| In the 1980s,the financial industry of various countries turned to the development mode of mixed operation,especially after the financial industry of each country was hit by economic globalization and financial liberalization,the diverse and comprehensive development demand became the most important part of the reform.So far,half of the financial institutions in Europe and the United States have their own subsidiary financial institutions,and the rapid development of Bancassurance M&A has provided an important driving force for China's Bancassurance business from separate operation to mixed operation.At the beginning of 2009,CBRC and CIRC jointly discussed and proposed the"Request Document on Equity of Investment Insurance Companies in Commercial Banks",and the State Council agreed to the pilot project on bancassurance cooperation of the city.In 2014,the introduction of China's "new regulations on bancassurance" strengthened China's belief in promoting banking and insurance reform.In March 2018,the State Council the State Council officially issued the institutional reform plan of the China Banking and Insurance Regulatory Commission.The banking and insurance industry formally formed a pattern of mixed operation,and the regulatory body also had the original separate supervision,which is a milestone in the history of bancassurance and purchase.This article has carried on the research to the bancassurance merger phenomenon,the academic circles to the bancassurance merger this diversification economy phenomenon explanation main theory basis is the synergy effect theory.In 1965,he first proposed and defined the synergy effect as "the overall benefit of the company is greater than the sum of the components of the effect",the specific synergy effect on the banking and insurance industry and its mechanism is still open to question.This paper discusses the following problems around the diversified mixed operation of bancassurance:the background,reasons and significance of bancassurance merger;the definition and concrete form of bancassurance merger;the content of synergy What are the theoretical directions and functions;what are the specific modes of cooperation between banks and insurance companies;what are the conditions,research processes and long-term and short-term effects of cooperation between banks and insurance companies;and what suggestions can be made to financial institutions themselves and regulators through this series of studies,which are systematically discussed in this paper through five chapters.Based on the background of Bancassurance M&A,this paper puts forward some reasonable suggestions for financial institutions and regulators involved in Bancassurance M&A.This paper first introduces the background of Bancassurance M&A.Since 1995,banks have followed the principle of"separate operation,concurrent-business agent ".But in recent years,the financial industry has found that under the diversified demand of consumers,the division of business brings great inconvenience to the allocation of assets,and the demand promotes the diversified development of bancassurance mergers and acquisitions;Secondly,on the basis of summarizing the literature,this paper summarizes and classifies bancassurance mergers and acquisitions from the perspective of banks and insurance companies respectively,and introduces the research results of synergy effect.Again,this paper selects some economic indicators to analyze the macro level of the synergy effect of bancassurance mergers and acquisitions,and establishes a VAR model to test whether there is a strong impact between the long-term banking industry and the insurance industry.Through impulse response and ANOVA,it can be concluded that the banking industry will have a great impact on the insurance industry,and Bancassurance M&A can produce significant synergy.Then through the typical case of Bank of Communications and China Insurance Union to conduct event research and financial indicators analysis,from the short-term indicators To see,the impact of Bancassurance M&A events on the stock market is significant,but according to the cumulative excess return,most of the Bancassurance M&A cases will have a negative impact on investors.In terms of financial indicators,most cases show positive results,indicating that the Bank of Communications and the majority of Bancassurance M&A cases to some extent achieved synergy Finally,with the help of macro and micro analysis results combined with the actual situation of the development of China's bancassurance cooperation put forward three suggestions to banks,insurance companies and regulatory agencies.The main research results and points of view:First,from the long-term bancassurance market,the impact of the current banking industry on the insurance industry represented by life insurance is very significant and has a strong promotion relationship,but the contribution is still not enough.Therefore,it is suggested that the government should give full play to the promoting role of bancassurance,at the same time actively encourage banks and insurance industries to speed up diversified financial development,promote cooperation between the two,achieve coordinated development,promote complementary product advantages with their own advantages,and promote financial development better and faster.Second,from the short-term performance point of view,bancassurance mergers and acquisitions in the event research method,did not bring stable and good returns to the shareholders of Bank of Communications,but this is roughly the same as most cases of bancassurance mergers and acquisitions in China;from the accounting analysis method,the performance of Bank of Communications in the operation and financial synergy effect is generally positive.Third,the banking industry and the insurance industry have similarities,and the cooperation between the two can achieve a "win-win" situation and form a good synergy effect.But the current case study finds that:1.because the regulatory authorities have not formed a strong supervision measures,in the organizational structure,there is no financial institution that can operate the core business of the bank at the same time as the core business of the insurance,the most institutional way is the financial holding company.2.The business model and product development of bancassurance cooperation is still a single form that exists in the channel department of the bank or the channel department of the insurance company,which is not linked to the overall business form of the bank,and the resources are difficult to integrate.Fourth,combined with the above views,this paper suggests:1.Financial institutions should be brave to break through themselves,to a greater extent to the bancassurance cooperation,from the organizational system to product development constantly seek to optimize the integration of resources,such as the formation of China's real equity combination of banking and insurance institutions.2.Under the good development of Bancassurance M&A,we should also pay attention to the continuous improvement of regulatory measures,system first,service financial institutions development,and form a strong firewall. |
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