本文選題：保險機構(gòu)投資者　切入點：持股比例　出處：《南京大學》2017年碩士論文

【摘要】：隨著中國社會經(jīng)濟的日益繁榮,作為金融體系中重要組成部分的保險業(yè)取得了突飛猛進的發(fā)展,保險業(yè)也在我國金融業(yè)發(fā)揮著越來越重要的作用。截至2016年末,我國保險行業(yè)總資產(chǎn)達到151169.16億元,較上年初增長22.31%;我國保險公司的保費收入達到30595億元,同比增加27.49%。保險業(yè)的不斷發(fā)展促進了相關行業(yè)的改革創(chuàng)新并帶動了我國經(jīng)濟的發(fā)展,同時保險業(yè)的運用資金也在不斷增加,不斷增加的應用資金為保險業(yè)的資金運用提供了充足的資金支撐。隨著金融體系的不斷改革創(chuàng)新和完善,我國保險業(yè)的監(jiān)管制度不斷適應新的時代發(fā)展需求,為實現(xiàn)保險業(yè)的穩(wěn)健發(fā)展提供了良好的制度保障。在投資管理和監(jiān)管制度方面不斷完善的情況下,保險公司以機構(gòu)投資者的身份參與到股票市場中,這樣將有利于實現(xiàn)保險業(yè)與股票市場的雙贏。保險機構(gòu)投資者持股不僅拓寬了保險資金的投資渠道,優(yōu)化了保險盈利模式,促進了資金的流動和運用效率,而且為上市公司提供了長期的投資運行資金,有利于促進上市公司的發(fā)展。保險機構(gòu)投資者持股不僅為上市公司提供了長期的資金支持,保險機構(gòu)投資者也會以重要股東的身份參與到上市公司的經(jīng)營管理,更好的實現(xiàn)了上市公司的運營。雖然我國保險業(yè)在現(xiàn)階段取得了很好的成績并且保持較高的成長態(tài)勢,但我國和一些保險業(yè)發(fā)達的國家仍有一定的差距,特別是在保險資金的投資運用和監(jiān)管上。中國的保險機構(gòu)投資者作為機構(gòu)投資者的重要組成部分,在投資渠道的應用上一直處在探索和試錯的階段,在這個過程中必然暴露出一定的不足,但這也為我國保險業(yè)資金運用的穩(wěn)健性發(fā)展提供了寶貴的經(jīng)驗累積。作為重要的資金來源,保險資金為上市公司的發(fā)展提供了長期穩(wěn)定的資金支持,可以有效調(diào)節(jié)市場規(guī)模與資金供給的平衡。但是,保險資金如果參與股市的幕后交易以操縱市場,將會提高股市的投機性和風險性,這樣的行為不僅違背了保險資金入市的初衷,而且將影響到保險公司自身的生存經(jīng)營,不利于資本市場的穩(wěn)定健康發(fā)展。目前我國機構(gòu)投資者與上市公司的業(yè)績及經(jīng)營管理的理論研究已經(jīng)取得了很大的進展,機構(gòu)投資者的股東積極主義、委托代理理論和利益相關者理論的研究為分析機構(gòu)投資者和上市公司的業(yè)績及管理的相關性提供了理論支撐。但是,作為大型機構(gòu)投資者的保險公司,其與上市公司經(jīng)營業(yè)績的關系研究仍處于探討階段。結(jié)合我國和國外保險資金股票投資的現(xiàn)狀與模式,本文將依據(jù)2014年至2016年中國上市公司經(jīng)營業(yè)績與保險機構(gòu)投資者持股比例進行實證性研究和分析,探討我國保險機構(gòu)投資者對企業(yè)經(jīng)營業(yè)績發(fā)揮的作用,并對如何促進保險機構(gòu)投資者與股票市場的良好互動提出相應的建議。
[Abstract]:With the increasing prosperity of China's social economy, the insurance industry, as an important part of the financial system, has made rapid progress, and the insurance industry is playing an increasingly important role in China's financial industry.By the end of 2016, the total assets of China's insurance industry had reached 15.116916 trillion yuan, an increase of 22.31 yuan over the beginning of last year, while the premium income of Chinese insurance companies reached 3.0595 trillion yuan, an increase of 27.49 yuan over the same period last year.The continuous development of the insurance industry has promoted the reform and innovation of the related industries and the economic development of our country. At the same time, the use of funds of the insurance industry has also been increasing.The increasing application funds provide sufficient capital support for the insurance industry.With the continuous reform, innovation and perfection of the financial system, the supervision system of the insurance industry in our country is constantly adapting to the needs of the development of the new era, which provides a good institutional guarantee for the steady development of the insurance industry.In the case of continuous improvement of investment management and supervision system, insurance companies participate in the stock market as institutional investors, which will help to achieve a win-win situation between the insurance industry and the stock market.The ownership of insurance institutional investors not only broadens the investment channels of insurance funds, optimizes the profit model of insurance, promotes the flow and efficiency of capital utilization, but also provides long-term investment operating funds for listed companies.To promote the development of listed companies.Insurance institutional investors not only provide long-term financial support for listed companies, but also participate in the operation and management of listed companies as important shareholders, so as to better realize the operation of listed companies.Although China's insurance industry has made good achievements and maintained a high growth trend at the present stage, there is still a certain gap between China and some developed countries in insurance industry, especially in the investment utilization and supervision of insurance funds.As an important part of institutional investors, China's insurance institutional investors have always been in the stage of exploration and trial and error in the application of investment channels.But this also provides the valuable experience accumulation for the steady development of the insurance fund utilization in our country.As an important source of funds, insurance funds provide long-term and stable capital support for the development of listed companies, which can effectively adjust the balance between market size and capital supply.However, if insurance funds participate in the behind-the-scenes trading of the stock market to manipulate the market, it will enhance the speculative and risky nature of the stock market. Such behavior not only violates the original intention of the insurance funds entering the market, but also affects the survival and operation of the insurance companies themselves.Is not conducive to the stable and healthy development of the capital market.At present, great progress has been made in the theoretical research on the performance and management of institutional investors and listed companies, and the shareholder activism of institutional investors.The research of principal-agent theory and stakeholder theory provides theoretical support for analyzing the correlation between performance and management of institutional investors and listed companies.However, as a large institutional investor, the relationship between the insurance company and the operating performance of listed companies is still in the stage of discussion.Combined with the current situation and mode of insurance fund stock investment in China and abroad, this paper will carry out empirical research and analysis based on the operating performance of Chinese listed companies from 2014 to 2016 and the proportion of insurance institutional investors holding shares.This paper probes into the role of insurance institutional investors in the performance of enterprises, and puts forward some suggestions on how to promote the good interaction between insurance institutional investors and the stock market.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F842.3
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本文編號：1720163