分账制下基本养老保险个人账户基金投资研究

The Investment with Individual Account of Basic Pension Funds Under the System of Independent Account

分账制下,个人账户基金和社会统筹基金分开管理,个人账户"实账"运行。随着基金的不断积累以及"空账"的做实,个人账户基金面临着强烈的保值和增值的压力。由于个人账户资金具有私人性质,所以需要将个人账户基金交由独立的民营养老基金管理公司管理,并实行市场化运作。政府对个人账户资金运作不负有直接责任,只负有监管之责。养老基金的投资运作的市场化是一个循序渐进的过程。政府对个人账户基金投资仍要实行限制,但限制必须逐渐放宽。同时,为了降低风险,获得稳定的收益,个人账户基金投资要根据我国实际情况选择好资产类型并实行优化配置。

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＇s operation, the government does not bear direct responsibility ; just shoulder the responsibility of supervision. The marketization of pension fund＇s investment is a progressive course. The government should still restrict individual account fund＇s investment, but widen the fields gradually. Meanwhile, in order to reduce the risks and obtain steady returns, we should choose better asset types and do rational disposition for individual account fund according to our country＇s real condition.