Analysis On The Motivation And Effect Of The Listed Companies

Since the end of 2015,there have been frequent acts of insurance companies licensing capital markets.The original intention of the insurance funds' entry into the market was originally intended to enhance the ability of insurance companies to diversify risk and broaden investment channels,and to further capitalize on the value-discovery function of the capital market in order to promote the healthy and stable development of the capital market.However,compared with other placarded funds,insurance funds have a larger scale and a higher level of operating leverage.These characteristics make their application methods different from traditional funds.If the insurer's investment is improperly motivated,it will reverse the risk and volatility of the capital market and damage the interests of small and medium-sized investors and policyholders.Therefore,the analysis of the sponsorship behavior of insurance funds has a strong theoretical and practical significance.This paper analyzes the behavior of listed company of insurance fund licensing from the perspectives of the insurance company fund operation mode,the motives of placarding listed company,the influence of the listed company and the effect of the insurance company.A detailed discussion of one case of Guohua Life Insurance's licensing of Tianchen shares the general logic behind the licensing of insurance funds.Among them,the motivation of licensing of insurance funds,this article starts with the supervision environment,the insurance institutions and the properties of listed companies,and combines macro and industry data analysis.The impact of listed companies is dominated by governance structure and corporate value analysis.The equity structure,management personnel structure,and the holding of major conferences serve as the basis for the former analysis.Financial indicators such as stock price volatility and debt repayment ability and operating ability are taken as the basis for the analysis of the company's short-term and long-term value changes respectively;and the effect of insurance companies is based on the cost-benefit approach.Calculate the return on investment and compare the solvency of the company before and after licensing,in order to conduct a comprehensive and in-depth study on the sponsorship of insurance funds.The research results of this paper are as follows:(1)The motivation of the placard.The loose regulatory policies and the establishment of the second-generation reimbursement supervision system constitute the external driving force of the insurance company's branded capital market.The rapid expansion of premium scale and the high-cost operation model of the debt side have become the internal driving force for venture capital to seek equity products.Small-capitalization,low debt,continued dividends,and dispersed ownership structure also make listed companies become attractive targets for insurance funds.(2)Listed companies'influence effects.Judging from the corporate governance structure,Guohua Life Insurance has once again become the second largest shareholder of Tianchen Stock Co.,Ltd.after tying its cards for four times,and sent two senior executives to the company's board of directors in 2017 to form a new pattern of equity and interest checks and balances.It not only ensures the safety and liquidity of insurance funds,but also further improves the governance structure and governance of listed companies.In terms of company value,in the short term,the positive effect of placard announcements is obvious,and the company value has increased significantly after placards.In the long term,due to the company's performance in debt repayment ability,operating ability and profitability,etc.,according to the existing information cannot be conclusive on the company's operating conditions,it is not clear that the effect of licensing on the long-term value of the listed company.(3)Insurance companies'influence effect.The insurance fund placard broadens the investment channels and expands profitability in the short term.However,long-term investment income is affected by fluctuations in the capital market and the development prospects of listed companies.There are uncertainties and investment risks cannot be avoided.