澳大利亚未来基金的治理结构和投资管理模式研究

Research on the Governance Structure and Investment Management Model of the Australian Future Fund

建立主权养老基金不仅能够为老年人提供更充足的保障,而且对于减少政府财政支出,缓解老龄化压力具有重要意义。澳大利亚的未来基金是OECD国家主权养老基金中较为成功的典型。文章以未来基金为研究对象,首先介绍了澳大利亚的养老体系、未来基金的起源背景;其次,在简要概括未来基金经营现状的基础上,对其治理结构特征和投资管理模式特征进行了梳理;最后,总结了未来基金建立和运营的经验,发现完善的治理结构和科学的投资管理模式是其良好运作的关键。借鉴澳大利亚未来基金的经验,认为世界各国需要根据自身情况及时建立主权养老基金,通过立法完善基金治理结构,增强管理机构的独立性以及建立科学的投资管理模式。

The establishment of sovereign pension funds can not only provide more adequate protection for the elderly,but also is of great significance in terms of reducing financial expenditure of the government and alleviating the pressure of an aging populatioin.Australia's Future Fund is a successful example among OECD sovereign pension funds.Taking the future fund as the research subject,this paper introduces the Australian pension system and the original background of the future fund in the first place;Secondly,on the basis of briefly summarizing the current situation of future fund operation,the characteristics of its governance structure and investment management mode are reviewed and sorted out.Finally,the experience of establishing and operating future funds is summarized,and it is found that a sound governance structure and a scientific investment management model are the key to its good operation.Learning from the experience of Australia's future fund,it is believed that countries around the world need to establish sovereign pension funds in a timely manner according to their own conditions,improve the fund governance structure through legislation,enhance the independence of management institutions and establish a scientific investment management model.