摘要：随着我国保险业资产的不断扩大与投资环境的日益复杂，保险资金运用日益受到各方关注，近几年出现的保险资金杠杆收购更是成为各方关注和讨论的热门话题，虽然保险资金杠杆收购有很多有利方面，但在实际进行中也存在很多弊端。本文先阐述了杠杆收购的定义、保险资金的使用现状、保险资金杠杆收购的现状和“万宝之争”的历程，然后分析研究了“万宝之争”中出现的问题，指出保险资金杠杆收购能够提高保险公司的收益率；提升被收购上市公司的市场价值；促进监管会加强管理等。同时也指出保险公司在进行杠杆收购时可能出现融资风险，偿债风险；被收购上市公司经营风险增加；恶意收购影响市场经济发展等问题，并据此提出一些风险应对措施。保险公司应该多元化筹资，时刻关注债务偿还风险，转换高风险财务结构；被收购上市公司应完善公司治理，防止恶意收购；监管机构应加强管理，建立风险管控体系等。以求更加合理合规的利用保险资金进行杠杆收购，实现保险市场与资本市场的良性互动，最终确保我国保险业健康、持续、稳定的发展。

关键词：保险资金；杠杆收购；利弊分析；风险防范 

Study on the Advantages and Disadvantages of Leveraged Buyout of Insurance Funds

Abstract：With the continuous expansion of the insurance industry in China and the increasingly complex investment environment, the use of insurance funds increasingly concerned by the parties, in recent years, the emergence of insurance funds leveraged buyout is a hot topic of concern and discussion, although the insurance capital There are many favorable aspects of the acquisition, but there are many drawbacks in the actual progress. This paper first describes the definition of leveraged buyout, the use of insurance funds, the status of insurance fund leveraged buyout and the "Wanbao dispute" process, and then analyze the "Wanbao dispute" in the problem, pointed out that the insurance fund leveraged to Improve the profitability of insurance companies; to enhance the market value of the acquired listed companies; to promote supervision will strengthen management. But also pointed out that the insurance companies in the leveraged acquisition may occur when the risk of financing, debt risk; acquired companies to increase operating risk; malicious acquisition affect the development of market economy and other issues, and accordingly put forward some risk response measures. insurance companies should be persified Financing, and always pay attention to the risk of debt repayment, convert high-risk financial structure; the acquisition of listed companies should improve corporate governance, to prevent malicious acquisitions; regulators should strengthen management, the establishment of risk control system. in order to more rational use of insurance funds Leveraged acquisitions, to achieve the insurance market and capital market benign interaction, and ultimately to ensure that China's insurance industry healthy, sustained and stable development.

Keywords: insurance funds; leveraged buyout; pros and cons; risk prevention

目录

0引言 1

1保险资金杠杆收购在我国的应用 1

1.1什么是杠杆收购 1

1.2保险资金使用现状 1

1.3保险资金杠杆收购的现状 3

1.4“万宝之争”历程 4

2保险资金杠杆收购的积极意义 6

2.1对保险公司 6

2.1.1提高保险公司收益率