| In order to play the role of insurance funds in stabilizing the healthy development of China's capital market,from 2009 to 2015,the China Insurance Regulatory Commission has issued a number of policies to loosen the investment of insurance funds into the secondary market of stocks.In 2015,the insurance industry entered an explosive growth stage.Through the expansion of this scale,various insurance institutions absorbed a large amount of capital for listed companies.From 2015 to 2016,the behavior of insurance institutions entering the secondary market to frequently placard has become the focus of investors and the hotspots of scholars.Most of the existing research results focus on the overall motivation of the insurance industry,the characteristics of the target company and the influence effect theory of insurance fund merger and acquisitions.Therefore,this dissertation selects the case of Qianhai Life Insurance's banner acquisition of JonjeE HI-TECH and studies conducts detailed analysis on the motivation and economic consequence.In terms of economic consequence research,the main focus is on the impact on the listed parties.This dissertation mainly analyzes the short-term market benefits,business performance,corporate governance and potential risks of listed companies.Based on the analysis of specific case draws the main conclusions are as follows:(1)In terms of motivating factors,the main motivations of Qianhai Life's placards are its rapid expansion of scale and high debt cost.(2)The economic consequences of the placard on Qianhai Life are manifested in two aspects.On the one hand,it realizes short-term investment income,on the other hand,it increases its own liquidity and policy.Risks;(3)The impact of placards on China Torch High-tech,short-term performance and corporate governance have been improved,but the long-term impact will require time to verify and placards bring some potential risks to the company. |
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