股权融合下的中国银行保险新发展:理论与实证

Theoretical and Empirical Study on the New Development of China′s Bancassurance under the Trend of Capital Convergence

中国银行保险的股权融合发展至今,形式不断多样,从借道香港、参与IPO认购、参股入股到直接并购;主体不断增多,不同规模、不同性质的银行与保险公司均有参与。这一现象既可以用规模经济、范围经济和内部资本市场等理论加以解释,又是国内银行与保险公司在监管政策的推动下出于财务投资或战略投资的现实决策。采用事件研究法以"平深恋"为例的实证研究还表明,市场对于股权融合也持较为乐观的预期,银行保险的财富效应有所显现。

The capital convergence of bancassurance in China has developed quickly recently and with varied forms from establishing subsidiary company in Hong Kong, participating in IPO issuance, buying shares to direct M＆A. Increasing numbers of banks and insurance companies of different size and type have involved in this operation. This phenomenon can be explained both by the economic theories like economies of scale, economies of scope and internal capital markets, and at the same time, it is also the decision made by domestic banks and insurance companies under the current regulatory policies to promote their financial investments or strategic investments. And the empirical study about the case of Ping An Insurance Company acquiring Shenzhen Development Bank shows that the investors are optimistic about such capital convergence,and the wealth effect of bancassurance can also be discerned in this case.