[Editor’s note]Recently, the Audit Office released2014Year207633_7657“National w88 casino Security Foundation”) There are some problems in managing operations. Some media added up the number of problems mentioned in the announcement and came up with“Loss from w88 casino Security Fund175100 million yuan”'s conclusion. for a while,“w88 casino security fund investment failed”'s discussion emerged, and many netizens believed that the investment of the National w88 casino Security Fund has been at a loss. Interview by a reporter from People’s Daily’s “Seeking Evidence” columnProfessor Hao Xuguang from the Business w88 casino of w88 casinoand many other experts have found that some media and the public have inaccurate interpretations of audit reports, and there are also situations where two different w88 casino security funds are confused.
The statement of huge losses is very one-sided and the announcement must be interpreted accurately
(Source: "People's Daily" (2014Year7month8日4 version)
Did the w88 casino security fund investment fail?
[Response] The investment return rate last year was6.2%. The media should not overly exaggerate the losses in one aspect without mentioning the overall profit situation.
Xu Gao, consultant to the World Bank and chief economist of Everbright Securities, commented,“Anyone with a little knowledge of investment will disagree with the statement that w88 casino security investment failed.175100 million yuan is not an accurate measure of the overall operating performance of the w88 casino Security Foundation.2013The annual w88 casino security fund investment return rate is6.2%. Although this number is lower than in previous years8%The above average return rate is much higher than the increase of the Shanghai Composite Index during the same period.”
“The National w88 casino Security Fund’s profit performance is very eye-catching.”Wang Songqi, deputy director of the Institute of Finance, Chinese Academy of w88 casino Sciences, told reporters,“The media should not overly exaggerate the losses in one aspect in the report without mentioning the overall income situation, otherwise it will cause panic among the general public who do not understand the financial market.”In response to the statement that indexation investment loses money, Wang Songqi said that indexation investment is closely related to the market index. If the market goes up, you will make money, and if the market goes down, you will lose money.2010New Year's Eve2013The self-operated index investment suffered losses in 2018, which was mainly related to the downturn in China's stock market in recent years.
Guo Tianyong, director of the China Banking Research Center at the Central University of Finance and Economics, said that the National w88 casino Security Fund mainly invests in prudent investments, and most of its assets are invested in areas with lower risks. However, because it is a portfolio investment, it is inevitable that a small part of the assets will be invested in areas with higher risks but potentially higher returns.“For large institutional investors, the choice between self-operation or entrustment is sometimes very contradictory,”Guo Tianyong said,“The investment market is becoming more and more refined, and it is a trend to let professionals do investment management. However, China's entrusted investment market is not mature enough at present, and there are information asymmetries, opacity, etc. In addition, large institutional investors also need to train their teams and cultivate investment capabilities through self-operated investment.”
Hao Xuguang, a professor at the International Business w88 casino of the w88 casino, said that the openness and transparency of entrusted investment are higher than that of self-operated investment, and the efficiency of asset management by professional investment institutions will be higher. Of course, whether it is better to invest entrusted or by self-operated investment ultimately depends on the balance between management costs and investment returns.
“Investing is like choosing a basket to put your eggs in. There are always baskets that will be knocked over, and there is no way to know in advance which baskets will be knocked over, so you can only spread the eggs in multiple baskets. Afterwards, as long as most of the eggs are preserved and a good return is achieved overall, it is a successful investment behavior. In other words, investment cannot just focus on the gains and losses of one city or one place, but needs to be evaluated based on the overall results.”Xu Gao said.
Negative interest rates cause“w88 casino Security Fund”Depreciation of tens of billions?
[Response]Devaluation178Yi Media’s own calculations are not issued by the Audit Office; the w88 casino insurance fund pursues safety rather than profitability
Has the Audit Office issued an audit report on w88 casino insurance funds recently? After seeking verification from the National Audit Office, the reporter learned that the National Audit Office has not issued an audit report on w88 casino insurance funds this year.6The audit report on the National w88 casino Security Fund was released in March. The reporter searched the recent announcement issued by the National Audit Office and was unable to find the content of this statement.
Where do the numbers come from? After checking, the reporter found that the data came from media calculations rather than the Audit Office announcement.
Audit Office2012Year8The "National w88 casino Security Fund Audit Results" announcement released in March shows: From the perspective of the distribution of w88 casino insurance fund balances,2011Year, demand deposits, time deposits and other forms accounted for respectively38.44%、58.01%and3.55%. Accordingly, the report sets the approximate ratio of w88 casino insurance fund balances of current deposits and time deposits as4∶6。
On this basis, this report is based on2013all year2.6%ofCPIIndex,0.35%’s current deposit base interest rate and3%’s fixed deposit base interest rate, calculated“Pension was lost due to negative interest rates178100 million yuan”'s conclusion. However, reports claimed that this was“The National Audit Office’s audit results of the National w88 casino Security Fund show”'s.
Many experts also expressed that the algorithm itself is unreasonable. Zhu Minglai, a professor at the w88 casino of Economics at Nankai University, pointed out that two details in the algorithm will lead to large errors in the results. First, take2011Year deposit proportion data to connect2013The balance data of the year is inappropriate; secondly, the time deposit interest rate selection3%Still5%, will also cause the results to vary greatly.
“Investment methods can only be compared with investment methods, there is no reason to compare with prices.”Said Zhao Xijun, deputy director of the Institute of Finance and Securities at Renmin University of China.
Professor Mi Hong, Executive Director of the Institute of Population and Development of Zhejiang University, believes that it is unreasonable to calculate the gains and losses of w88 casino insurance funds based on a single annual interest rate,“The w88 casino insurance fund is a large pool of funds, and its profits and losses must be evaluated based on the average interest rate over a long period of time. It is inappropriate to accuse it of saying how much it has lost in a certain year.”
“For w88 casino insurance funds, the current national policy is mainly to save or purchase national bonds. This is a choice made under the consideration of ensuring safety.”Chu Fuling, director of the w88 casino Security Research Center of the Central University of Finance and Economics, told reporters that the most basic function of w88 casino insurance funds is security, and what they first pursue is safety rather than profitability. Secondly, from an operational perspective, unlike the unified management of w88 casino security funds, the balance of w88 casino insurance funds is scattered across1000Multiple coordinated areas, many even scattered at the county level. The w88 casino insurance funds held by each unit are not a large number, which limits the objective conditions for concentration to maintain and increase value.
“The lessons from the investment failures of some w88 casino insurance funds in the past few years also tell us that the losses from inappropriate investments are much higher than those from so-called investments in banks‘Depreciation’. In the current institutional environment, it is more prudent and responsible to treat w88 casino insurance funds in a conservative, low-risk, and less-lossy manner.”Mi Hong said.
Chen Dongmei, associate professor of the Insurance Department of Fudan University w88 casino of Economics, believes that for many provincial and municipal basic pension insurance funds with small balances, maintaining sufficient liquidity, filling empty accounts, and avoiding payment crises are the most important issues.
Attachment: Original report link:
http://paper.people.com.cn/rmrb/html/2014-07/08/nw.D110000renmrb_20140708_6-04.htm
