本文選題：保險資金 + 舉牌　； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：自2015年下半年開始,保險公司舉牌上市公司的事件屢有發(fā)生。與過去的舉牌事件以非市場化維護相比,目前舉牌事件的形式已經(jīng)更多的通過市場化方式進行。同時由于保險資金的性質(zhì)與過去的舉牌資金相比,表現(xiàn)出了許多新的特征,例如保險資金具有更大的資金規(guī)模,保險資金的杠桿運營特性,第二代償付體系對保險資金資本充足率的新要求。這些新特征的出現(xiàn),使得保險資金的運用方式與傳統(tǒng)資金存在較大產(chǎn)別,因此對保險資金的舉牌行為進行分析,具有較強的理論意義和現(xiàn)實意義。本文首先對國內(nèi)外舉牌相關(guān)的文獻進行系統(tǒng)整理,并對協(xié)同效用等相關(guān)理論進行說明。通過舉牌動因以及公司經(jīng)濟后果兩個角度對AB保險資金舉牌JRJ公司的案例進行分析,其中公司價值分析方面應(yīng)用托賓Q、資產(chǎn)運營效率、盈利能力、管理能力、償債能力和成長性等相關(guān)指標來表示,舉牌動因方面結(jié)合相關(guān)的宏觀及行業(yè)數(shù)據(jù)。通過對舉牌前后這些指標數(shù)值變化的對比,深入研究保險資金參與舉牌的動因以及舉牌后上市公司的經(jīng)濟后果。本文的研究發(fā)現(xiàn);(1)在保險資金舉牌動因方面,保險行業(yè)高速發(fā)展及"償二代"監(jiān)管體系的雙重作用下,保險資金舉牌資本市場幾乎成為一個必然的選擇。(2)在公司治理結(jié)構(gòu)方面,AB保險集團通過舉牌實現(xiàn)JRJ公司第二大股東地位后,通過派人入住董事會等行為來確保其自身資金的收益性以及安全性。使得保險資金的長期利益可以獲得一定程度的保障。(3)在公司價值方面,通過對相關(guān)指標的對比分析,得知指標都得到一定程度的提高,說明AB保險集團舉牌有助于提升JRJ公司的價值。
[Abstract]:Since the second half of 2015, insurance companies listed companies listed by the events have occurred repeatedly.Compared with the past brand raising events in the non-market-oriented maintenance, the form of the lifting events has been carried out more through the market-oriented way.At the same time, the nature of insurance funds shows many new characteristics compared with the past funds, such as the larger scale of insurance funds, the characteristics of leveraged operation of insurance funds.The new requirement of the second generation solvency system to the capital adequacy ratio of insurance funds.The emergence of these new features makes the use of insurance funds and the traditional funds have a large difference, so the analysis of the insurance fund raising behavior has a strong theoretical and practical significance.In this paper, the domestic and foreign literature related to the lifting of signs are systematically sorted out, and related theories such as synergistic utility are explained.This paper analyzes the case of AB insurance fund raising JRJ company from the perspective of the motivation of raising the brand and the economic consequence of the company. In the aspect of company value analysis, it applies Tobin Q, asset operation efficiency, profitability, management ability, etc.Debt repayment ability and growth and other related indicators to indicate that the driving force combined with the relevant macro and industry data.By comparing the changes of these indexes before and after the lifting of the card, this paper deeply studies the motivation of insurance fund participation and the economic consequences of listed companies.The research in this paper finds that the insurance industry has developed rapidly and the "second generation" regulatory system has played a dual role in the cause of raising the brand of insurance funds.Insurance capital market has almost become an inevitable choice. (2) in terms of corporate governance structure, AB Insurance Group has achieved the status of second largest shareholder of JRJ Company by raising the brand.Ensure the profitability and safety of their own funds by posting people to the board of directors.So that the long-term interests of insurance funds can be guaranteed to a certain extent.) in terms of company value, through the comparative analysis of relevant indicators, we know that the indicators have been improved to a certain extent.AB Insurance Group to help raise the value of the JRJ company.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F842.3;F832.39

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