保险机构持股对上市公司经营效益影响研究

保险机构持股对上市公司经营效益影响研究AbstractIn 2005,the China Insurance Regulatory Commission began to permit insurancefunds to enter the equity market.Since then,after 16 years of rapid development,the scaleof insurance funds investing in the stock market has reached more than CNY 1.8 trillion,and it has gradually become the backbone of maintaining the stability of the capital marketand promoting the development of the capital market.Since then,with the rapiddevelopment of 16 years,the investment of insurance funds in the stock market has playedan important role in the stability and development of the capital market,and its scale hasalready reached more than 18,000 yuan.With the development of the capital market inrecent years,insurance regulators have not only expanded the rules and regulations andscope of use of insurance funds in the stock market,but also reduced the restrictions oninsurance funds.more actively guide insurance institutions to persevere in value,in-depthand long-term investment.Since 2015,the insurance institutions have repeatedly listedthrough the equity secondary market in a short time,and the impact is great whether it isthe insurance industry,regulators or the public.As the weight of insurance funds is gettingheavier and heavier in the capital market,insurance institutions change their identity andbecome major shareholders to hold shares in listed companies,on the one hand,out of thepursuit of economic benefits,but also have derivative effects.Whether the shareholding ofinsurance companies can improve the operating efficiency of listed companies is the coreof this paper.Through the combination of normative and empirical research methods,this paperanalyzes the impact of insurance institutions'shareholding on the operating efficiency oflisted companies in the capital market.First of all,this paper expounds the definition andcharacteristics of insurance institution shares,the sources and application principles ofinsurance funds,and takes the information asymmetry theory,principal-agent theory,stakeholder theory and capital market efficiency theory as the theoretical support of thispaper.this paper probes into the influence path of insurance institutions'shareholding onthe operating efficiency of listed companies.Based on a comprehensive analysis of thecurrent situation of the use of insurance funds in China and the preference of insuranceshareholding,this paper analyzes the motivation of China 's insurance institutions holdinglisted companies.By analyzing the case of Ping An Life 's brand-name Huaxia Happiness,this paper finds that the shareholding of insurance institutions improves the profitability,