我国养老基金投资的审慎投资人规则

发布时间：2017-12-27 00:25

本文关键词：我国养老基金投资的审慎投资人规则　出处：《中国法学》2016年05期 　论文类型：期刊论文

【摘要】：我国养老基金采机构集合型投资,在受托机构及投资管理机构的审慎投资人规则及责任缺失的前提下,受益人及地方政府对养老基金投资风险的承担,为养老基金投资风险规制提供了逆向激励。养老基金的机构集合型投资与受益人自治型投资相比,受益人选择权弱化、投资机构控制权增强、投资过程透明度降低。审慎投资人规则由投资人行为规范到投资风险量化控制的演进,勾勒出养老基金投资风险规制由对受益人的代理投资人的规制,到对集合型投资机构投资行为审慎性的激励的演变。因而我国养老基金投资的法律规则,应重新厘定受托机构及投资管理机构的集合型金融服务机构的法律地位、重构其审慎投资人规则、完善投资风险治理结构及外部监管,为养老基金投资的风险规制及投资安全提供正向激励。
[Abstract]:Under the premise of the prudent investor rules and the lack of responsibilities in the entrusted institutions and investment management institutions, the beneficiary and local governments' commitment to pension fund investment risk provides a reverse incentive for pension fund investment risk regulation. Compared with the beneficiary's autonomous investment, the collective investment of pension fund is weakened, the right of beneficiary selection is weakened, the control rights of investment institutions are enhanced, and the transparency of investment process is reduced. The evolution of prudent investor rule from investor behavior to quantitative control of investment risk outlines the evolution of pension fund investment risk regulation from the regulation of the beneficiary's agent investors to the prudence of collective investment institutions' investment behavior. Because of China's pension fund investment should be the rule of law, legal status, the redefinition of the trustee and investment management institutions set of financial services to reconstruct the prudent investor rule, perfect investment risk governance and external supervision, to provide positive incentives for the investment of pension fund investment risk regulation and safety.
【作者单位】：中国政法大学民商经济法学院;
【分类号】：D922.291
【正文快照】： 引言自2015年,我国基本养老保险基金(以下简称养老基金)开始进行市场化、多元化及专业化投资,这是“织密织牢社会保障安全网”的必然选择。养老基金由委托机构统一归集,由受托机构及其委托的投资管理机构在立法设定的宽泛投资范围及法定投资比例限制之下,进行集合型投资。这

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