大类资产配置:理论、现状与趋势——基于人口老龄化的视角

发布时间：2018-01-16 10:24

本文关键词：大类资产配置:理论、现状与趋势——基于人口老龄化的视角　出处：《金融理论与实践》2017年06期 　论文类型：期刊论文

【摘要】：人口老龄化水平提高会导致养老资金规模增大,也会提升投资者整体的风险厌恶水平,从而逐步影响金融机构的行业力量对比和金融机构的大类资产配置。而解决因为人口老龄化带来的养老保障问题,也需要借助金融机构做好大类资产配置以实现养老金的保值增值。通过结合大类资产配置的理论和金融机构大类资产配置的现状,分析认为人口老龄化下大类资产配置的趋势是:资金来源上长期资金规模和占比增加,保险业、基金业、信托业获益更明显,债券等固定收益类资产配置更多而对房地产的配置减少。
[Abstract]:An increase in the level of population ageing will lead to an increase in the size of pension funds and will also raise the overall level of risk aversion among investors. Thus gradually affect the financial institutions of the industry strength and financial institutions of a large class of asset allocation. And solve the problem of old-age security caused by the aging of the population. Also need to use financial institutions to do a good job in the allocation of assets in order to achieve the maintenance and appreciation of pension. By combining the theory of the allocation of large types of assets and the current situation of the allocation of large classes of assets of financial institutions. The analysis shows that the trend of large asset allocation under the aging of population is that the long-term capital size and proportion increase in the source of funds, and the benefits of insurance, fund and trust industry are more obvious. Fixed income assets such as bonds are allocated more and real estate allocation is reduced.
【作者单位】：财政部中国财政科学研究院博士后科研流动站;
【分类号】：F832.51
【正文快照】： 近年来,各类金融机构运作的资金规模快速增长,大类资产配置结构也发生了较大的变化。人口老龄化水平不断加深,对经济社会发展有全面而深刻的影响。在大类资产配置方面,老龄化水平提高引起养老金规模逐步增大,也会提升投资者整体的风险厌恶水平,从而逐步影响金融机构的行业力量

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