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对我国20年来A股滚动5年～15年的年均、月均回报率进行计算后发现其呈现以下特征:一是随着滚动时间的拉长,投资收益率的波动状况越来越平稳;二是当滚动投资期限拉长到15年(180月)以上后,股票投资的收益率在所有滚动年份(月份)均高于同期银行存款利率;三是无论采用何种滚动方式,股票投资平均收益率均远高于同期银行存款利率。结合我国A股历史滚动收益状况和寿险资金的特征,提出了寿险资金的大面积性、长期性、滚动性和周期性等四种投资策略。本文的研究结论对寿险投资、机构投资和政府监管具有重要的启示作用和现实意义。
After calculating the annual average and monthly average return rate of A-share rolling in five years to 15 years in 20 years in our country, it shows the following characteristics: First, as the rolling time lengthens, the volatility of investment return rate becomes more and more stable; Second, when the rolling investment period is extended to more than 15 years (180 months), the return on equity investment is higher than the interest rate of bank deposits in all rolling years (months) over the same period. Third, regardless of the rolling method, the average investment in stocks Return rates are much higher than the bank deposit interest rates over the same period. Combined with the history of A-share rolling income and the characteristics of life insurance funds, this paper proposes four investment strategies of large-scale, long-term, rolling and cyclical nature of life insurance funds. The conclusion of this paper has important enlightenment and practical significance for life insurance investment, institutional investment and government regulation.