公共养老储备基金资产配置比较研究与启示--基于挪威、法国、爱尔兰、新西兰四国公共养老储备基金比较分析

摘要

The asset allocation strategy of Public Pension Reserve Funds is oriented by its operation objectives. In recent years,set a benchmark portfolio,diversified global asset allocation,attaches great importance to the emerging markets and social responsible investment, combined with rebalancing strategy and dynamic asset allocation strategy are major features of Public Pension Reserve Funds. Based on the investment practice of National Social Security Fund,this article gives some suggestions as follows:make different asset allocation strategies to achieve the goals in different periods,keeps investment supervision mode’s innovation with asset allocation strategy in order to get positive interaction between supervision and investment,accelerates the speed of asset allocation globalization to realize the regional economic and demographic dividend arbitrage,attaches great importance to responsible investment to highlight the pension green investment function.%公共养老储备基金的资产配置策略是以储备基金的营运目标为导向制定的。设定基准投资组合、分散化的全球资产配置、重视新兴市场与社会责任投资、再平衡策略与动态资产配置策略并重等成为近年来各国共公告养老储备基金资产配置的主要特征。基于全国社会保障基金的投资实践，文章提出了制定差异化的资产配置策略以实现不同阶段目标，投资监管模式和资产配置策略同步创新以实现投资监管与投资实践良性互动，加快资产配置策略的全球布局以实现区域经济套利和人口红利套利，注重储备基金的责任投资导向、凸显养老金绿色投资功能的改革建议。