日本养老基金投资策略研究

The Research on Investment Strategy of Pension Fund in Janpan

日本作为世界上人口老龄化程度最严重的的国家之一,已经建立了完整的养老金制度体系,其养老基金的投资策略值得我国学习和借鉴。日本养老金体系分为三个层次,第一、二层次是公共养老金,分别是国民年金和厚生年金,第三层次是私人养老金,包括企业年金和个人年金。通过分析日本公共养老基金和私人养老基金的投资模式、资产配置及投资收益,得出以下三点结论:一是日本公共养老基金历年投资收益较低且波动性较大的主要原因是其较为单一的投资策略,分散化程度不高;二是日本公共养老基金ESG投资理念和投资方法长期来看可以提升企业内在价值;三是日本私人养老基金设有多种资产方案选择,可以满足不同人群的投资需求。研究日本养老基金投资策略,对优化我国养老基金投资策略具有一定的参考意义。

Janpan is one of the world’s oldest population country,it has well established a complete pension system,and investment strategy of its pension fund is worth studying and learning.There are three layers within the pension system,the ground layer and second layer is Public Pension,which is National Pension Insurance and Employment Pension Insurance,and the third layer is Private Pension,including Enterprise Annuity and Personal Annuity.Through analysis of their investment model,asset allocation and investment return,concluded three points as following:Firstly,the main reason of the low investment return and high volatility of Public Pension Fund investment return in Japan is that its investment strategy has less diversify.Secondly,the ideal and method of ESG investment should enhance the intrinsic value of enterprises in a long time.Thirdly,the Private Pension Funds has various investment options to choose,then,it can meet most of people’s needs.In conclude,summarized and analysed the investment strategies of Public Pension Fund and Private Pension Fund in Japan,which has some valuable experience for optimizing Chinese Pension Fund investment strategies.