Will There Be More Violent Storms After The Stock Market's Thunder And Lightning?

In order to curb the aggressive investment momentum of venture capital in the stock market, the CIRC has explicitly prohibited the co acquisition of listed companies by insurance institutions and non insurance concerted persons, and issued a series of strengthening supervision measures successively, so as to promote the return of insurance institutions to the nature of risk protection. If the SFC chairman Liu Shiyu's rebuke of the capital predators is like a flash of lightning that breaks through the dark clouds, then the chairman of the Insurance Regulatory Commission Xiang Junbo's recent roar to the financial predators seems to be more like a deafening thunder.

　　 Insurance Regulatory Commission A press conference was held, and three deputy leaders came to Qi. It is natural for the discerning eye to think of the stigma meaning contained in it. Indeed, since Liu Shiyu, chairman of the securities and Futures Commission, abruptly wrote off at the end of last year at a securities investment fund industry conference, he criticized the "brutal purchase" capital predator. The topic of insurance funds involved in the takeover of listed companies has become an extremely sensitive topic. "Capital market does not allow capital predators to" call for wind and rain ". The president clearly stated: "we must not make insurance a rich club, nor allow insurance to be borrowed and hidden by financial predators."

This comment is absolutely true. Data show that since July 2015, nearly 10 insurance companies have participated in the listing of nearly 50 listed companies, of which Shennan, Vanke and GREE have attracted particular attention. There are some. Insurance institution Increased leverage, desperate to blind cross-border cross-border investment in large areas and placards mergers and acquisitions. Once the "black swan" is encountered, these insurance investment yields may not only cover the cost of liabilities, but also easily form the "broken window effect", which will affect the interests of the insured. capital market Stable.

In order to curb the aggressive investment momentum of venture capital in the stock market, the CIRC has explicitly prohibited the co acquisition of listed companies by insurance institutions and non insurance concerted persons, and issued a series of strengthening supervision measures successively, so as to promote the return of insurance institutions to the nature of risk protection. In the long run, these new regulations will facilitate the implementation of the basic principles of "insurance surname insurance" and promote the improvement of the industrial structure and long-term development. But in the short term, it is not easy to say something that is easy to achieve.

The imperfect governance structure of insurance companies is the gene that creates "barbarians". In the process of accelerating the development of the insurance industry, some insurance companies cover the real ownership structure through cross shareholdings and nesting together, and insider control and a large number of related transactions gradually breed. Maybe they set the insurance company as a financing platform from the very beginning, and did not plan to make good insurance. But the complicated logical relationship of ownership behind these companies is not very transparent. Not only do regulators need to have so many people to go to one family to find out clearly, nor do they necessarily have such regulatory authority. That is to say, the thunder of catching crocodile is not big enough.

Lightning shock waves, after making the air after rain become particularly clean and fresh, the large amount of ozone produced at the moment is also an umbrella for all living things on the earth. Some scientists who study the origin of life even think that it is the function of thunder and lightning that produces the organic matter in the inorganic world of the earth, and finally promotes the emergence of life. In a sense, the thunder of catching crocodile will be the precursor of "comprehensive supervision in accordance with the law, strict supervision and comprehensive supervision" in securities, insurance and the entire financial industry. It is not hard to imagine that one line and three will coordinate the promotion of regulation, bringing more hope to the financial, insurance and capital markets.

However, at least for the current situation of insurance institutions, it is imperative to manage the source of funds from the end of the product and manage the funds properly from the investment side. As for how to start from the ownership structure and establish the isolation mechanism between insurance enterprises and industrial capital, the specific circumstances of different enterprises are different. It is therefore possible to start from the actual situation, solve any problems and solve the problems on the basis of what problems can be solved.

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.