养老基金投资PPP基础设施项目的国际比较及启示

An International Comparison on Pension Funds' PPP Infrastructure Investment and Its Enlightenment

面对金融危机后各国养老基金掀起的基础设施投资热潮,文章比较了加拿大和澳大利亚养老基金投资基础设施的投资背景、投资模式、投资比例和投资业绩。在全面解读它们的成功经验和影响因素基础上,得出其对中国养老基金投资基础设施项目的启示。主要是:放宽养老基金的投资限制,实施审慎人监管模式;创新基础设施投融资工具,搭建共同投融资平台;加强公私合作,提高基础设施行业透明度。

After the financial crisis, an enormous influx of pension funds into infrastructure investment has been observed in many countries. The article compares the investment backgrounds, pattems, proportions and performance of the Canadian and Australian pension funds investment in infrastructure. Based on the comprehensive interpretation of their successful empirical experience and influencing factors , this article finds some implications for China. There are three main aspects as below： first, to broaden the investment restrictions of pension funds and implement the prudent supervision mode; second, to innovate the infrastructure financing tools and set up the joint investment platform; third, to strengthen public-private partnerships and improve the transparency of infrastructure industry.