加拿大基本养老保险基金投资管理经验与启示

Experience and Enlightenment of the Investment Management of Canadian Basic Pension Funds

人口老龄化背景下,基本养老保险基金投资管理对实现基金保值增值和养老保险制度可持续发展具有重要意义。加拿大养老金计划投资委员会(CPPIB)从1999年开始对基本养老保险基金进行投资管理,20多年来,以高投资回报率实现了“基金增值”,确保了基本养老保险制度在未来70年的稳健运行。本文在介绍加拿大基本养老保险制度构成的基础上,以CPPIB基本养老保险基金投资管理为核心,从治理结构、投资策略、投资组合、战略资产配置、管理费用及绩效表现等角度入手,详细介绍了CPPIB在基本养老保险基金投资方面的经验做法。研究认为:CPPIB秉持长期投资理念,坚持主动投资、多元化投资,根据风险承受能力设置双账户的投资结构,建立包括参考投资组合、战略投资组合、主动投资组合、平衡投资组合在内的总投资组合框架,通过资产因子化使投资组合在风险一定的情况下实现投资收益最大化,提高了整体收益率,实现基本养老保险基金增值并推动了养老保险制度的可持续。加拿大基本养老保险基金投资管理为我国提供了以下借鉴:进一步完善治理结构,坚持基本养老保险基金的长期投资,建立多元化市场投资策略,通过基金增值推动基本养老保险制度可持续发展。

In the context of an aging population,the investment management of the basic pension funds is of great significance to achieve the goals of preserving and appreciation of the funds and the sustainable development of the pension system.Canadian Pension Plan and Investment Commission(CPPIB)has invested and managed the basic pension funds since 1999.Over the past 20 years,CPPIB has realized the appreciation of the funds with a high return on its investment,ensuring the steady operation of the basic pension system in the next 70 years.On the basis of the introduction of Canadian basic pension system and focusing on pension fund management of CPPIB,this paper elaborated the pension fund investment experience and practice from different angles including governance structure,investment strategy,portfolio,strategic asset allocation,management cost and performance.The study alos found that CPPIB operates on a philosophy of long-term investment,adheres to the active and diversified investment,sets an investment structure of double accounts based on the capability of risk control,establishes a total portfolio framework including reference portfolio,strategic portfolio,active portfolio and balancing portfolio,and advances asset factorization,so that it can maximize investment returns while there are certain risks,improves the overall yield,realizes appreciation of basic pension funds and promotes the sustainable pension system.The investment management of the Canadian basic pension funds provides the following experience for China to learn from:further improving the governance structure,adhering to the long-term investment of the basic pension funds,establishing a diversified market investment strategy,and promoting the sustainable development of the basic pension system through appreciation of the funds.