美国养老基金参与公司治理的实践对我国的借鉴

The Practice of Annuity's participation into Corporate Governance in U.S. and its Use for Reference in China

随着美国养老基金资产额的增长及其对股票投资比重的上升,养老基金已从被动投资者变为主动所有者,参与公司治理以取得投资收益和价值增值也成为一种趋势。由于不同类型的养老基金具有不同的投资目标、责任与义务等,在选择治理战略、参与公司治理方面存在着明显差异。美国养老基金参与公司治理的发展模式与经验,对于中国社保基金的入市具有较强的借鉴意义。

It has been a trend that American annuity participates corporate governance for yield and value increment, along with asset scale of American annuity. Since different types of annuity have respective invest goals, duties and obligations, they choose various corporate governance strategies. Research on American annuity participating corporate governance indicates, annuity is becoming the active participants of corporate governance, and bringing positive effect on corporate governance and operation performance, though being some barriers for annuity participating it. The model and experience of American annuity are good reference for China's social security fund.