摘要
实证研究表明，各主要资产类别在经济周期不同阶段，其平均收益率显著不同，这为战术性资产配置提供了主要依据。本文讨论了一级资产在经济周期不同阶段的配置策略；分别讨论权益类资产与固定收益类资产中的二级资产在经济周期不同阶段的配置策略；然后在计算出中国经济周期变动状况的基础上，根据数学模型测算出中国潜在的经济增长速度，划分出了中国经济周期的四个不同阶段，为保险资金实行战术性资产配置提供了重要依据；最后，提出了未来宏观经济环境下的保险资金投资策略。
Experimental research indicates that various major asset classes have markedly different average yields at different points of the economic cycle, which provides the main rationale for strategic asset allocation. This article elaborates on the allocation strategy for first-class assets during different periods of the economic cycle and respective allocation strategy for second-class assets among equity assets and fixed-income assets. Then based on its calculation of the movement of China＇s economic cycle and the potential economic growth of China projected from a mathematic model, it separates China＇s economic cycle into four stages. This provides an important rationale for strategic asset allocation of insurance funds. Finally, the article suggests an insurance fund investment strategy in the future macro economic environment.
出处
《保险研究》
CSSCI
北大核心
2006年第3期68-72,共5页
Insurance Studies
关键词
保险资金
经济周期
配置策略
insurance funds
economic cycle
allocation strategy
