An Empirical Study On The Impact Of Lifting Insurance Capital On The Stock Price Of Lifted Companies

With the change of China's economic situation and the sustainable development of the insurance market,insurance institutions often choose equity investment as an important way of asset allocation in order to obtain income,and insurance institutions have gradually become an important member of the stock market.The so-called behavior of insurance fund signing,that is,the insurance institution holds more than5% of the total equity of the listed company until it holds more than 5% of the total equity of the listed company,is a special way for the insurance institution to make equity investment,but it brings additional risks to the insurance institution,the billed company and the ordinary investors in the stock market.The special feature of insurance funds is that they are larger in scale and more leveraged.The special feature of insurance funds makes their use in the securities market significantly different from that of traditional funds.According to the review of relevant literature,domestic scholars seldom study insurance as a capital category independently,and some of the research data are relatively old,which is inconsistent with the characteristics of the current securities market.In recent years,the increase of insurance licenses has continued to occur,and the event of insurance licenses has new characteristics.A separate study of insurance as a capital category can help us better understand insurance institutions.The risks in the process of raising the license,and put forward specific countermeasures and suggestions from different investors,can avoid risks.Therefore,on the basis of drawing lessons from predecessors,this paper makes a deep analysis of the impact of insurance fund raising on the stock price of the listed companies and its influencing factors from 2015 to 2018.The empirical part of this paper uses the event analysis method to discuss the impact of insurance billboards on the fluctuation of stock prices of listed companies.The conclusion shows that the billboards announcement day will bring larger average excess return(AAR)and average accumulated excess return(ACAR)in the short term.As the billboards announcement announcement conference conveys good information to the market,investors enter the market one after another,and the stock price rises rapidly in the short term.Capital raising has a significant impact on the stock price of the company being raised.However,the impact of raising the brand on the stock price of the company being raised is temporary.After the lifting is over,the stock price basically falls back to its original level.If investors chase higher prices,they will not be able to achieve significant returns.As for the research on the influencing factors of the fluctuation of the stock price after lifting,this paper first makes assumptions through analysis,and then constructs a multiple linear regression model.The conclusion shows that among the research factors,the positive correlative variables are the undervaluation of the stock price,the growth of the company,the checks and balances of equity,the solvency of the company;the type of insurance fund,the proportion of increase in the holding of insurance fund,and the negative correlative variable is the billed company.Division size.The main factors influencing the market reaction of the hedgehog increase are the growth of the hedgehog company,the solvency of debt and the proportion of hedgehog increase of insurance capital.