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养老保险基金进入资本市场的问题已摆上议事日程,目前面临的只是一个时机问题。一旦养老保险个人帐户基金有了真正的积累,就可进入资本市场投资。养老保险基金的投资能够对资本市场的效率、结构、稳定性以及金融创新等产生重要影响。而资本市场为养老保险基金提供了一个可供选择的投资场所,为其在较长的时间跨度之内获取较高的投资回报率,满足保值增值的需要提供了可能。由此,选择一个合适的投资组合,以便在既定条件下实现一个最有效率的风险——收益搭配以及建立适当的治理结构,设计行之有效的激励——约束机制,以保证养老保险基金的投资安全性和收益性,就成为两个关键而重要的问题。同时,政府出于职责的需要也必须对养老保险基金的运营实行严格的管制措施。鉴于以上分析,我们要积极为养老保险基金进入资本市场创造条件。通过建立规范的基金管理组织;大力发展机构投资者,以形成一个托管人市场;增加避险工具和投资品种;加强对基金投资机构的监管,推动养老保险基金进入资本市场并良好运行。
The issue of pension funds entering the capital market has been put on the agenda and what we now face is only a matter of timing. Once the pension insurance personal account funds have a real accumulation, you can enter the capital market investment. Investment in pension funds can have a major impact on the efficiency, structure, stability, and financial innovation of capital markets. The capital market provides an alternative investment place for the pension fund, which provides the possibility of obtaining a higher return on investment over a longer time span and meeting the need of maintaining and increasing value. Thus, choosing a suitable portfolio to achieve the most efficient risk-benefit mix under the given conditions and establishing appropriate governance structure and designing an effective incentive-restraint mechanism to ensure that the pension fund Investment security and profitability have become two key and important issues. In the meantime, due to the government’s responsibility, the government must also impose strict control over the operation of pension funds. In view of the above analysis, we must actively create conditions for the pension fund to enter the capital market. Through the establishment of a standardized fund management organization, we will vigorously develop institutional investors to form a custodian market, increase the number of hedging instruments and investment products, strengthen the supervision of fund investment institutions, and promote the endowment insurance funds to enter the capital market and operate well.