中国养老社会保险基金指数化策略分析

The Analysis of the Indexing Strategy of Social Pension Funds

由于越来越多的养老基金发起人相信基金管理人不可能取得优于证券市场的表现,再加上他们对指数化策略在解决委托-代理等问题上的企盼,运用指数化策略进行管理的养老基金越来越多。在我国当前养老社会保险基金正准备入市的情况下,对养老基金运用指数化策略的基本原理、运作机制等进行了比较系统的阐述,得出了指数化策略可以作为中国养老社会保险基金的一种投资策略的结论,也许可以为有关决策者提供一点借鉴。

In recent years, because more foreign sponsors of pension funds have believed that it is impossible for a fund manager to obtain better performance in pension funds than in security market, more pension funds managers utilize indexing strategy with their expectations for the settlement of principal-agent problem relying on the indexing strategy. When social pension funds in China are being planned to be invested in stock market, this paper comes to the conclusion that indexing strategy is a feasible investment strategy of social pension funds in China by systematically analyzing the basic ideas of indexing strategy, the mechanics of indexing strategy and so on, which will provide some advice to the decision-makers.