我国A股资本市场变化周期对寿险投资策略的影响

【摘要】 由于寿险资金对安全性、收益性、流动性要求都高,因此资本市场变化周期会对寿险投资策略产生重要影响。在分析寿险的特点的基础上,对我国A股股市1-20年的投资回报进行了计算并发现,我国A股股市整体上1-20年取得了12%-19%的累计平均投资回报率,该回报率远高于成熟资本市场。本文还对我国长周期和短周期的资本市场的变化周期进行了分析和计算,结果表明,若能恰当利用我国A股市场的资本市场变化周期进行投资,可取得远高于长期投资的投资回报率。本文还给出了我国A股股市市盈率和市净率的变化特征和变化规律,并提出了我国寿险投资的策略和方法。最后,本文还给出了若干保险资金投资股票的监管建议。更多还原

【Abstract】 The change circles of capital market of China will affect the investment strategy of life insurance greatly since life insurance capital depends largely on its safety,Profitability and liquidity. Based on the character- istic of life insurance,this paper calculates the cumulated investment returns of the stock market of China over 1-20 years and finds that: The A share market gets cumulated investment returns of 12%-19% over 1-20 years, which is larger than the mature stock markets. This paper also analyzes the short and long term change circles of the capital market of China and finds that we would get much more investment returns if we could correctly use the change circles of the A share stock market of China. This paper also gives out the characteristic of price to earnings per share ratios and price to book ratios of A share market and the investment strategy of life insurance. In the end, this paper gives out several suggestions about monitoring the funds of insurance at investing the capital markets.更多还原