4f86\u6e90\u662f\u4e00\u7a2e\u5f88\u5e38\u898b\u7684\u4f30\u503c\u65b9\u6cd5\uff0c\u7a31\u70ba\u7b2c\u4e09\u65b9\u4f86\u6e90\u8f49\u63db\u3002\u300d<\/p>\n<p>\u300c\u8f49\u63db\u4f30\u50f9\u4f86\u6e90\u80cc\u5f8c\u6216\u8a31\u5e36\u7740\u6295\u6a5f\u53d6\u5de7\u7684\u610f\u5716 \u2014 \u4fdd\u96aa\u516c\u53f8\u5e0c\u671b\u5f97\u5230\u4e00\u500b\u66f4\u6709\u5229\u3001\u66f4\u80fd\u63d0\u9ad8\u5176\u8cc7\u7522\u503c\u4e4b\u4f30\u503c\u3002\u5728\u4e00\u4e9b\u60c5\u6cc1\u4e0b\uff0c\u4e0d\u540c\u4f86\u6e90\u6703\u5f97\u51fa\u76f8\u4e92\u77db\u76fe\u7684\u4f30\u503c\uff0c\u5728\u5be9\u8996\u904e\u9019\u4e9b\u60c5\u6cc1\u5f8c\uff0c\u6211\u5011\u767c\u73fe\uff0c\u300e\u610f\u898b\u7be9\u9078\u300f\u662f\u4e3b\u8981\u7684\u52d5\u6a5f\u3002\u300d<\/p>\n<p>\u610f\u898b\u7be9\u9078\u6703\u640d\u5bb3\u8ca1\u52d9\u5831\u544a\u7684\u900f\u660e\u5ea6\uff0c\u5c0e\u81f4\u6295\u8cc7\u8005\u53ca\u6295\u4fdd\u4eba\u5c0d\u4fdd\u96aa\u516c\u53f8\u7684\u4e0d\u4fe1\u4efb\u3002\u82e5\u8ca1\u52d9\u5831\u8868\u5b58\u5728\u8aa4\u5831\u6216\u8a87\u5927\uff0c\u6295\u4fdd\u4eba\u4ea6\u53ef\u80fd\u6703\u56e0\u6b64\u7121\u6cd5\u4f5c\u51fa\u6709\u6548\u7684\u6295\u8cc7\u6c7a\u5b9a\u53ca\u932f\u8aa4\u914d\u7f6e\u8cc7\u7522\u3002<\/p>\n<h3><strong>\u610f\u898b\u7be9\u9078 vs.<\/strong> <strong>\u5ba2\u89c0\u4f30\u503c<\/strong><\/h3>\n<p>\u5728\u7814\u7a76\u8ad6\u6587<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3709893\">\u300a\u7b2c\u4e09\u65b9\u4f86\u6e90\u8f49\u63db\uff1a\u5ba2\u89c0\u4f30\u503c\u9084\u662f\u516c\u5141\u503c\u610f\u898b\u7be9\u9078\uff1f\u300b<\/a>\u4e2d\uff0c\u5177\u6559\u6388\u806f\u540c\u840a\u65af\u5927\u5b78\u6559\u6388Konduru Sivaramakrishnan \uff0c\u4ee5\u53ca\u4f11\u65af\u9813\u5927\u5b78\u526f\u6559\u6388\u8d99\u7389\u840d\uff0c\u5206\u6790\u4e86\u7f8e\u570b\u4fdd\u96aa\u516c\u53f8\u5411\u7f8e\u570b\u5168\u570b\u4fdd\u96aa\u76e3\u7763\u5354\u6703\u6240\u63d0\u4ea4\u7684\u50b5\u5238\u53ca\u5176\u4ed6\u8b49\u5238\u6295\u8cc7\u6a94\u6848\u3002\u4ed6\u5011\u53d6\u5f97\u7684\u6a23\u672c\u6db5\u84cb\u4e862014\u5e74\u52302017\u5e74\u7576\u4e2d\u76841,852\u4efd\u4fdd\u96aa\u516c\u53f8-\u5e74\u4efd\u8cc7\u6599\uff0c\u53ca662,528\u9805\u8b49\u5238-\u4fdd\u96aa\u516c\u53f8-\u5e74\u4efd\u6578\u64da\u3002<\/p>\n<p>\u5206\u6790\u7d50\u679c\u8b49\u5be6\uff0c\u4fdd\u96aa\u516c\u53f8\u6703\u7b56\u7565\u6027\u5730\u8f49\u63db\u7b2c\u4e09\u65b9\u8a55\u4f30\u6a5f\u69cb\uff0c\u4e00\u4e9b\u662f\u70ba\u53d6\u5f97\u5ba2\u89c0\u7684\u4f30\u503c\uff0c\u53e6\u4e00\u4e9b\u5247\u662f\u5e0c\u671b\u901a\u904e\u610f\u898b\u7be9\u9078\uff0c\u8a87\u5927\u516c\u5141\u503c\u4f30\u50f9\u3002\u5118\u7ba1\u5169\u7a2e\u52d5\u6a5f\u90fd\u5b58\u5728\uff0c\u5f8c\u8005\u5f80\u5f80\u8f03\u70ba\u666e\u904d\u3002\u662f\u6b21\u7814\u7a76\u6307\u51fa\uff0c\u5728\u98a8\u96aa\u8cc7\u672c\u6bd4\u7387\u8f03\u4f4e\u3001\u8ca1\u52d9\u5be6\u529b\u8f03\u5f31\u7684\u4fdd\u96aa\u516c\u53f8\u4e2d\u8f03\u7d93\u5e38\u51fa\u73fe\u610f\u898b\u7be9\u9078\u7684\u884c\u70ba\uff1b\u9019\u7a2e\u60c5\u6cc1\u4ea6\u5e38\u898b\u65bc\u6d41\u52d5\u6027\u4f4e\u7684\u50b5\u5238\u6216\u4e0d\u7d93\u5e38\u4ea4\u6613\u7684\u8b49\u5238\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u7814\u7a76\u4eba\u54e1\u767c\u73fe\uff0c\u4fdd\u96aa\u516c\u53f8\u4ea6\u6703\u904b\u7528\u300c\u6574\u6279\u8f49\u63db\u300d\uff08block-switching\uff09\u7684\u624b\u6bb5\uff0c\u5373\u7b56\u7565\u6027\u5730\u8f49\u63db\u4e00\u7d44\u8b49\u5238 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