养老基金个人投资选择权的理论阐释与实践发展

A theoretical explanation and practical development of the investment options of pension funds

国外养老基金个人投资选择权的理论阐释与实践发展表明,职工并不能作为"理性人"在养老基金投资运营中实现收益最大化,并进而揭示出养老基金个人投资选择权的两个主要发展趋势,即"管理机构选择权"模式中个人在投资机构间的转移率与该国人均收入水平负相关,以及"投资基金选择权"模式中个人参与率下降趋势明显。因此,如果我国企业年金设置个人投资选择权,将会是一个前期参与程度较高、转换频繁,后期参与程度逐渐降低的过程。

The theoretical explanation and practical development of the investment options of pension funds in foreign countries has indicated that employees cannot achieve return maximization from the investment of pension funds as a ＂rational person＂. It further reveals the two major trends for the individual investment options of pension funds, namely, in the ＂management agency＇s right of option＂ model, individual＇s transfer rate through investment agencies is negatively correlated with the level of per capita income of the country ; and in the ＂right of optioning investment funds＂ model, individual＇s level of participation is dropping significantly. Therefore, if China＇ enterprise annuity funds adopt individual investment options, it is possible to witness a high level of participation at the initial stage, frequent transfers, and then the level of participation dwindles gradually.