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论文作者（签名）：
2022年 6月 27日
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摘要
摘要
近年来，险资举牌事件屡屡在我国资本市场上引起大众关注。在 2015年出
现的险资举牌潮中，出现了一些保险机构参与市场炒作、恶意抢夺上市公司控制
权等市场乱象，引起了资本市场的动荡。在经历 2017年的金融严监管后，2018
年我国资本市场上兴起了新一轮险资举牌潮，在背景、主体和逻辑上均与上一轮
大相径庭。险资侧重于长期价值投资，符合监管要求及政策导向。其中地产股因
独有的特性而备受险资青睐。但自 2021年以来，曾经对房地产行业偏爱有加的
险资正在加速逃离。多家险企因举牌地产公司遭受了巨额亏损，险资离场后的房
企也面临更大的困境。双方原本基于互利共赢的合作却落得惨淡收场，不仅对于
保险公司和上市房企造成了不利影响，也加剧了资本市场的波动，损害中小投资
者的利益。因此本文试图通过选择典型案例进行分析，发现事件背后所隐藏的共
性和个性，研究险资举牌地产公司的动因及影响效应，探寻 2021年以来险资“出
逃”地产股背后的逻辑。
本文选取泰康系战略入股阳光城为案例，站在保险公司和上市房企两个视角
去考虑问题。首先，从保险公司资金运作模式、举牌上市公司动机以及举牌影响
效应三个角度对险资举牌行为进行理论分析；其次，从举牌双方公司介绍、举牌
实现过程和合作协议终止过程等方面对案例始末进行全面介绍；再次，针对举牌
前双方的自身经营状况、所处行业的发展情况，对泰康系战略入股阳光城的动因
进行分析。通过公司治理、业务模式、市场反应和财务绩效等多角度对泰康系战
略入股阳光城的影响效应进行分析。随后通过举牌后的影响效应，对双方终止合
作的原因进行分析；最后，通过对泰康系战略入股阳光城案例的分析，探寻 2021
年以来险资“出逃”地产股背后的逻辑，对保险公司、上市房企和监管层提出对
策建议。
目前，国内学者对于险资举牌的案例分析主要局限于第一轮险资举牌潮，险
资多以恶意并购主体的角色出现。本文将视角选取在符合政策导向的第二轮险资
举牌潮，针对 2021年以来出现的险资撤离地产股现象选择典型案例，以泰康系
战略入股阳光城为例，分别考察双方合作对地产公司和险企的影响，挖掘为何基
于互利共赢的双向合作却未能取得如期成果的原因，对保险公司、上市房企和资
本市场来说具有一定的理论意义和现实意义。
关键词：保险资金；举牌；战略投资者；长期股权投资
1

泰康系战略入股阳光城案例分析
ABSTRACT
In recent years, the listing of insurance capital has repeatedly attracted public
attention in China's capital market. In the tide of raising insurance capital in 2015,
there were market chaos such as some insurance institutions participating in market
speculation and maliciously seizing the control of listed companies, which caused
turbulence in the capital market. After strict financial supervision in 2017, a new wave
of listing of insurance capital rose in China's capital market in 2018, which is quite
different from the previous round in terms of background, subject and logic. Insurance
capital focuses on long-term value investment, which meets regulatory requirements
and policy guidance. Among them, real estate stocks are favored by insurance funds
because of their unique characteristics. However, since 2021, the venture capital that
once had a preference for the real estate industry is accelerating its flight. Many
insurance companies suffered huge losses due to the listing of real estate companies,
and the real estate enterprises after the departure of insurance funds are also facing
greater difficulties. The cooperation originally based on mutual benefit and win-win
results came to a dismal end, which not only had an adverse impact on insurance
companies and listed real estate enterprises, but also exacerbated the volatility of the
capital market and damaged the interests of small and medium-sized investors.
Therefore, this paper attempts to select typical cases for analysis, find the
commonness and individuality hidden behind the event, study the motivation and
influence effect of venture capital listed real estate companies, and explore the logic
behind the "flight" of venture capital to real estate stocks since 2021.
This paper selects Taikang's strategic investment in yango as a case, and
considers the problem from the perspectives of insurance companies and listed real
estate enterprises. Firstly, it makes a theoretical analysis of the listing behavior of
insurance funds from three perspectives: the capital operation mode of insurance
companies, the motivation of listing companies and the effect of listing; Secondly, it
comprehensively introduces the whole process of the case from the aspects of the
introduction of the companies of both sides, the realization process of raising cards
and the termination process of cooperation agreement; Thirdly, it analyzes the
motivation of Taikang's strategic investment in yango according to their own business
conditions and the development of their industry before the placard. This paper
analyzes the impact of Taikang's strategic investment in yango from the perspectives
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