企业年金投资的投资目标与资产配置  

The investment targets and asset allocation of enterprise annuity funds

作　　者：陈戈 李冰清[2] 

机构地区：[1]中国国际金融有限公司,北京100004 [2]南开大学,天津300071

出　　处：《保险研究》2010年第6期89-94,共6页Insurance Studies

摘　　要：近些年,我国企业年金的资产规模逐年快速增长,已经逐渐成为资本市场重要的机构投资者。但与此同时,很多企业年金的受托人与投资管理人对于企业年金的负债驱动投资属性并不甚了解,仍然采用传统的纯资产的方式来进行业绩基准设定与资产配置。本文结合企业年金的独特性,针对作为投资管理流程中核心部分的投资目标与业绩基准的设定与资产配置进行分析,并对我国企业年金的发展提出相应的建议。The AuM of enterprise annuities of China increases rapidly in recent years. The enterprise annuities have become a more and more important institutional investor in capital markets in China. Meanwhile, however, many cus- todians and investment managers have not fully understood the liabilities-driven investment features of enterprise an- nuities. They have been setting the performance benchmark and allocating the assets with traditional asset-only methodologies. According to the unique characteristics of enterprise annuities,we analyzed the core parts of the investment process, the investment target and performance benchmark and assets allocation in this paper. Furthermore,we provided some constructional advice for the development of enterprise annuities in China.

关 键 词：企业年金 负债驱动投资 业绩基准 资产配置 

分 类 号：F840.67[经济管理—保险]