Chinese-funded Insurance Companies Listed Equity Financing Performance And Risk

Lack of capital and low operating efficiency is the biggest problem currently-faced by the insurance company our country.The purpose of listing and financing the insurance company is to raise sufficient capital at the premise, for the company's system, the establishment and improvement of corporate governance mechanisms, to achieve the expected performance of listing and financing. However, in the Chinese-funded insurance companies listing gains, it is also necessary to bear certain risks. Also listing does not mean that insurance companies must be able to reach the original listing goal. Thus hence a comprehensive study of Chinese-funded insurance companies listed on the performance problem and risk prevention system with practical significance.This article first analyzes the status of Chinese-funded insurance companies. Then it analyzes the organization, operation, funding model and the drawbacks of the Chinese-funded insurance companies, and pointes out the necessity of the Chinese-funded insurance companies listed. On this basis this article antithesis the foreign insurance companies on equity financing of the theory and practice, comparatively studies the differences between domestic and foreign equity financing.This article was followed by the insurance company listed on the performance of equity financing to start a detailed study. Economic theory from the point of view of market behavior of insurance companies, listed on the costs and benefits, of new shares by issuing short-term underpricing and long-term market performance of the calculation and analysis methods. And the United States insurance companies, insurance companies in Hong Kong, China People's Insurance, China Life, Ping An Group as an example to do the empirical research, at the same time made our country improve the performance of insurance companies listed on the top five responses financing.Finally, the insurance company listed on the existence of our country systemic risk, foreign M&A risk, the risk of information disclosure, the use of risk capital, from the stock market risk, volatility risks discussed in detail and summary, comprehensive evaluation of the Chinese-funded insurance companies listed on risks emerging from the study to guard against the risk of listing and financing of the seven responses.The main thesis research methods:1. Qualitative and quantitative analysis method of combining.To qualitative analysis, based on shares issued from the formula for calculating the cost of financing, the issue price is derived and the relationship between the cost of financing; The first day of the proceeds from the IPO and the first day of the excess rate of return formula to analyze the new pricing levels; With the cumulative excess return (CAR) to explain the long-term performance of listed stocks, and apply those principles on the quantitative analysis of many insurance companies.2. International Comparison and dynamic summarized.This article draws on the United States, Japan, which countries' insurance market is more mature, and the financial district of Hong Kong, which culture is near mainland China, the developed history of the development of insurance industry experience and implementation practices.Comparative analysis of the Chinese insurance industry, pointed out that the Chinese-funded insurance companies question the reality of existence, to explore the Chinese-funded insurance company practice of equity financing. Chinese-funded insurance companies and equity financing in the course of the performance in detail, summed up to improve the performance of insurance companies listed on an effective way.3. Case analysis method.Some Chinese-funded insurance companies and insurance companies in Hong Kong have been listed, there are many cases of success or failure can be summarized as reflection. In this paper, the selection of the Chinese People's Insurance, China Life, Ping An Group, PCCW of Hong Kong, such as a typical case of a representative analysis, combined with the specific financial environment at that time, the macroeconomic background, a full analysis of the performance of their listing.Innovate point of this article is:Put the listing of Chinese-funded insurance companies to combine performance and risk research.At the research questions of listed on the performance, this article makes the first day of IPO underpricing, long-term analysis of stock prices with insurance companies after the listing of the actual operating effects combine to improve the analysis more comprehensive conclusions.In research methods, collects a large amount of data of the United States, Hong Kong listing insurance companies to conduct quantitative empirical research.