分账制下基本养老保险个人账户基金投资探究.pdfVIP

中国软科学 2005年第 10期 分账制下基本养老保险个人账户基金投资研究 郭席四, 陈伟诚 (武汉科技大学 文法与经济学院, 湖北武汉 430081) : 分账制下, 个人账户基金和社 统筹基金分开管理, 个人账户 实账运行随着基金的不断积累以及 空账的做实, 个人账户基金面临着强烈的保值和增值的压力由于 个人账户资金具有私人性质, 所以需要将 个人账户基金交由独立的民营养老基金管理公司管理, 并实行市场化运作政府对 个人账户资金运作不负有直 接责任, 只负有监管之责养老基金的投资运作的市场化是一个循序渐进的过程政府对 个人账户基金投资仍 要实行限制, 但限制必须逐渐放宽同时, 为了降低风险, 获得稳定的收益, 个人账户基金投资要根据我国实际 情况选择好资产类型并实行优化配置 : 分账制; 个人账户基金; 投资 : F 84. 67 : A : 1002- 9753( 2005) 10- 0058- 08 The Investm ent w ith IndividualAccount of Basic Pension Funds Under the System of IndependentAccount GUO X i- si, CHEN W ei- heng ( W uhan Un iv ersity of Sc ience and T echnology, Co lleg e of L iterature, L aw and E conom ics, W uhan 430081, Ch ina ) Abstract: Under the sy stem of independent a ount, the ind ividual a ount fund is separated from so ial pool fund, and runs in them odel of fu ll a ount. W ith the fund a umu lated onstantly and the em pty a ount ism ade fu ll, ind-i vidual a oun tw ill onfront w ith strong pressure ofm aintain ing and in reas ing its value. B e ause the individual a ount possesses private nature, w e shou ld transfer the ind ividual a ount to the independent private fund M anagem ent Compa- ny to m anage, and operate a ording to the m arketization. A s to ind ividual a ount ap itals operation, the governm ent does not bear d ire t responsib ility; just shou lder the responsib ility of supervision. Them arketization of pension fund s in- vestm ent is a progressive ourse. The governm ent should still restri t ind ividual a ount fund s investment, but w iden the fields gradually. M eanwh ile, in order to redu e the risks and obtain steady returns, w e shou ld hoose better asset types and do rational disposition for individual a ount fund a ord ing to our ountry s real ondition.