近年来,保险业资产总额逐年迅速增加,保险资金运用余额也随之迅猛增 k。与此同时,投资渠道较为单一、投资收益率低及资产负债配置不合理等也 1是保险资金运用所面临的突出问题。随着国家经济发展改革的深入和市场环境 倒逼压力的增大,保险资金运用创新能力不断增强,渠道逐渐扩宽,投资产品 逐渐增加。其中,股权投资逐渐成为盘活保险资产、提升投资收益率的有效方 式。 XJ资产管理股份有限公司根据KC小额贷款公司行业背景现状及法规要求, 通过分析其基本财务状况,建立可靠稳健的回购机制,设立相应的股权投资计 划结构。通过对股权投资计划的参与方行业背景调查,同时在财务状况、盈利 预测、交易结构设计合规及风险控制、回购机制等重要节点进行可行性分析, 可得出该计是否具备可行性。 根据当前保险资金进行股权投资的状况和特点,可分析得出釆取股权投资 方式是一种收益稳健和回报较高的投资方法,同时从行业背景及法规法律上来 讲是具备操作性的。在对XJ公司和KC公司的行业背景和自身具体发展状况进 行详细阐述的基础上,重点针对被投资方KC公司展开可行性分析。从财务状况 来看,KC公司资产负债关键性指标表现较好,现金流充沛稳定,盈利状况较好, 具有较强的发展势头和实力。从股权交易要素及结构设计角度对该股权投资进 行分析,可看出该投资计划结构设计合理,法律合规性强,风险控制能力稳健 有保障。针对该计划的退出机制进行具体分析,重点通过回购方的财务状况和 企业背景,判断出回购方的回购能力有保障,从而得出该回购方式具备可行性。 综合以上几个因素,在充分考虑投后管理的具体措施和针对经济环境变化作出 预案准备的条件下,判断出XJ公司对KC公司的股权投资计划可行。 关键词:保险资金;股权投资;可行性研究 II Abstract In rec^it years, the total amount of insurance assets increased rapidly year by year, balance of the use of insurance funds also will be rapid growtii. At the same time, the investment channel is single,the low rate of investment income and asset liability allocation situation is the use of insurance funds are facing prominent problems. With the in-depth reform of the national economic development and the market environment of reversed transmission pressure, the use of insurance funds to enhance innovation capacity, channel expanding gradually, gradually increase investment products. Gradually , equity investment become an insurance assets,and improve investment yield effective way. As an insurance fund management of the XJ Asset Management Co,according to the requiranents of investors KC the company's industry background status and regulations, through the analysis of its own financial status, establish a reliable mechanism robust repurchase equity investment plan,set up corresponding structure. Through the investment plan of equity participation survey square industry background, and carries on the feasibility analysis an important node in the financial situation, the profit forecast and repurchase mechanism can be obtained, the plan is feasible. The characteristics and advantages of tiie insurance funds for equity investment introduces the present situation, analysis, can take the equity investment is the investment method of steady income and high return, from the industry background and regulations legally have the operation.In XJ company and KC company's industry background and its specific development based detailed introduced, focusing on tiie invested party KC companies to carry out feasibility analysis. From a financial situation, KC company assets and liabilities critical index performed better, wiA plenty of cash flow stability, profitability is good, has the strong development momentum and strength, feasible equity investment business plan. Secondly, from the perspective of equity transaction elements and the structure design of the equity investment analysis, we can see the investment plan of legal ni compliance, risk control ability and robust guaranteed. Finally, the author analyzes the withdrawal mechanism of the plan, key through the repurchase of the financial status and business background, judge the repurchase party repurchase ability and security, thus draws the buybacks have feasibility. Starting from the above angles, comprehensive judging from XJ company equity investmait plan for KC company is feasible, but should fully consider the investment and management measures according to the changes of economic environment and make a plan. Keywords: Insurance fiinds;Equity investment ;Feasibility study IV 目录 第一章绪论 1 第一节研究背景与意义 1 一保险资金整体运用情况 1 二研究的意义 4 第二节报告的研究思路 5 第二章XJ公司股权投资计划背景与发展概况 6 第一节股权投资计划概述 6 一保险业股权投资计划背景 6 二保险业股权投资优势 7 三保险业股权投资的主要方式 7 第二节XJ公司背景及发展概况 8 -XJ么、顺属行业发展状M 8 二 XJ公司所属行业管理体制及政策环境 9 三XJ公司具体发展状况 9 第三章股权计划KC公司财务分析与预测 12 第一节KC公司背景及发展概况 12 一 KC么、麵属行业发展状况 12 二 KC公司所属行业管理体制及政策环境 16 三KC公司的具体发展情况 17 第二节KC公司财务情况分析 19 一 KC公司资产负债分析 19 二盈利能力純 21 三现金流量分析 23 m主要财务指标冊 23 V 五其他财务项@分析 24 第三节利润及现金流预测分析 26 ~预测假$条件 26 二未来五年利润及现金流预测 27 三股权投资收益率分析 28 第四章股权计划交易合规及风险控制分析 29 第一节股权计划交易要素 29 第二节股权计划法律合规性分析 29 —投资目标企业符合监管规定 29 二投资限额符合监管规定 29 三具有稳定现金流回报 30 四退出方式安排符合监管规定 30 第三节股权计划存在的风险及控制分析 30 —政策风@ 30 二经营難 30 三市场赌 31 四退出风险 31 五股权投资计划特有的风险 32 A _风@ 32 第五章股权计划退出机制分析 34 第一节回购方简介及业务特点 34 —HI购方概E 34 二回购方设立情况 34 三购方历史沿革 35 第二节回购方财务情况分析 35 —资产负债分析 35 二翻能力分析 37 H现金賴分析 38 VI 四回购能力分析 39 第三节回购方综合支付能力 40 第四节触发提前回购的条件 42 第六章结论与建议 44