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顺应金融市场发展和金融创新深化的浪潮,养老基金不断拓宽投资管道。过去,以稳健著称的养老基金主要投资于现金等价物、债券、股票等传统证券资产,现在,出于分散投资风险和提高收益水平的需要,养老基金积极投资于股权投资基金和实业项目。由于股权投资基金和实业项目在收益特点、收益和风险的度量、配置方法等方面与传统证券资产明显不同,对养老基金投资管理提出新的挑战。这种挑战很具普遍性,当前金融机构和实业机构的界限越来越模糊,养老基金、保险公司、证券公司等金融机构正在从虚拟经济跨入实体经济以拓展投资渠道,而以实业投资为主要业务的资产经营公司、大中型生产企业也在从实体经济进军证券投资领域。对于这些开展多元化投资的机构,必须认识到证券投资和实业投资之间存在重大区别。本文以股权投资基金和传统已证券资产为例,分析比较实业投资和证券投资的收益和风险指标。
In response to the tide of deepening financial market development and financial innovation, the pension fund has continuously expanded its investment pipeline. In the past, prudent pension funds were mainly invested in traditional securities such as cash equivalents, bonds and stocks. Pension funds now actively invest in equity investment funds and industrial projects because of the need to diversify investment risks and improve profitability. As the equity investment funds and industrial projects have obvious differences with the traditional securities assets in terms of income characteristics, income and risk measurement and allocation methods, they pose new challenges to pension fund investment management. This kind of challenge is very universal. As the boundary between financial institutions and industrial institutions becomes increasingly blurred, financial institutions such as pension funds, insurance companies and securities companies are entering the real economy from the fictitious economy to expand their investment channels. However, The main business of asset management companies, large and medium-sized manufacturing enterprises are also from the real economy into the field of securities investment. For these institutions to diversify their investments, one must recognize that there are significant differences between securities investment and industrial investment. This paper takes equity investment funds and traditional securities assets as an example to analyze and compare the returns and risk indicators of industrial investment and securities investment.