日本公共养老基金的投资运营研究

发布时间：2018-02-04 17:17

本文关键词： 日本公共养老基金运作机制资产配置投资策略　出处：《现代日本经济》2017年04期 　论文类型：期刊论文

【摘要】：日本拥有全球最大规模的公共养老基金,现由专门的养老公积金管理机构GPIF负责投资运营,属于相对独立的管理运作模式。近10年来,GPIF管理运营的养老基金是相对比较成功的,但资产配置和投资风格还有待改善。日本还需进一步提高GPIF的独立性和投资运营效率,改善投资组合和投资策略,完善金融机构和上市公司的公司治理机制,稳定公共养老基金的长期投资收益。我国应借鉴成熟经济体的经验做法,逐步实行法人机构投资者管理模式,积极培育养老基金管理人市场,采取被动投资为主、主动投资为辅的投资策略,逐渐拓展投资渠道,丰富投资工具,合理配置基本养老基金的资产组合,确保基本养老保险基金的保值增值。
[Abstract]:Japan has the largest public pension fund in the world. It is invested and operated by GPIF, a special pension fund management organization, which belongs to a relatively independent management mode in the past 10 years. The pension fund managed by GPIF is relatively successful, but the asset allocation and investment style still need to be improved. Japan also needs to further improve the independence of GPIF and the efficiency of investment operation. We should improve the investment portfolio and investment strategy, improve the corporate governance mechanism of financial institutions and listed companies, and stabilize the long-term investment returns of public pension funds. Gradually implement the corporate institutional investor management model, actively cultivate the market of pension fund managers, take passive investment as the main, active investment as a supplementary investment strategy, gradually expand investment channels, enrich investment tools. Rational allocation of the asset portfolio of the basic pension fund to ensure the maintenance and appreciation of the basic pension fund.
【作者单位】：华东师范大学经济与管理学部;
【基金】：国家社会科学基金项目“开放与变革条件下我国银行和信托风险的测度与管理”(14BJY185)
【分类号】：F831.51;F841.67
【正文快照】： 引言目前,我国基本养老保险基金的结余资金除了预留两个月的基本养老金支付费用外,大多用于购买国债或存入专门账户,投资的方式过于单一,这在一定程度上抑制了养老基金的保值增值。近年来,我国基本养老保险基金的投资运营问题成为各界关注的焦点,在此背景下,我们有必要了解

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