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1999年10月26日,中国证监会和中国保监会同时宣布,保险资金可通过购买证券投资基金间接进入证券市场。根据实施方案,保险公司将在控制风险的基础上,在二级市场上买卖已上市的证券投资基金和在一级市场上配售新发行的证券投资基金。同时,中国证监会新发行的基金,将按照不超过基金规模的30％供保险公司申请配售,并根据保险公司的投资需求发行新基金。日前,中国保监会进一步放开了中国平安保险公司、新华人寿保险公司和中宏人寿保险有限公司连结类保险在证券投资基金上的投资比例,最高比例可达100％。从而极大地活跃了基金市场。但笔者认为,保险资金入市的意义不仅仅在于其对基金市场的积极影响,更重要的是对国有股减持的积极推动。
On October 26, 1999, China Securities Regulatory Commission and China Insurance Regulatory Commission also announced that insurance funds can enter the securities market indirectly through the purchase of securities investment funds. Depending on the implementation, the insurer will buy and sell the listed securities investment funds on the secondary market and place the newly issued securities investment funds on the primary market on the basis of controlling the risks. Meanwhile, newly issued funds of CSRC will be applied for placing by insurance companies at no more than 30% of the fund size, and new funds will be issued according to the investment demand of insurance companies. Recently, the CIRC has further liberalized the proportion of investment in the securities investment funds of China Ping An Insurance Company, Xinhua Life Insurance Company and China Hong Life Insurance Co., Ltd. up to a maximum of 100%. Thus greatly active fund market. However, I believe that the meaning of insurance funds entering the market lies not only in its positive impact on the fund market, but more importantly, the active promotion of the reduction of state-owned shares.