China: CIRC Responded To The Placards Problem Of Insurance Company Funds: The Overall Risk Is Under Control And The Placards Action Will Be Monitored Continuously (In Chinese)

Last Updated: 26 April 2016
Article by AnJie Law Firm

十二届全国人大四次会议新闻中心于3月12日16时15分在梅地亚中心多功能厅举行记者会,银监会主席尚福林、证监会主席刘士余、保监会主席项俊波回答中外记者的提问。

保监会主席项俊波表示,实际上我们监管部门也一直在高度关注险资举牌问题。这两年我们按照放开前端、管住后端的思路,连续出台了一系列关于保险资金改革的监管政策。由于改革,保险资金投资的收益率从2012年的3.4%提高到去年的7.6%,达到了2008年国际金融危机以后的最好水平。在放开保险资金投资渠道的同时,保险资金的运用依然保持了安全稳健,目前的整体风险还是可控的。一个是资产结构比较好。现在保险资金的运用余额达到了11.4万亿,其中固定收益类的资产占比达到75%。二是资产质量比较好,持有债券的信用等级有90%达到AA级以上,股票、股权等权益类投资以蓝筹股为主,基础设施等投资AAA评级的占比达到了92%,有担保的资产占到了88%,而且其中42%是商业银行提供的担保。三是资产流动性比较好,债券、股票还有基金等流动性比较高的资产占比达到56%,其中有34%是高流动性资产。

谈到举牌的问题,其实举牌是二级市场普通的股票投资行为,国际上保险资金是重要的机构投资者,举牌越多我们刘主席是比较高兴的。因为保险资金都是长线资金,包括举牌在内的投资行为,对股票市场的稳定发展具有非常重要的支持作用。大家都知道,在国外的资本市场上75%都是机构投资者,75%的机构投资者里面有70%是保险机构,因为是长线资金,需要找很好的出口。

从目前的情况看,国内险资的举牌行为总体风险是可控的。我们有一个数字,到去年年底,一共有10家保险公司累计举牌了36家上市公司的股票,投资余额是3650亿元,占整个保险资金运营的余额是3.3%,5%都不到,是很小的比例。平均持股比例是10.1%,涉及的36家公司中有21家是蓝筹股,投资余额占全部被举牌股票的93%。

当然,每个问题都有两个方面,对于保险公司举牌上市公司的股票,我们应该客观地看待:一方面加大股权投资是今后一段时期国家大力发展直接融资、支持资本市场发展、降低宏观经济杠杆的大方向,这是一种发展趋势;另一方面,也要对少数公司举牌行为可能引发的风险保持警惕,防止投资激进所带来的流动性和期限错配等潜在风险。下一步我们会持续关注和监测险资的举牌行为,强化监管措施,加强风险预警和管控,确保在规则允许和法律法规的框架下来进行操作。

(来源:证券时报网)

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