中文摘要：

保险公司的投资特征直接影响保险公司的业绩水平和保险行业的健康发展。在众多投资渠道中，持股偏好最能体现保险公司投资特征：数量众多的股票，在风险和流动性等方面存在显著差异。偏好何种类型股票，能够较为全面反映保险公司的投资行为特征。利用2006年-2011年上市公司股权结构数据对保险公司持股的偏好进行考察；研究结果发现，与非保险类的机构投资者不同，保险公司的股票投资表现出对于安全性和流动性的更强烈偏好。这种持股偏好与保险公司的资金来源性质和业务运营特点相匹配。当放宽投资范围约束时，保险公司对于流动性较高的股票和风险较低的公司有更加明显的投资偏好。

英文摘要：

Investment characteristics directly affect the performance of insurance companies and the development of insurance industry. Among various types of investment channels, stock holding preferences are most indicative of in- surers＇ investment characteristics, because stocks are heterogeneous in risk exposure and liquidity. This paper in- vestigated the stock holding preferences of insurance companies using the ownership data of listed companies from 2006-2011. The results showed that in contrast to non-insurance institutional investors, insurance companies had stronger preference for security and liquidity of stocks, which was consistent with the nature of money invested and their operations. With the deregulation of investment, preference for more liquid and safer stock was even more con-spicuous.