Hao Yansu venture capital to enter the stock market will expand the scale – China new network 山东交通学院教务处

Hao Yansu: venture capital into the stock market scale will also expand – Beijing author Su Hao speech (director of Central University of Finance and Economics, China Insurance Market Research Center in new Jingwei special expert) recently, the market rumors spread 600 billion universal insurance will gradually withdraw A shares ", although this rumor to the CIRC for two times to end the rumor, but also reflects on the market with the basic rules of the operation of many people don’t know enough about the insurance business. First, any insurance product is issued and operated by contract. In the validity of the insurance contract, the insurance company can not make any breach of the contract. Secondly, the regulatory authorities for the healthy development of the insurance market, it is possible to adjust the extent of insurance related products, liability period and the size of the payment, this adjustment is mainly aimed at future products, and will not involve any insurance products during the contract period. Finally, whether the insurance products make how to adjust, can further promote the expansion of business scale of the insurance market in our country, the scale of business insurance to expand the use of insurance funds to increase the amount of the corresponding increase in the insurance industry, the inevitable for equity assets investment scale. From another point of view, many people blindly believe that the market on universal insurance withdrawal of A shares rumors, and the recent universal insurance represented by the venture capital into the blue chips. Recently, treasure can placards Vanke and other venture capital frequently placards blue chip behavior aroused strong social concern, but also caused some controversy. In this regard, I believe that, first of all, venture capital into the stock market to buy high-quality blue chips stock is not a bad thing. The enterprises entering the blue chips are good business performance, and the enterprises with stable and higher cash dividend payment are all blue chip stocks, which is beneficial to improve the solvency of insurance companies and fulfill the relevant commitments to policyholders. For example, the number of venture capital shareholding aerospace electronics, the first half of the operating income of 2 billion 230 million yuan, an increase of 25.11% over the same period last year. And the deep competition for equity Vanke A, the first half net profit of up to 5 billion 300 million yuan, is still the most profitable A shares of housing prices. Secondly, this is in line with the relevant policy provisions and guiding spirit. Chinese China Insurance Regulatory Commission recently released the "China insurance industry" 13th Five-Year "plan" proposed in the "13th Five-Year" period, the insurance will become the basic means for the government, enterprises and residents risk management and wealth management, improve the backbone of the financial system. The outline also encourages insurance companies to develop innovative products with different functions such as asset value preservation, value added, wealth inheritance and so on, and encourages insurance funds to participate more actively in equity investment, including blue chips. The outline believes that this will help to support and stabilize the development of the capital market, but also help to further play the role of institutional investors of insurance companies, and provide strong support for the long-term stable development of the stock market and bond market. In July 2015, the China Insurance Regulatory Commission also issued the notice on improving the proportion of insurance funds to invest in blue chip stocks. The proportion of the supervision of the investment in single blue chip stocks accounted for of the total assets at the end of the quarter was adjusted from 5% to 10%; the balance of investment equity assets accounted for 30% of the total assets in the end of last quarter

郝演苏:险资进入股市的规模还将扩大-中新网 作者郝演苏(中央财经大学中国保险市场研究中心主任、中新经纬特约专家)   近期,市场上传出“6000亿万能险将陆续撤出A股”的传言,虽然这个传言最终以保监会连续两次辟谣终结,但也反映出现在市场上有不少人不够了解保险业务的基本运作规则。   首先,任何保险产品都是通过合同方式签发和运作的,在保险合同有效期内,保险公司不可能做出任何违约的退出动作。其次,监管机关为了保险市场的健康发展,有可能对相关保险产品的保障程度、责任期限和期缴规模做出调整,这种调整主要针对未来的产品,而不会涉及合同期内的任何保险产品。最后,无论保险产品的品种做出如何调整,只能进一步促进我国保险市场业务规模的扩大,保险业务规模扩大所形成的保险资金运用额度增加,必然相应提高保险行业对于权益类资产的投资规模。   从另一个角度看,不少人之所以盲目相信市场关于万能险撤出A股的传言,与最近以万能险为代表的险资大举进军蓝筹股有关。近一段时间,宝能举牌万科以及其他险资频频举牌蓝筹股的行为引发社会强烈关注,也引发了一些争议。   对此,笔者认为,首先,险资进入股市买入优质蓝筹股的股票不是坏事。进入蓝筹股的企业本身都是经营业绩较好,具有稳定且较高的现金股利支付的企业,都是绩优股,有利于改善险企偿付能力,履行对于保单持有人的相关承诺。比如,险资持股数量较多的航天电子,上半年营业收入22.3亿元,较上年同期增长25.11%。而深陷股权之争的万科A,上半年净利润高达53亿元,仍是A股最赚钱的房企。   其次,这也符合有关政策规定和指导精神。中国保监会近日发布的《中国保险业发展“十三五”规划纲要》提出,在“十三五”期间,保险要成为政府、企业、居民风险管理和财富管理的基本手段,完善金融体系的支柱力量。纲要同时鼓励保险公司开发具备资产保值增值、财富传承等不同功能的创新型产品,并鼓励保险资金更加积极参与包括蓝筹股在内的权益类资产投资。纲要认为,这有助于支持和稳定资本市场发展,也有助于进一步发挥保险公司机构投资者作用,为股票市场、债券市场长期稳定发展提供有力支持。   2015年7月,中国保监会也曾发布过《关于提高保险资金投资蓝筹股票监管比例有关事项的通知》。通知对投资单一蓝筹股票的余额占上季度末总资产的监管比例上限由5%调整为10%;投资权益类资产的余额占上季度末总资产比例达到30%的,可进一步增持蓝筹股票,增持后权益类资产余额不高于上季度末总资产的40%。此通知是在2015年6月中国股市暴跌的行情下发布的,此举向社会表明保险资金是支持资本市场长期发展的重要力量。正是在此通知发布之后,保险公司瞄准蓝筹股票开始了大抄底行动,包括万科在内的绩优蓝筹股都成为保险资金锁定的重要目标。   保监会数据显示,2015年我国原保险保费收入24282.52亿元,同比增长20.00%,寿险公司原保险保费收入15859.13亿元,同比增长24.97%。截至2015年底,保险资金运用余额111795.49亿元,较年初增长19.81%,其中债券38446.42亿元,占比34.39%;股票和证券投资基金16968.99亿元,占比15.18%。如果按照这样的速度增长,今年我国将成为全球第二大保险市场。   在目前的经济环境下,我国保险市场逆势强劲增长,寿险业表现尤其突出。今年上半年,我国寿险业同比增长50%。这表明以生老病死为保障范围的人身保险已经成为富裕起来的中国民众的刚性需求。险资规模日益扩大,进入资本市场尤其是股市保值增值的需求也会随之增加。   为了满足消费者日益增长的保险保障需求,我国将进一步强化人身保险产品的保障功能,引导行业发展风险保障和长期养老储蓄类产品,集聚长期保险资金,落实保险姓“保”的发展理念,让日益增长的保险资金进一步发挥长期投资优势,为实体经济和资本市场的发展提供长期稳定资金。(中新经纬APP)   专家简介:郝演苏,中央财经大学教授、博士研究生导师,现任全国保险专业研究生教育指导委员会常务副主任、中央财经大学中国保险市场研究中心主任。   (本文不代表中新经纬观点)相关的主题文章: