中國大陸養老基金投資營運之研究

中國大陸面臨著老齡化所帶來的養老保險制度的財務問題。本文針對中國目前養老基金運行中存在的問題，提出適當調整個人帳戶養老金支付、嚴格執行法定退休制度、償還隱性債務和做實個人帳戶，對養老保險基金進行有效投資營運使養老基金能保值。分析西方養老基金營運方式，從投資管理模式、投資方式等，進行比較分析，得到有益啟示，對中國養老基金投資做借鏡。中國養老保險分帳制度下，個人帳戶基金和社會統籌基金分開管理，隨著基金的不斷積累以及個人帳戶面臨強烈增值和保值的壓力，由於個人帳戶資金具有私人性質所以需要將個人帳戶基金交由獨立的民營養老基金公司管理，並實行市場化運作。政府對個人帳戶資金運作不負有直接監管責任。養老基金的投資運作的市場化是一個循序漸進的過程。政府對個人帳戶基金投資選擇好資產類型實行良好投資組合。

關鍵字

養老保險；養老基金；社會保障基金

並列摘要

China has been and will be more serious facing one question how to keep the finance balance of pension fund. Aiming at the relevant problems in the pension fund performance and several concrete solutions are put forward, and appropriately adjustment in payment method of individual accounts pension should be made. Statute regulations of retirement should be executed strictly, and implicit debt should be gradually paid and individual account should be made formal. Moreover, the pension subsidy from fiscal sector should be enhance progressively, maintain effectively, and increase the value of pension by investing effectively with the pension. The paper begins with ordinary measures of investment with pension funds, and then analyzes current situation of overseas and domestic pension funds investment, and it gains some beneficial enlightenment after comparing the investment of overseas pension funds with domestic pension funds from the aspect of investment management and investment measures. Finally it raises the author suggestion of rational investment of china pension funds. Under the system of independent account, the individual account fund is separated from social pool fund, and runs in the model of full account. With the fund accumulated constantly and the empty account is made full, individual account will confront with strong pressure of maintaining and increasing its value. Because the individual account possesses private nature, we should transfer the individual account to the independent private fund management company to manage, and operate according to the marketization. As to individual account capital operation, the government does not bear direct responsibility; just shoulder the responsibility of supervision the marketization of pension fund investment is a progressive course. The government should still restrict individual account fund investment, but widen and do rational disposition for individual account fund according to our country real condition.