保险公司举牌上市公司的特征和影响
时间:2018-09-18 21:12 来源:毕业论文 作者:毕业论文 点击:次
| 摘要：过去十几年来，我国保险行业飞速发展，保险资金可用余额不断增长。中国保险业的政策支持得到加强,不断开发新业务，除了保守稳健型的大型传统保险公司外，诞生了一批以万能险为主要产品的中小型保险公司。在当前下行的经济环境、低利率的市场环境和逐步放松的监管政策条件下，保险公司进入二级市场以寻求更高额的回报。本文基于价值投资的视角，研究驱使保险公司投资二级市场的原因，被险资举牌的上市公司的特征，从相关上市公司股票基本面指标以及财务报表等方面分析此公司在险资眼中的投资价值。进一步分析险资举牌过程中可能对资本市场产生的影响，并指出保险公司举牌上市公司股票可能存在的问题及风险。28376 毕业论文关键词：险资；举牌；价值投资 The characteristics and influence of the listed company announced for 5% change by an insurance company Abstract：During the past decade, China's insurance industry has been growing rapidly, and the available balance of insurance funds has been rising.China's government continue to strengthen the support of policy, innovate the insurance business. In addition to steady large traditional insurance companies, a batch of small and medium-sized insurance companies which choice universal insurance as the main products were born. Under the current environment of downward economic, low interest rates and a gradual relaxation of regulatory policies, insurance companies enter the market for the purpose of higher returns.This paper, based on the perspective of value investment,research the causes of driving insurance company investment in the secondary market,the characteristics of listed companies purchased by the capital of insurance company, and analysis the investment value to the insurance company,from the aspects of fundamental stock index and financial statements.Furthermore this paper analyzed the impact may have been caused in the process of "Announcement for 5% Change” made by Insurance capital, and pointed out the existing problems and potential risk that in the "Announcement for 5% Change” made by insurance company. Key words: Insurance Capital；Announcement for 5% Change；value investing 目 录 摘要1 关键词1 Abstract1 Key words1 引言1 一、文献综述2 二、险资举牌的上市公司特征分析4 （一）上市公司基本面分析4 1．上市公司行业分布4 2．基本面指标分析4 （1）市盈率4 （2）市净率4 （3）净资产收益率5 （4）市值及流通比率5 （二）上市公司财务分析6 1．大股东持股比例6 2．股息率6 3．盈利增长率6 （1）营业收入增长6 （2）净利润增长6 （3）营收和净利润同步增长6 三、险资举牌对资本市场的影响6 （一）举牌给险企自身带来的风险6 1．流动性风险6 2．股价波动风险6 （二）举牌对相应上市公司的影响7 1．股价波动性7 2．股权之争增加经营风险8 3．保险公司道德风险8（三）举牌对资本市场的影响8 四、应对险资举牌风险的措施及建议9 （一）保险公司需要提高风险管控能力9 1．回归价值投资9 2.资产负债配置9 3.明确自身定位9 4.引导市场发展9 （二）我国金融体系需要完善，投资渠道应当拓展9 致谢10 参考文献10 表1 基本面指标11 表2 财务数据13 表3 上市公司大股东15 表4 上市公司成长能力20 保险公司举牌上市公司的特征和影响 引言 中国保险行业的总资产在20多年的时间里增长了200多倍,保险业的政策支持不断加强,新业务层出不穷,监管框架也在逐渐完善。上市保险公司为了回归本质,提高产品的内在价值，正主动收紧银保,加强个人保险业务。 (责任编辑：qin) |