险资举牌上市公司法律监管规则的反思与完善

发布时间：2018-08-15 18:59

【摘要】：保险业"新国十条"明确指出险资是股票市场重要的机构投资者,并要求险资主动介入资本市场以助推其长期稳定发展。近期"险资频繁举牌"事件却让公众纷纷侧目,一时间险资成为众矢之的。险资举牌过程出现的各种问题凸显了我国这一领域监管规则存在诸多短板,为解决险资短期操作和"血洗董事会"等问题,应从保险监管和证券监管两个角度着力。前者从负债和资产两个端口同时发力,负债端注重提高保险产品风险保障额度,回归"保险姓保"的本质;资产端则注重加强偿付能力充足率监管,实现资产负债匹配,引导险资进行价值投资。后者要从完善险资和一致行动人举牌规则,准确评估险资股票投资集中度风险、强化险资信息披露义务、建立穿透式监管规则入手。
[Abstract]:Insurance "New country Ten" clearly points out that risk capital is an important institutional investor in stock market, and requires insurance capital to intervene actively in capital market in order to promote its long-term stable development. Recently, "risk capital frequently raises the card" events have made the public focus, for a time insurance funds have become the target of public criticism. All kinds of problems in the process of raising risk funds highlight the existence of many shortcomings in the supervision rules in this field. In order to solve the problems of short-term operation of risk capital and "blood washing board of directors", we should focus on two aspects: insurance supervision and securities supervision. The former works from the two ports of liabilities and assets simultaneously, the liability side pays attention to raising the risk protection limit of insurance products and returns to the essence of "insurance"; the asset side pays attention to strengthening the supervision of solvency adequacy ratio to realize the matching of assets and liabilities. To guide risk capital into value investment. The latter should start with perfecting the rules of risk capital and concerted action, accurately evaluating the risk of investment concentration of risk capital stock, strengthening the obligation of disclosure of risk capital information, and establishing the rules of penetrating supervision.
【作者单位】：华东政法大学经济法学院;
【分类号】：D922.287

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