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美国次贷危机爆发,导致多间大型金融机构倒闭或被政府接管等一连串金融风波,全球开始面临1929～1933年经济大萧条以来最严重的金融危机。在金融危机中,积累了大量基金资产、被视为美国资本市场最大之金融机构的养老基金自然也未能幸免于难,在投资和缴费注资方面均遭受了巨大的负面影响。同时也给美国养老金市场结构的变化带来了新的影响。通过对金融危机中美国养老金市场表现的分析,可以得出一些对我国养老金制度建设特别是企业年金发展的有益启示。
As a result of a series of financial turmoil such as the collapse of the U.S. subprime mortgage crisis and the collapse of many large financial institutions or government takeovers, the world started to face the most serious financial crisis since the Great Depression of 1929-1933. In the financial crisis, a large number of fund assets have been accumulated. Pension funds, which are regarded as the largest financial institutions in the capital markets in the United States, have naturally not survived the crisis and have suffered huge negative impacts on investment and contribution funding. It also has a new impact on the structural changes in the US pension market. By analyzing the performance of American pension market during the financial crisis, we can draw some beneficial enlightenment on the development of China’s pension system, especially the enterprise annuity.