【摘要】：對我國20年來A股滾動5年～15年的年均、月均回報率進行計算后發(fā)現(xiàn)其呈現(xiàn)以下特征:一是隨著滾動時間的拉長,投資收益率的波動狀況越來越平穩(wěn);二是當(dāng)滾動投資期限拉長到15年(180月)以上后,股票投資的收益率在所有滾動年份(月份)均高于同期銀行存款利率;三是無論采用何種滾動方式,股票投資平均收益率均遠高于同期銀行存款利率。結(jié)合我國A股歷史滾動收益狀況和壽險資金的特征,提出了壽險資金的大面積性、長期性、滾動性和周期性等四種投資策略。本文的研究結(jié)論對壽險投資、機構(gòu)投資和政府監(jiān)管具有重要的啟示作用和現(xiàn)實意義。
[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.
【作者單位】： 重慶大學(xué)經(jīng)濟與工商管理學(xué)院;
【基金】：中國保險學(xué)會教保人身保險高校課題研究基金的成果之一,項目編號:jiaobao2011-12,項目名稱:資本市場變化周期對壽險投資策略的影響
【分類號】：F832.51;F842

【參考文獻】

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本文編號：2251129