个人账户基金投资运营路径设计——基于全国社保基金成功经验的借鉴意义

The Path Design of Individual Account Fund's Investment and Operation——Based on the Successful Experience of the National Social Security Fund

在传统的国债—银行投资模式下,养老保险基金的收益率普遍偏低,而积极进入资本市场的全国社会保障基金则投资成绩斐然。具有资本属性的个人账户基金具备投资运营的先决条件,全国社保基金在资产配置、委托投资、多元化投资等方面也为其提供了示范效应。根据全国社保基金的成功经验,个人账户基金的投资路径应该经历过渡时期、中期和远期三个阶段,投资目标应该从"安全性"发展到"收益性",投资工具应该从债市拓展到股市,投资机构应该从理事会转换到个人账户基金投资公司。

In the traditional investment mode of government bonds-banks, the pension fund＇s return rate has generally been low. However, the National Social Security Fund （NSSF） has been actively involved in the capital market with spectacular success. The individual account fund （IAF） with the property of capital has a prerequisite of investment and operation, and the NSSF has set up a model for IAF＇s asset allocation, entrusted investment and diversified investment. Based on the successful experience of the NSSF, the IAF＇s investment path should conclude the transitional, mid-term and long-term periods, its investment objective should shift from safety to profitability, its investment channel should be expanded from the bond market to the stock market, and the investment agency should be transformed from the council into the IAF＇s investment company.