Venture capital becomes risk capital CIRC bursts of 3 copies of the draft warning

Venture capital becomes "risk" capital CIRC bursts of 3 copies of the draft warning Sina fund exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click [I want to complain], Sina help you expose them! "Recent investment behavior has deviated from (the use of insurance funds to service industry) the principle of insurance funds has become a major shareholder of the" concerted action ", the insurance fund investment blindly to some unrelated industries, completely deviated from the prudent investment philosophy, a true" risk "." China Insurance Regulatory Commission Vice Chairman Chen Wenhui yesterday published a signed article, once again stressed the industry risk. It is worth noting that the recent CIRC bursts of 3 "draft", intended to control products and disorderly development of hostile takeover, equity investment is not restricted. Chen Wenhui pointed out directly in the article, for the operation of radical, high risk, governance is not perfect company or high risk business, taking direct investment, halted business halted "regulatory intervention", to prevent the risk of expanding and spreading. Yesterday, many insurance companies forwarded the above signed article, said the strengthening of industry governance, better able to maintain the stability of the insurance industry forward. Problem: the end of the assets and liabilities of the contradiction between the prominent Chen Wenhui in the article out of the point of view, from the industry situation, the end of the assets and liabilities prominent contradictions. The main performance is: the contradiction from the static perspective, is the risk of interest loss caused by the high cost of debt; from the dynamic perspective, the high cost of debt forced to form a high risk of aggressive investment, is likely to lead to greater risk. In fact, the insurance industry is facing the risk of spread losses. Regulators worried that, while asset yields down, but the scale of the rapid growth of the scale of the industry. Chen Wenhui said that life insurance companies, for example, in 2015 life insurance company premiums grew by 25% in the first half of this year, an increase of 45%, this rapid growth is very worrying. Along with the scale of growth is the high cost of debt, some universal insurance settlement rate reached 6%, plus fees, commissions and other expenses, the cost of capital in 8%, or even higher to 10%, so the high cost of capital, has far exceeded the bonds and other fixed income assets income level. From the international experience, in the interest rate down and low interest rate environment, the debt cost adjustment rate relative to the return on assets has a significant lag. Banking lag cycle for one to two years, the insurance industry may be two to five years, the potential risk of loss of the larger industry, China’s insurance industry is more prominent. Especially in the current economic downturn cycle, the higher the debt side of the insurance industry and the contradiction between the high end of the income side of the assets is very prominent, blindly hope to solve the problem through investment will be a big problem. In fact, many small and medium-sized insurance companies in recent years keen on stocks "earn subsidies", make up the main insurance business losses. But this year the insurance investment, the overall situation is grim, facing the situation of investment shares bonds double play. Rely on investment to stimulate the company’s performance more difficult. Large insurance companies pay more attention to the matching of assets and liabilities. Mainstream views on the market that the current venture capital investment strategy, is closely related to the principles of assets and liabilities相关的主题文章:

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