Research On The Holding Preference Of Insurance Companies

Since the end of 2015 a “Bao Wan contest”, will venture capital placards listing Corporation pushed to the opinion of the air. In fact, in narrow investment channels for insurance funds, insurance funds use controversial, now after the deregulation policy, insurance funds using again because of frequent placards events become a hot market and public opinion focus. But in macro-economic “new normal”. With the development of modern insurance services officially rose to the will of the state and national strategy, insurance funds as a long-term funds will be more involved in capital market. Thus, venture capital,“Jupai” not only a flash in the pan, and is bound to“normalization”. March 1998, after the approval of the Commission, the new set up two closed-end funds, regulators began to pay attention to the role of institutional investors. After C hina’s entry into WTO, with the growth of C hina’s economy and the gradual opening of the financial market, the important role of the securities market in C hina’s national economy has become increasingly apparent. In this context, regulators began to super conventional support of institutional investors from the policy level, so that China’s securities market,including the securities investment funds, insurance companies, social security fund and QFII, many institutional investors system, institutional investors of the total scale has also been unprecedented growth. However, compared with foreign mature market, China’s institutional investors have a lot of defects because of the short development time. Because of different types of institutional investors to enter the stock market, the investment philosophy and investment strategies are different, which leads to the difference of different types of institutional investors’ preference.The purpose of this study is through empirical research analysis whether there are differences in different types of institut ional investor, especially if there are differences of stock holding preference between insurance institutional investors and other non- insurance institutions investors, and analysis, which lead to the difference reasons and puts forward the relevant polic y recommendations.Based on the logit model, this paper empirically studies the differences between insurance companies and securities investment funds, social security funds and QFII three types of institutional investors’ stock holding preference. The results show that refer to different types of institutional investors in the stock index is not the same, of the same index as a reference standard are not the same, insurance companies and other non- insurance institutional investors holding preference are d ifferent. The characteristics of insurance companies directly affect the performance level of insurance companies and the healthy development of the insurance industry. In many investment channels, the stock holding preference can best embody the character istics of insurance companies: a large number of stocks, there are significant differences in risk and liquidity. Preference of what type of stock, to more fully reflect the characteristics of the insurance company’s investment behavior. By 2006 2014 ownership structure of listed companies data on Insurance Holdings preferences were investigated;the results of the study showed that and non-insurance institutional investors have different, the insurance company the equity investment performance out for safety and liquidity more powerful preference. This kind of stock holding preference is matched with the capital source nature of insurance companies and the characteristics of business operation. When the scope of the investment is relaxed, the insurance compa ny has a more obvious preference for the company with higher liquidity and lower risk.