公共养老强制基金制个人账户投资管理模式研究——基于瑞典、俄罗斯模式的国际比较与中国选择

Public Mandatory Funded Pension Investment Management: International Comparison and China's Choice

瑞典、俄罗斯和中国的公共养老保险制度均为现收现付社会统筹加基金制个人账户的制度结构。瑞典和俄罗斯公共养老个人账户均采用了相对集中的以默认账户为重要特色的清算所管理模式,但两国个人账户资产配置方面呈显差异。本文对瑞典和俄罗斯公共养老个人账户投资管理模式进行深入比较,对中国目前基本养老个人账户投资管理模式现有研究进行评析,创新性提出了生命周期基础的收益保证型默认账户集中投资管理的名义账户管理模式。该模式既具有实账投资的投资绩效和制度激励机制,同时在以后个人账户实账条件下又具有良好的制度对接功能。

Public pension in Sweden, Russia and China shares the same institutional structures that include PAYG-the so- cial pooling part and individual account-the funding part. The clearing-house investment pattern with default fund account for the non-chooser of individual account is used as public mandatory financial DC in Sweden and Russia,but on the other,the as- set allocations of two countries differ from each other. This paper compares the public mandatory financial DC investment man- agement pattern in Sweden and Russia, reviews the current academic research of public financial DC investment patterns in Chi- na,and puts forward the new innovative investment pattern--the centralized default fund investment pattern with yield guaran- tees for different individual account holders. The new pattern shares the investment performance and the incentive mechanism of real account, and possesses good institutional adaptability to the future changes.