Research On The Preference Of China’s Insurance Companies In The New Period

In recent years,China’s insurance industry has entered a stage of rapid development.By the end of 2016,the total assets of China’s insurance companies has reached 16.18 trillion,nearly double the size of 8.29 trillion in 2013.At the same time,by the end of 2016,the balance of funds used by our insurance industry has reached 13.39 trillion yuan,of which the assets of investment stocks are 1.74 trillion,China’s insurance companies have become an important participant in the stock market.Insurance companies as part of the business risk,most of the funds used for investment is reserves with the characteristics of debt,when risk occurs insurance need to return to the insured,so the insurance company When investing,safety must be given first place.However,in recent years,the insurance company placards event frequent,part of the small and medium-sized life insurance companies by universal insurance products to do large-scale and into the stock market,to the stock market caused a greater volatility,causing the regulators and the community wide attention.In this context,based on the shareholding data of insurance companies from 2010 to 2016,the panel regression model is used to analyze the holding preferences of insurance companies by studying the indexes of insurance companies’ holdings.After empirical analysis,the holdings of insurance companies in China are relatively stable,preferring all listed companies with low risk,high stock price,large scale and low leverage level.Unlike non-insured institutional investors,insurance companies buy mostly when stock prices fall,that is,less "chase and sell" momentum.In addition,by dividing the sample period into two periods before and after studying the holding preferences of the insurance companies at different times,it is found that the holdings of our insurance companies in recent years are more aggressive than the previous ones,the higher the leverage and the high return on assets Of the listed companies,and no longer prefer large-scale listed companies.