保险资金投资基础设施的可行性研究——基于风险的视角

Feasibility Study on Insurance Funds Investment in Infrastructure——From Perspective of Risk

保险资金能否大规模投资基础设施,关键是要从风险的角度来论证其可行性。本文首先对保险资金及基础设施的投资特征进行分析,然后比较并选取合适指标,运用VaR方法对保险资金投资基础设施的市场风险进行度量,最后据此提出保险资金投资基础设施的风险管理建议。研究证明,不论从指标内涵,还是从实证结果来看,中票城投指数都是度量保险资金投资基础设施收益率的更优替代指标。基础设施与保险资金之间的投资匹配特征及其远低于股票和证券投资基金的VaR数值使得保险资金大规模投资基础设施是具有可行性的。

Whether the insurance funds could be invested into infrastructure in large-scale,the key is to demonstrate the feasibility from the perspective of risk.Analyze the investment characteristics of insurance funds and infrastructure,compare and select an appropriate indicator,apply VaR method to measure the market risk of the insurance fund investment in infrastructure,finally put forward the risk management proposal to insurance companies.This study proves that,from both of the indicator meaning and empirical results,the central voting city investment index is more appropriate to be the alternative rate of return on infrastructure than the indicator used in previous study;the investment characteristics of infrastructure are more matched with insurance funds,and its VaR value is much lower than stock and securities investment funds,which make infrastructure became an ideal investment asset for insurance funds.