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近年来,中国企业年金基金规模稳定增长,至2011年底达到3570亿元,企业年金基金保值增值受到广泛关注。受制于资本市场条件与养老保障体系的不完善性,自企业年金制度成立至今,我国仍对年金基金投资实施定量限制监管模式,对基金投资品种及投资比例实施严格控制,亟待放开投资渠道。近两年来,在国际金融危机的冲击影响下,全球养老金更加注重资产配置多元化,逐渐加大另类资产配置的比例,以平衡资产收益与风险。在国内,其他长期性资金如全国社会保障基金、保险资金也纷纷开闸投资另类资产,并取得不错的成绩。面对多元化及注重另类投资的新趋势,企业年金基金可以借鉴国内全国社会保障基金以及保险资金投资渠道放开的经验,有效实现基金保值增值。
In recent years, the scale of China’s enterprise annuity fund has been steadily increasing to 357 billion yuan by the end of 2011. The preservation and appreciation of the enterprise annuity fund have drawn wide attention. Subject to the imperfection of the capital market conditions and the old-age security system, since the establishment of the enterprise annuity system, our country still imposes a quantitative regulatory model on the annuity fund investment and strictly controls the investment fund types and investment proportion, which urgently needs to be opened up for investment channels. In the past two years, under the impact of the international financial crisis, global pensions have paid more attention to the diversification of asset allocation and gradually increased the proportion of alternative asset allocation to balance the return on assets and risks. In China, other long-term funds such as the National Social Security Fund and Insurance Funds have also started to invest in alternative assets and achieved good results. Faced with the new trend of diversification and alternative investments, the enterprise annuity fund can learn from the experience of the national social security fund and the insurance fund investment channels in the country for the purpose of effectively increasing the value of the fund.