中国的现实情况决定了国内资产配置结构与海外成熟国家之间必定存在差异。由于资产荒是投资新常态下的重要特征,而参照发达国家市场经验,股权投资具备较高的历史收益率水平,可有效对冲收益率下滑影响。在“经济减速+低利率环境”的新常态之下,险资如何做好资产配置以对冲收益率下滑的影响是一个值得思考的战略性问题。借鉴经历过低利率与低增长环境的美日两国经验,同时结合国内监管和投资环境的现实,股权投资或许是应对当下资产配置荒的一剂“良方”。 China’s reality determines that there must be differences between the domestic asset allocation structure and overseas mature countries. Since asset shortage is an important feature under the new normal investment environment, referring to the market experience of developed countries, equity investment has a higher historical yield level, which can effectively hedge the decline of the yield. Under the new normal of “economic slowdown + low interest rate environment”, it is a worthwhile strategic issue how insurance capital should make asset allocation to hedge the impact of the falling rate of return. Drawing on the experience of both the United States and Japan, who have experienced low interest rates and low growth, combined with the reality of the domestic regulatory and investment environment, equity investment may be a “recipe” for the immediate asset allocation shortage.