险资举牌上市公司法律监管规则的反思与完善  

Reflection and Perfection of Supervision Rules in Insurance Funds Placarding Listed Company

作　　者：胡鹏 HU Peng(School of Economic Law,East China University of Political Science and la)

机构地区：[1]华东政法大学经济法学院,上海200040

出　　处：《商业研究》2017年第9期178-187,共10页Commercial Research

摘　　要：保险业"新国十条"明确指出险资是股票市场重要的机构投资者,并要求险资主动介入资本市场以助推其长期稳定发展。近期"险资频繁举牌"事件却让公众纷纷侧目,一时间险资成为众矢之的。险资举牌过程出现的各种问题凸显了我国这一领域监管规则存在诸多短板,为解决险资短期操作和"血洗董事会"等问题,应从保险监管和证券监管两个角度着力。前者从负债和资产两个端口同时发力,负债端注重提高保险产品风险保障额度,回归"保险姓保"的本质;资产端则注重加强偿付能力充足率监管,实现资产负债匹配,引导险资进行价值投资。后者要从完善险资和一致行动人举牌规则,准确评估险资股票投资集中度风险、强化险资信息披露义务、建立穿透式监管规则入手。The State Council＇s＂No. 10 National notice of insurance industry＂points that insurance funds should be the most important corporate investor in stock market. And this policy requires the insurance industry to support the development of stock market persistently and stably. But recent insurance funds placarding draws a lot of dissatisfaction of the public. Actually those problems in the process of placarding reflect many short boards of supervision rules. In order to settle those problems,such as short term operation,supervision measures should be taken based on insurance supervision and stock supervision. For the former,insurance supervision involves two sides-underwriting and investment. The side of underwriting should emphasize risk safeguard,returning to the nature of＂insurance surname insurance＂; the side of investment should ensure asset-liability matching,guiding insurance funds into value investing. For the latter,we should perfect supervision rules of insurance funds and persons acting in concert placarding,estimate the concentration risk precisely,strengthen the obligation of information disclosure,and establish the rule of penetrating supervision.

关 键 词：险资举牌 一致行动人 集中度风险 信息披露 穿透式监管 

分 类 号：DF438.4[政治法律—经济法学] D922.24[政治法律—法学]