中国保险资金最优投资比例的实证分析

Empirical Analysis on Optimal Investment Ratio of Insurance Funds in China

如何以更优的比例去投资于各种资产是保险资金运用的首要问题。选用考虑承保风险的投资比例模型,实证估算结果显示,我国保险资金在银行存款、国债投资、金融债投资、企业债投资、证券投资基金以及股票的最优投资比例分别为9.23%,11.06%,12.22%,14.02%,29.34%,24.13%。比较分析来看,近年来总体上我国保险资金运用逐步优化,投资比例不断趋向合理。然而与最优投资比例比较而言,提高的空间主要在于降低银行存款的比例,同时逐步提高证劵投资基金和股票的比例。

How to choose the best investment ratio of assets is the most important issue in the use of insurance funds.This paper employs the investment proportion model considering underwriting risk.The result from empirical estimation shows that the optimal investment ratio of insurance funds in bank deposit,treasury bond investment,financial bond investment,enterprise bond investment,securities investment funds and stocks is 9.23%,11.06%,12.22%,14.02%,29.34%,24.13% respectively.The comparative analysis shows that use of insurance funds in China is gradually optimized and the ratio of investment is becoming more and more reasonable.However,compared with the optimal investment ratio,the ratio of bank deposit should be reduced and at the same time the ratio of securities investment funds and stocks should be gradually increased.