The Case Analysis Of "The Battle Of Baowan" Under The Tide Of Risk Investment In The Market

Although China's insurance industry started late,but the momentum of development is relatively fierce,since 1949,the first insurance company in New China-the Chinese insurer,after 70 years of development,China's insurance market is beginning to take shape,while accumulating a huge amount of insurance funds,but due to various reasons,the use of insurance funds in China has not developed since 1987,has experienced the development process from no to,but it is still not mature enough.Before 2015,the amount of insurance funds invested in the stock market was more dispersed,the proportion was smaller,insurance funds were invested more in assets with more stable returns such as banks and bonds,and in recent years,the supervision of the use of insurance funds in China has been gradually relaxed,and the proportion of insurance funds invested in the two-tier market has increased.In the 2015,the abnormal fluctuation of China's stock market makes the shares of many listed enterprises with good business situation undervalued,and the insurance funds aim at the stock market with relatively high income,according to statistics,July-December,2015,10 insurance companies,such as Bao Energy Group and Anbang Group,combined a total of 35 listed enterprises,Among them,Bao can tie the brand Vanke group caused by the equity dispute,that is,"Bao million battle" is to put the venture capital into the market to the forefront.2015,China's economic growth shift,the real economy is facing downward pressure,so that China's financial market return on investment has also been reduced,insurance companies in order to make up the cost of listed enterprises.Statistics can be found by insurance companies favored by the entity enterprises are concentrated in real estate,medical,retail department stores and other industries,these industries have a high growth characteristics,in the long run can reap safer and high returns.Small and medium-sized insurance enterprises in order to expand their own scale or the pursuit of high returns have poured into the capital market,this initiative has no obvious errors,but insurance companies using universal insurance funds to pry greater capital,not only to their own risk of insufficient solvency,but also harm the interests of listed companies.Bao energy system in the process of the use of universal risk funds,with more than 4 times times the leverage to pry external funds,with huge sums of money into the two level market,this move with obvious malicious takeover intention,although in the existing regulatory system,Bao Energy group's funds organization is not illegal,but Bao Energy group to its own development buried a larger hidden danger.This paper combs the process of "Bao Wan's Struggle",and holds that some of the problems exposed by Bao Energy group in the "Treasure million dispute" are not only their own problems,but also the common diseases of equity investment of insurance companies in our country at present.These problems are mainly manifested in the following aspects: first,in the process of lifting the card,Bao Energy group used Universal Insurance premium income to buy equity,universal insurance premiums have a long-term,should be invested in medium-and long-term assets,but the act of equity investment is obvious "long money short",is one of the common problems in the use of insurance funds Second,the problem of asset cost and income mismatch is outstanding,universal risk products have a high expected rate of return,but the current capital market income is relatively low risk of high-quality assets,forcing insurance companies to invest in the two-tier market,the third is the higher leverage of licensing funds,Bao Energy group used more than 4 times times the leverage,Such high leverage poses a great risk to the financial market as a whole,and once the capital chain breaks,the knock-on effect will cause greater volatility in financial markets,The other is that the business risk of the raised company is increased,and the change of the control of the enterprise will affect the daily operation of the licensed enterprise,thus having an impact on the investment income of the insurance company.In view of the above problems,the author uses the literature research method and comparative research method,combs the relevant literatures at home and abroad,analyzes the development course of foreign developed countries,summarizes its development experience and combines the author's own learning,and puts forward the following suggestions : First,the CBRC should strengthen the supervision of the entry of insurance funds into the market,To control the type of insurance funds entering the capital market,strictly standardize the scope of the use of universal insurance funds;second,the CBRC should strengthen the construction of information disclosure system in the capital market,make the disclosure of information more open and transparent,and reduce the impact of the investment behavior of insurance institutions on the stability of the stock market;The establishment of information sharing channels of various regulatory departments to achieve real-time monitoring of the operation of highly leveraged funds;IV,insurance companies should establish a cost-benefit model that matches the investment period,set up risk early warning indicators,and build a matching risk control system to control the risk bottom line from the root;v,Insurance industry associations should work with insurance companies to build a risk monitoring system to ensure the healthy operation of equity investment;VI,combined with the development of insurance companies positioning,rational lifting of cards,to institutional means,from the source to restrain the unreasonable risk of venture capital into the market behavior.