论保险资金在证券市场的投资

随着我国证券市场的发展，市场效率的逐步提高，运用现代金融投资理论的前提也日趋具备，从投资规模与收益率和风险分散的实证分析以及QFII自实施以来在中国证券市场所取得的不俗表现表明，证券市场所具有的流动性和盈利性，符合保险资金投资的要求，证券市场已成为我国保险资金运用的重要渠道，证券投资已显示出其长期的效益。实证研究表明，与保险资金类似的机构投资者，通过有效的投资组合能获得较高的收益和较低的风险。

Along with the development of China＇s securities market and gradual improvement of market efficiency, investment activities based on modern investment theories become possible today. Analysis on size of investment, yield and risk spread, and the market performance since QFII was implemented, has shown that liquidity and profitability of China＇s securities mar- ket are adequate for life insurance investment ,and securities market has become an important investment channel for insur- ance funds. Meanwhile, the long-range efficiency of securities investment is emerging. Experimental analysis also indicates that institutional investors like insurance companies can achieve fairly high investment yield while taking relatively low risks if they properly structure their portfolio.