本文選題：保險(xiǎn)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(kāi)始,保險(xiǎn)公司舉牌上市公司的事件屢有發(fā)生。與過(guò)去的舉牌事件以非市場(chǎng)化維護(hù)相比,目前舉牌事件的形式已經(jīng)更多的通過(guò)市場(chǎng)化方式進(jìn)行。同時(shí)由于保險(xiǎn)資金的性質(zhì)與過(guò)去的舉牌資金相比,表現(xiàn)出了許多新的特征,例如保險(xiǎn)資金具有更大的資金規(guī)模,保險(xiǎn)資金的杠桿運(yùn)營(yíng)特性,第二代償付體系對(duì)保險(xiǎn)資金資本充足率的新要求。這些新特征的出現(xiàn),使得保險(xiǎn)資金的運(yùn)用方式與傳統(tǒng)資金存在較大產(chǎn)別,因此對(duì)保險(xiǎn)資金的舉牌行為進(jìn)行分析,具有較強(qiáng)的理論意義和現(xiàn)實(shí)意義。本文首先對(duì)國(guó)內(nèi)外舉牌相關(guān)的文獻(xiàn)進(jìn)行系統(tǒng)整理,并對(duì)協(xié)同效用等相關(guān)理論進(jìn)行說(shuō)明。通過(guò)舉牌動(dòng)因以及公司經(jīng)濟(jì)后果兩個(gè)角度對(duì)AB保險(xiǎn)資金舉牌JRJ公司的案例進(jìn)行分析,其中公司價(jià)值分析方面應(yīng)用托賓Q、資產(chǎn)運(yùn)營(yíng)效率、盈利能力、管理能力、償債能力和成長(zhǎng)性等相關(guān)指標(biāo)來(lái)表示,舉牌動(dòng)因方面結(jié)合相關(guān)的宏觀及行業(yè)數(shù)據(jù)。通過(guò)對(duì)舉牌前后這些指標(biāo)數(shù)值變化的對(duì)比,深入研究保險(xiǎn)資金參與舉牌的動(dòng)因以及舉牌后上市公司的經(jīng)濟(jì)后果。本文的研究發(fā)現(xiàn);(1)在保險(xiǎn)資金舉牌動(dòng)因方面,保險(xiǎn)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(xiǎn)資金舉牌資本市場(chǎng)幾乎成為一個(gè)必然的選擇。(2)在公司治理結(jié)構(gòu)方面,AB保險(xiǎn)集團(tuán)通過(guò)舉牌實(shí)現(xiàn)JRJ公司第二大股東地位后,通過(guò)派人入住董事會(huì)等行為來(lái)確保其自身資金的收益性以及安全性。使得保險(xiǎn)資金的長(zhǎng)期利益可以獲得一定程度的保障。(3)在公司價(jià)值方面,通過(guò)對(duì)相關(guān)指標(biāo)的對(duì)比分析,得知指標(biāo)都得到一定程度的提高,說(shuō)明AB保險(xiǎn)集團(tuán)舉牌有助于提升JRJ公司的價(jià)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F842.3;F832.39

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