保险机构股票投资行为实证分析

文章对我国保险机构股票直接投资3年来的实践进行了系统的数据收集和分析．包括网下、网上投资以及二者之间的联系。在翔实分析数据的基础上，总结了保险机构的投资行为特征：侧重网下申购和场外投资机会、随着股指的走高逐步从二级市场转向一级市场、国寿和平安的投资风格差异明显等，并据此提出了相应的政策建议。

Empirical Analysis on the Stock Investment Behavior of Insurance Institutions

It has been three years since some insurance institutional investors were authorized to invest in A shares directly. On the basis of a systematically gathered data set, this paper does an empirical study and draws the following conclusions regarding their investment behavior features： an emphasis on IPO and private offering, a change toward IPO when stock index goes high, a differential investment style between China Life and Ping An of China, etc. In the end, some tentative policy recommendations are made.