公共养老基金投资体制与资本市场发展——以瑞典经验为例

Public Pension Fund Investment System and Capital Market Development:Taking Sweden as an Example

人口老龄化背景下,夯实养老财富储备,实现养老基金保值增值成为社会保障制度建设的题中应有之义。养老基金投资与资本市场发展可以实现良性互动:养老基金长期投资有助于资本市场稳定发展,提升资本市场运行效率和金融机构公司治理能力;资本市场的健康有序发展进一步对养老基金价值增值产生规模效应和投资收益效应。文章在介绍瑞典养老金体系构成及其公共养老基金投资管理制度基础上,分析了六家国民养老基金管理公司的长期投资策略、投资管理绩效,及该国养老基金投资对资本市场的影响。研究认为:瑞典养老基金投资体制具有国有垄断竞争性和运用高权益资产配置进行长期投资两大特点,前者保障了资金的安全性和较高的投资效率,提升了基金管理公司的治理能力,后者为管理成本下降和长期投资收益提高提供了可能,两者共同为资本市场健康有序发展提供了保障。最后,对瑞典垄断竞争型养老基金投资产生的问题进行了评价。

Under the background of population aging, it is imperative to maintain and increase the value of pension funds to consolidate old-age wealth reserves. Pension fund investment and capital market development can interact positively. The long-term investment of pension funds contributes to the stable development of the capital market and improves the operating efficiency of the capital market and the corporate governance capabilities of financial institutions. The healthy and orderly development of capital market will further produce scale effect and investment return effect for pension funds. Based on the introduction of the Swedish pension system and its public pension fund investment management system,the article analyzes the long-term investment strategies, the investment management performance of the six national pension fund management companies and their impact on the capital market in Sweden. It is found that the Swedish pension fund investment system has two major characteristics: state-owned monopolistic competition and long-term investment strategy with high equity asset allocation. The former guarantees more safety and higher investment efficiency for pension funds, and improves the governance ability of fund management companies, while the latter ensures pension funds investment with lower management cost and higher long-term investment returns. They together provide guarantee with healthy and orderly development for the capital market. Finally, the article points out the problems arising from the monopolistic competition of pension funds investment in Sweden.