日本政府养老投资基金资产配置和投资收益分析  

Analysis of Japanese Government Pension Investment Fund Asset Allocation and Investment Income

作　　者：王应贵[1] 刘芷辰 WANG Yinggui;LIU Zhichen(School of Finance,City University of Macao,Macao SAR,999078,China)

机构地区：[1]澳门城市大学金融学院,中国澳门特别行政区999078

出　　处：《现代日本经济》2023年第1期29-42,共14页Contemporary Economy OF Japan

基　　金：2020—2021年澳门资金会资助项目“澳门经济增长与高等教育发展互动关系研究”(MF2034)。

摘　　要：日本是亚洲最先探索养老金制度建设的国家,相关方面改革领先于世界大多数国家。作为世界上规模最大的养老基金,政府养老投资基金管理着日本公共养老储备金,在长期运作过程中形成了自己的资产配置风格。从微观层面研究2001—2021年期间养老投资基金配资策略与投资收益。在资产配置方面,政府养老投资基金根据厚生劳动省指导原则及时调整组合资产权重,实现了由保守型策略向积极型、国际化策略转变,取得了较好的投资回报,达到了监管机构设定的经济目标。我国正处在养老金改革和发展的关键时期,日本政府养老投资基金在基金独立管理、长期投资、人才培养和国际化运作方面对我国养老金改革提供了十分有益的参考。Japan is the first country in Asia to explore the construction of pension system,and its reform in related aspects is ahead of most countries in the world.As the largest pension fund in the world,the government pension investment fund manages Japan’s public pension reserve and has formed its own asset allocation style in the long-term operation process.This paper studies the funding strategy and investment income of pension investment funds from the micro level during the period of 2001 to 2021.In terms of asset allocation,the government pension investment fund timely adjusted the weight of portfolio assets according to the guidelines of the Ministry of Health,Welfare and Labor,realized the transformation from a conservative strategy to a proactive and international strategy,achieved good investment returns,and achieved the economic goals set by the regulatory authority.China is in a critical period of pension reform and development.Japanese government pension investment fund provides a very useful reference system for China’s pension reform in terms of independent fund management,long-term investment,talent training and international operation.

关 键 词：日本养老金体系 政府养老投资基金 资产配置 投资效益 经济分析 

分 类 号：F813.13[经济管理—财政学]