經濟目標性投資運用於法定退休基金投資之探討：以美國加州公務員退休基金爲例

Economically Targeted Investments in Public Pension Funds: The Case of the California Public Employees' Retirement System Fund

王靜怡(Ching-Yi Wang)

《臺灣社會福利學刊》 8卷2期 (2010/02) Pp. 161-212

https://doi.org/10.6265/TJSW.2010.8(2)6

摘要

所謂「經濟目標性投資」係指退休基金在投資運用時，於基本的財務報酬率要求外再納入社會性報酬率考量，以求基金在投資運用過程中能產生具綜效效應的投資報酬率，來惠及參與者從累積期到清償期的整體經濟保障。從美國加州公務員退休基金中California Initiative計劃的運作經驗可看出，法定退休基金是否該採行經濟目標性投資，除了要回到良善管理人精神的原則外，基金規模是否達一定程度以求能收到制度運作的規模經濟效益，一國的金融環境是否足夠多元成熟以求能因應經濟目標性投資的專業需求等，更是避免經濟目標性投資淪爲政府的財政工具，以致影響退休金制度參與者的退休金權益之重要要件。

關鍵字

經濟目標性投資 ； 雙重底線投資 ； 基金投資運用 ； 退休基金

並列摘要

An Economically Targeted Investment is defined as an investment which has a collateral effect in addition to providing financial returns of benefit to the participants. The case of the California Initiative has taught us that improper political intervention is the biggest challenge to the effective management and operation of Economically Targeted Investments. Investor prudence and economy-of-scale, as well as a diversified and mature financial market, are all critical if public pension funds are to manage Economically Targeted Investments more efficiently.

並列關鍵字

economically targeted investment ； double bottom-line investment ； pension fund investment ； pension fund

參考文獻

勞工保險局（2009）。《勞工保險基金投資政策書（適用期間：99年1月至103年12月）》。資料檢索日期: 2010.02.05。網址：http://www.bli.gov.tw/sub.aspx?a=GkfwsdkUS50%3d

勞工退休基金監理會（2008）。《勞工退休基金監理會有關社會責任投資策略芻議》。資料檢索日期: 2010.02.05。網址：http://www.cla.gov.tw/cgi-bin/Message/MM_msg_control?mode=viewnews&ts=48b506d6:3400&theme

CalPERS(2001). California Initiative Program. Retrieved 21-09-2009, from http://www.calpers.ca.gov/index.jsp?bc=/utilities/search/search.xml.

CalPERS(2005a). California Public Employees’ Retirement System Statement of Investment Policy for Economically Targeted Investment Program. Retrieved 11-10-2009, from http://www.calpers.ca.gov/eip-docs/investments/policies/other/economically-targeted/eco-target-inv-prg.pdf.

CalPERS(2005b). Impacting California's Underserved Communities: An Initial Assessment. Retrieved 21-09-2009,from http://www.calpers.ca.gov/eip-docs/about/press/news/invest-corp/cal-init-assess.pdf.