保险机构投资者持股是否能够提高上市公司的经营业绩？

发布时间：2018-04-07 17:32

  本文选题：保险机构投资者　切入点：持股比例　出处：《南京大学》2017年硕士论文

【摘要】：随着中国社会经济的日益繁荣,作为金融体系中重要组成部分的保险业取得了突飞猛进的发展,保险业也在我国金融业发挥着越来越重要的作用。截至2016年末,我国保险行业总资产达到151169.16亿元,较上年初增长22.31%;我国保险公司的保费收入达到30595亿元,同比增加27.49%。保险业的不断发展促进了相关行业的改革创新并带动了我国经济的发展,同时保险业的运用资金也在不断增加,不断增加的应用资金为保险业的资金运用提供了充足的资金支撑。随着金融体系的不断改革创新和完善,我国保险业的监管制度不断适应新的时代发展需求,为实现保险业的稳健发展提供了良好的制度保障。在投资管理和监管制度方面不断完善的情况下,保险公司以机构投资者的身份参与到股票市场中,这样将有利于实现保险业与股票市场的双赢。保险机构投资者持股不仅拓宽了保险资金的投资渠道,优化了保险盈利模式,促进了资金的流动和运用效率,而且为上市公司提供了长期的投资运行资金,有利于促进上市公司的发展。保险机构投资者持股不仅为上市公司提供了长期的资金支持,保险机构投资者也会以重要股东的身份参与到上市公司的经营管理,更好的实现了上市公司的运营。虽然我国保险业在现阶段取得了很好的成绩并且保持较高的成长态势,但我国和一些保险业发达的国家仍有一定的差距,特别是在保险资金的投资运用和监管上。中国的保险机构投资者作为机构投资者的重要组成部分,在投资渠道的应用上一直处在探索和试错的阶段,在这个过程中必然暴露出一定的不足,但这也为我国保险业资金运用的稳健性发展提供了宝贵的经验累积。作为重要的资金来源,保险资金为上市公司的发展提供了长期稳定的资金支持,可以有效调节市场规模与资金供给的平衡。但是,保险资金如果参与股市的幕后交易以操纵市场,将会提高股市的投机性和风险性,这样的行为不仅违背了保险资金入市的初衷,而且将影响到保险公司自身的生存经营,不利于资本市场的稳定健康发展。目前我国机构投资者与上市公司的业绩及经营管理的理论研究已经取得了很大的进展,机构投资者的股东积极主义、委托代理理论和利益相关者理论的研究为分析机构投资者和上市公司的业绩及管理的相关性提供了理论支撑。但是,作为大型机构投资者的保险公司,其与上市公司经营业绩的关系研究仍处于探讨阶段。结合我国和国外保险资金股票投资的现状与模式,本文将依据2014年至2016年中国上市公司经营业绩与保险机构投资者持股比例进行实证性研究和分析,探讨我国保险机构投资者对企业经营业绩发挥的作用,并对如何促进保险机构投资者与股票市场的良好互动提出相应的建议。
[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.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F842.3
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本文编号：1720163