股票投资作为社保投资中风险最大的投资产品，收益的高低直接影响社保基金整体的安全性。通过对社保基金股票投资组合总体绩效的研究发现，各投资组合在投资中均获得了超额收益。对社保基金股票投资组合的整体持续性检验结果表明，我国社保基金各投资组合的业绩并不具有持续性，反而具有反转型的特点；而分阶段持续性检验结果表明，在市场波动性较大的情况下，社保基金业绩没有表现出持续性，在市场相对稳定的情况下，社保基金业绩呈现出持续性的特点。%Stock investment as the risks of social security investment products are the biggest, income directly affect the safety of the whole social security fund. Through the study of the social security fund portfolios that overall performance,the investment portfolio is obtained the excess return on the investment. On the overall social security fund portfolios persistence, the results show that China's social security fund portfolio performance is not persistent, but has the characteristics of inversion type; And phases continuity test results show that in the situation of market volatility is larger, the social security fund performance did not show persistence, relative stability in the market circumstances, the social security fund performance showed the characteristics of sustained.
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