从A股滚动投资回报现状看我国寿险资金投资策略
发布时间：2018-09-19 19:39
【摘要】：对我国20年来A股滚动5年～15年的年均、月均回报率进行计算后发现其呈现以下特征:一是随着滚动时间的拉长,投资收益率的波动状况越来越平稳;二是当滚动投资期限拉长到15年(180月)以上后,股票投资的收益率在所有滚动年份(月份)均高于同期银行存款利率;三是无论采用何种滚动方式,股票投资平均收益率均远高于同期银行存款利率。结合我国A股历史滚动收益状况和寿险资金的特征,提出了寿险资金的大面积性、长期性、滚动性和周期性等四种投资策略。本文的研究结论对寿险投资、机构投资和政府监管具有重要的启示作用和现实意义。
[Abstract]:After calculating the average monthly rate of return of A shares from 5 to 15 years in the past 20 years, it is found that the average monthly return rate shows the following characteristics: first, with the extension of the rolling time, the fluctuation of the return rate of investment becomes more and more stable; Second, when the rolling investment period is extended to more than 15 years (180 months), the return on stock investments in all rolling years (months) is higher than the interest rate on bank deposits in the same period; third, no matter what rolling mode is adopted, The average return on equity investments is much higher than the interest rate on bank deposits in the same period. Combined with the historical rolling income of A shares and the characteristics of life insurance funds, this paper puts forward four kinds of investment strategies: large area, long term, rolling and periodicity. The conclusions of this paper have important enlightenment and practical significance for life insurance investment, institutional investment and government supervision.
【作者单位】： 重庆大学经济与工商管理学院;
【基金】：中国保险学会教保人身保险高校课题研究基金的成果之一,项目编号:jiaobao2011-12,项目名称:资本市场变化周期对寿险投资策略的影响
【分类号】：F832.51;F842
[Abstract]:After calculating the average monthly rate of return of A shares from 5 to 15 years in the past 20 years, it is found that the average monthly return rate shows the following characteristics: first, with the extension of the rolling time, the fluctuation of the return rate of investment becomes more and more stable; Second, when the rolling investment period is extended to more than 15 years (180 months), the return on stock investments in all rolling years (months) is higher than the interest rate on bank deposits in the same period; third, no matter what rolling mode is adopted, The average return on equity investments is much higher than the interest rate on bank deposits in the same period. Combined with the historical rolling income of A shares and the characteristics of life insurance funds, this paper puts forward four kinds of investment strategies: large area, long term, rolling and periodicity. The conclusions of this paper have important enlightenment and practical significance for life insurance investment, institutional investment and government supervision.
【作者单位】： 重庆大学经济与工商管理学院;
【基金】：中国保险学会教保人身保险高校课题研究基金的成果之一,项目编号:jiaobao2011-12,项目名称:资本市场变化周期对寿险投资策略的影响
【分类号】：F832.51;F842
【参考文献】
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