“一带一路”背景下保险资金资产配置优化研究

Optimization of Insurance Fund Asset Allocation based On The “one belt and one road”

基于资产配置理论及经典Markowitz模型,选取2013—2017年保险资金投资项目相关数据,对保险资金资产配置中的投资组合渠道及各投资项目比重两方面进行优化研究,得到结论为:(1)在风险一定的情况下,通过对保险资金各投资项目比例的优化,险资投资收益较现实收益有明显上升;(2)将"一带一路"投资纳入保险资金投资组合,在拓宽保险资金投资渠道的情况下,投资组合收益不仅高于现阶段我国保险行业的实际投资收益,亦高于对传统投资组合各资产比重进行优化时的投资收益,且风险并未上升。因此,我国保险行业在进行投资时,一方面要更加注重安全性,避免对高风险资产的过度追求;另一方面要适度拓宽投资渠道,对风险适中且具备较高收益的新资产应加大投资力度。

Based on the asset allocation theory and the classical Markowitz model, this paper chooses the relevant data of insurance fund investment from 2013 to 2017 to optimize the investment channels and the proportion of each investment project in the asset allocation of insurance funds. The conclusions are as follows:(1)Under certain risks, according to optimizing the proportion of investment in insurance funds, the return of insurance investment is obviously higher than the real return;(2)The investment of "one belt and one road"is integrated into the investment channels of insurance funds, the portfolio returns are not only higher than the returns of the real return, but also higher than the return of optimizing the proportion of assets based on the traditional portfolio, and the risk has not risen. Therefore, when the insurance industry invests, on the one hand we should pay more attention to safety and avoid excessive pursuit of high-risk assets;one the other hand, we should broaden investment channels appropriately, and strengthen investment in new asset with moderate risk and high returns.