Insurance Funds Centralized Bidding In An Empirical Analysis Of The Impact On The Value Of Listed Companies

In 2015,abnormal fluctuation of stock price occurred in China's securities market.This has aroused the attention of all walks of life.Investors also took the opportunity to react quickly to increase their holdings.In this regard,particularly concern is a substantial number of insurance funds placards.Investment in insurance funds has always been concerned about security,liquidity and stability,while China's current securities market investment in venture capital is strong,many companies and investors regard it as a savage.Since the second half of 2014,the upsurge of placards started.In 2015 alone,there were 61 placards of insurance funds in the A share market,involving more than 30 listed companies.In order to test the risk capital placards short-term impact on the value of the company and the long-term effects,this study is both for China's securities market holdings placards the further improvement of the system,or to the investment strategy of investors in China to develop,has practical significance.This paper is mainly divided into six parts.The first chapter is the introduction.The second chapter is literature review,from the insurance fund investment research,related research,placards and market reaction of the three is to research related holdings of shares and corporate performance of the three overall summaries and a brief review of the literature.The third chapter is theoretical analysis based on the previous research on related theories of placards market reaction and the value of the company.The fourth chapter is the research design,including three aspects: data source and sample collection,selection and definition of variables and construction of empirical model.The fifth chapter is the empirical analysis on venture capital market reaction with placards event research method,through descriptive statistics,correlation analysis,regression analysis and robustness test events and are placards placards the relations between corporate performance.The sixth chapter is the conclusion and suggestion,including research conclusions,related suggestions,shortcomings,and possible future research prospects.In this paper,the insurance funds centralized bidding as the starting point,the study of China's listed A shares in 2007-2016 insurance funds centralized bidding events trend of Sample Firms' s stock price in the market of the two before and after the event,the collection,calculation and arrangement of the data through the manual,found that insurance funds centralized bidding for shareholders with positive excess returns.Then,according to the company's performance changes were announced,descriptive statistics and correlation analysis of main variables involved,and then according to the research hypothesis by two time difference method for multiple regression analysis,found that the company's performance has not been improved,even have a significantly negative impact.The insurance funds centralized bidding,although it can improve the company's market value in the short term,but the long-term financial performance from the point of view,this behavior is not able to effectively improve the situation of corporate governance,or even a negative impact on corporate performance.This study reveals that the short-term wealth effect of insurance funds centralized bidding and long-term value of literature rich in theory of insurance funds centralized bidding of the economic consequences,and other scholars from centralized bidding driver analysis,case analysis and Research on centralized bidding arbitrage strategies such as the direction of complementary,enrich the empirical evidence for the study of this kind of problem.At the same time,this paper provides a more comprehensive empirical analysis of investors and shareholders of listed companies placards event on venture capital profitability,is helpful to correctly understand and grasp the insurance funds under full circulation behavior consequences,guide the small and medium-sized investors,so that small and medium-sized investors can understand the risk and take reasonable investment strategy to strengthen the self protection.At the same time,through empirical research on the market reaction of insurance funds centralized bidding behavior and corporate performance changes,provides the reference basis for the supervision and governance of insurance funds investment behavior.The expected effect of policy in recent years has relaxed venture capital of listed companies for licensing tide of enterprise the performance of the opposite,so the relevant departments should in the venture capital policy easing to slow down the rhythm in the process of improving the supervision strategy,improve supervision.