Research On The Control Right Competition And Economic Consequences Caused By The Insurance Capital

In recent years,with huge shock on securities market in a short period,China Insurance Regulatory Commission(CIRC)puts deregulation of insurance fund in blue chip.At the same time,with high value and stability,insurance fund in blue chip is encouraged by the government,which makes insurance fund coming into market possible.With the different condition that insurance industry of developed country is turning to capital market,Chinese insurance fund coming into market appears stage concentration which has more research value.There are many researches based on scramble for control event,which mainly focus on scramble reasons only,but ignores the inside connection between the reason of insurance fund coming into market and control scramble.Exist object of study appears simplex,and insurance fund coming into market is regarded vicious to fight for control rights,which lacks objectivity and integrality.Bases on the motivation of insurance fund coming into market,this essay takes BaoNeng Group takeover NanBo A for example,analyzes the connection between the reason of insurance fund coming into market and control scramble,otherwise the economic impact of insurance fund coming into market.Firstly,this essay discusses the background and significance.Secondly,it explains the basic conception and theoretical basis,and it refers to literature focus on reason of insurance fund coming into market、reason of control scramble and economic impact,analyzes the control scramble under insurance fund coming into market,which takes BaoNeng Group takeover NanBo A for example,analyzes the connection between the reason of insurance fund coming into market and control scramble.It appears certain connection between two above objects.At the same time,this analyzes the corporate governance before and after control scramble based on equity structure change、management change and impact of operate activities,which studies the market performance and financial performance before and after control scramble by event study method and account study method.This essay concludes that insurance fund coming into market will improve company management and short-time market performance.On the other hand,it will do harm to daily operation in long time,with control scramble,change of manager will influence the long time performance of the company.In general,control scramble due to insurance fund coming into market will takes more disadvantage than advantage.On the whole,insurance fund coming into market takes more negative impacts on listed company than positive impacts.Finally,This essay offers suggestions on the utilizing and superiority of insurance fund into stock market concerning invest company,invested company and supervision department.For invest company,after getting control rights,they should keep well development of the invested company and well communication of former management,then find development patterns of operating and financing.For invested company,they should have rational reflection on insurance fund coming into stock market and accomplish the investment objectives,rather than defend for control right because of control habit and ownership thinking.For supervision department,more attention should be paid to insurance capital resource,capital transparency and fairness,right uses of insurance fund,which will promote the development of insurance fund coming into stock market.