主权养老基金治理难题探析——基于剩余索取权人利益最大化的视角

Analysis on Governance Problems of Sovereign Pension Fund——From the Perspective of Maximizing the Benefits of Residual Claimants

20世纪90年代以来,随着越来越多的主权养老基金进入国际资本市场,强化主权养老基金治理和问责制的呼声越来越高。基于剩余索取权人利益最大化的角度,应该尽可能完善主权养老基金的治理,而难点就在于如何保证主权养老基金的"独立性",从而规避不适当的政治干预。治理主体的选择和构成无疑是解决这一核心问题的关键。此外,完善的信息披露制度、独立的中介机构、健全的法律体系和有效的舆论监督等外部措施也将为治理机制更好地发挥作用提供良好公正的环境和强有力的制度保障。

Since 1990,with more and more sovereign pension funds investing in the international capital market,the voice of strengthening the governance and accountability of sovereign pension funds has emerged widely.In fact,from the perspective of maximizing the benefits of residual claimants,the governance of sovereign pension fund should be perfected as far as possible.But the difficulty lies in how to ensure the independence of sovereign pension funds so as to avoid inappropriate political intervention.The choice and composition of the governing body is undoubtedly the key to solve this core problem.In addition,perfect information disclosure system,independent intermediary institutions,sound legal system,effective public opinion supervision and other external measures will also provide a good fair environment and strong institutional guarantee for the governance mechanism of sovereign pension fund to play a better role.