AB保险举牌JRJ公司案例分析

发布时间：2018-04-15 14:07

本文选题：保险资金 + 举牌　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：自2015年下半年开始,保险公司举牌上市公司的事件屡有发生。与过去的举牌事件以非市场化维护相比,目前举牌事件的形式已经更多的通过市场化方式进行。同时由于保险资金的性质与过去的举牌资金相比,表现出了许多新的特征,例如保险资金具有更大的资金规模,保险资金的杠杆运营特性,第二代偿付体系对保险资金资本充足率的新要求。这些新特征的出现,使得保险资金的运用方式与传统资金存在较大产别,因此对保险资金的举牌行为进行分析,具有较强的理论意义和现实意义。本文首先对国内外举牌相关的文献进行系统整理,并对协同效用等相关理论进行说明。通过举牌动因以及公司经济后果两个角度对AB保险资金举牌JRJ公司的案例进行分析,其中公司价值分析方面应用托宾Q、资产运营效率、盈利能力、管理能力、偿债能力和成长性等相关指标来表示,举牌动因方面结合相关的宏观及行业数据。通过对举牌前后这些指标数值变化的对比,深入研究保险资金参与举牌的动因以及举牌后上市公司的经济后果。本文的研究发现;(1)在保险资金举牌动因方面,保险行业高速发展及"偿二代"监管体系的双重作用下,保险资金举牌资本市场几乎成为一个必然的选择。(2)在公司治理结构方面,AB保险集团通过举牌实现JRJ公司第二大股东地位后,通过派人入住董事会等行为来确保其自身资金的收益性以及安全性。使得保险资金的长期利益可以获得一定程度的保障。(3)在公司价值方面,通过对相关指标的对比分析,得知指标都得到一定程度的提高,说明AB保险集团举牌有助于提升JRJ公司的价值。
[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.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F832.39

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