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金融動態:銀保監會開渠引水鼓勵險資投資非上市企業

發布日期:2018-11-6 訪問次數:527 信息來源:上海證券報 :上海證券報   字號:[ ]

    繼1025日出臺《關于保險資產管理公司設立專項產品有關事項的通知》,允許保險資金參與化解上市公司股票質押流動性風險后,銀保監會1026日再出大招——鼓勵保險資金“輸血”非上市企業,積極馳援實體經濟。
    《保險資金投資股權管理辦法(征求意見稿)》昨日公開征求意見,這一新規是在2010年發布的《保險資金投資股權暫行辦法》基礎上修訂的。上證報記者對比新舊《辦法》發現,監管部門主要通過修訂三大重點——取消行業范圍限制、降低準入門檻、取消5%限額,實現開渠引水。
三大修訂重點 非上市企業受益
    此處所提及的“股權”并非上市公司股權,而指在境內依法設立和注冊登記,且未在境內證券交易所公開上市的股份有限公司和有限責任公司的股權(下稱“企業股權”)。投資方式包括直接投資、間接投資,投資性質分為一般股權投資和重大股權投資。
    此次修訂主要體現在三方面。首先是取消保險資金開展直接股權投資的行業范圍限制,賦予保險機構更多的投資自主權。
    舊版《辦法》規定:保險資金直接投資股權,僅限于保險類企業、非保險類金融企業和與保險業務相關的養老、醫療、汽車服務等企業的股權。
    而新版《辦法》取消了這條限制,要求在符合安全性、流動性和收益性的條件時,保險公司綜合考慮自身實際(償付能力、風險偏好、投資預算、資產負債等因素),自主審慎穩健地選擇行業和企業類型,并加強股權投資能力和風險管控能力建設。
    其二是降低保險公司投資企業股權的門檻,使更多的保險機構可以參與進來。
    舊版《辦法》規定,保險公司直接投資股權,應符合的條件包括:上一會計年度末償付能力充足率不低于150%,且投資時上季度末償付能力充足率不低于150%;上一會計年度盈利,凈資產不低于10億元等。
    新版《辦法》對上述條款修訂是,保險公司投資股權,應當符合的條件包括:成立時間一年以上,上季度末綜合償付能力充足率不低于120%;凈資產不低于1億元等。
    其三是取消“投資未上市企業股權及相關金融產品的賬面余額,不高于本公司上季末總資產的5%”的限制,有效提升民營企業和中小微企業金融的可及性。
    舊版《辦法》規定,保險公司投資企業股權,應當符合下列比例規定:投資未上市企業股權的賬面余額,不高于本公司上季末總資產的5%;投資股權投資基金等未上市企業股權相關金融產品的賬面余額,不高于本公司上季末總資產的4%。兩項合計不高于本公司上季末總資產的5%。新版《辦法》取消了這一限制。
    此外,舊版《辦法》還規定:直接投資股權的賬面余額,不超過本公司凈資產,除重大股權投資外,投資同一企業股權的賬面余額,不超過本公司凈資產的30%;投資同一投資基金的賬面余額,不超過該基金發行規模的20%
新版《辦法》則對上述條款修訂如下:除重大股權投資外,投資同一企業股權的賬面余額,不超過本公司凈資產的30%;投資同一股權投資基金的賬面余額,不超過該基金發行規模的30%;保險集團(控股)及其保險子公司投資同一股權投資基金的賬面余額,不超過該基金發行規模的60%
    在業內人士看來,這一調整的意圖很明顯:將投資同一股權投資基金的賬面余額,從不超過該基金發行規模的20%提升至30%,且同一集團體系內的保險機構合計投資余額占比可達60%。這意味著加強了保險資金集中“輸血”的力度,可有效提升民營企業和中小微企業金融的可及性和獲得感。
風控未放松 仍有“禁區”不能涉足
    新版《辦法》在賦予保險機構更多投資自主權的同時,在加強股權投資能力和風險管控能力的要求方面卻并未放松。
    比如,舊版《辦法》規定:保險資金不得投資不符合國家產業政策、不具有穩定現金流回報預期或者資產增值價值,高污染、高耗能、未達到國家節能和環保標準、技術附加值較低的企業股權;不得投資創業、風險投資基金;不得投資設立或者參股投資機構。
    新版《辦法》延續了這一基調,并進行了細化與補充。保險資金開展一般股權投資和重大股權投資,所投資的標的企業不得存在以下情形:所處行業或領域不符合宏觀政策導向及宏觀政策調控方向,或者屬于產業政策禁止準入、限制投資類的行業與領域,或者可能對公司聲譽造成不良影響的行業與領域;高污染、高耗能或產能過剩、技術附加值較低、未達到國家節能和環保標準;不具有穩定現金流回報預期或者資產增值價值。
    此外,以下情形也不可投:面臨或出現核心管理及業務人員大量流失、目標市場或者核心業務競爭力喪失等重大不利變化;涉及巨額民事賠償、重大法律糾紛,或者權屬存在嚴重法律瑕疵或重大風險隱患,可能導致權屬爭議、權限落空或受損;最近三年發生重大違約事件;最近三年其控股股東或高級管理人員受到行政或監管機構重大處罰,或者其高級管理人員被納入失信被執行人名單;銀保監會規定的其他審慎性條件。
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