资产配置理论综述及国内发展现状

Asset Allocation Theory and Domestic Development

研究表明大类资产配置对投资起着决定性作用。20世纪60年代前,投资者对资产配置的认识还停留在定性层面。马科维茨提出均值-方差模型,将资产配置从实践摸索提升到理论研究层面。此后,大类资产配置策略在国外得到广泛研究与应用。相较而言,在我国大类资产配置无论是理论还是实践都有待进一步发展。

Studies show that asset allocation plays a decisive role in investment.However,before the 1960 s,investors understood asset allocation only in a qualitative way.Nobel Prize-winning economist Harry Markowitz proposed the Mean-Variance model,which led asset allocation from practical exploration to theoretical research.Since then it has been widely studied and applied overseas.In comparison,the theory and practice of asset allocation in our country requires further development.