中国企业年金市场化投资的特征、困境及优化措施——基于资产配置的分析

The Characteristics,Limitations and Optimization Measures of Enterprise Annuity Funds’Market Investment in China——Based on the Asset Allocation Analysis

资产配置是我国企业年金基金市场化投资运营的重要环节,投资范围选择和投资比例限制是资产配置管理的硬约束。受到政策约束、制度设计障碍和资本市场不完善等多重因素的影响,我国企业年金基金资产配置受限明显,面临可投资资产规模有限、资产配置效率低下、资产配置结构欠佳和同质化管理等现实困境,通过借鉴美国、澳大利亚多元化资产配置的实践经验,文章提出三点完善企业年金市场化投资的建议:一是政策优化层面,完善委托代理结构和拓展年金投资范围的广度和深度;二是制度设计层面,通过引入自动加入机制、有限放开个人投资选择权和设计默认投资选择等综合改革增强制度吸引力;三是市场完善层面,加强资本市场建设和鼓励产品创新。

Asset allocation is an important part of enterprise annuity funds’investment management in China.The selection of investment range and the restriction of investment proportion are the hard constraints of asset allocation management.Due to the effect of policy constraints,institutional design obstacles and imperfect capital market,the asset allocation of China’s enterprise annuity fund is obviously limited,and it is facing practical difficulties such as limited asset size,low efficiency of asset allocation,poor asset allocation structure and homogenized management.By referring to the exploration and practice of asset allocation management in the United States and Australia,the article puts forward three suggestions to improve the annuity pension marketization investment.First,improve the principal-agent structure and expand the scope and depth of annuity investment.Second,enhance the attractiveness of the system through comprehensive reforms such as automatic enrollment mechanism,limited liberalization of individual investment options and default investment portfolio design.Third,improve Chinese capital market and encourage financial products innovation.