| There has been relatively little research on the stock investments of insurance companies,and much of the research on the stockholding behavior of insurers has been limited to individual case analyses.Moreover,some of the existing research data is outdated and no longer matches current market and regulatory requirements.In recent years,regulatory authorities have been continuously improving their management of insurance funds,and insurer stockholding behavior in the market has become increasingly prevalent,highlighting the need for a more focused study on insurer stockholding events.This article begins by establishing the theoretical foundation for the study through an explanation of the concept of stockholding and the current status of insurer stockholding.Following this,a comprehensive analysis is conducted on the various factors that may affect insurer stockholding behavior,including company growth potential,market valuation,business performance,corporate governance,capital structure,and whether the target company is a state-owned enterprise.After filtering through these factors using correlation analysis,a Logit model is established for empirical analysis.The results indicate that when insurers engage in stockholding,the target companies tend to exhibit poor business performance,limited growth potential represented by revenue growth rate,high asset-liability ratios,medium market valuations,and relatively low equity concentration.Insurers tend to target companies that are undervalued by the market,have weak growth potential,a moderate market valuation,a high asset-liability ratio,and low equity concentration,and whose controlling interests are state-owned.The motivation behind insurers’ stockholding behavior may be to control the company and improve its daily management or to discover the value of undervalued stocks.Finally,based on the regression analysis results,this article provides suggestions for individual investors,listed companies,and regulatory authorities. |
