“长钱长跑”:推行养老基金投资业绩长周期考核  

Promoting Long-term Performance Evaluations for Pension Fund Investments

作　　者：杨长汉[1] YANG Changhan(Business School,Central University of Finance and Economics)

机构地区：[1]中央财经大学商学院

出　　处：《金融市场研究》2024年第7期49-57,共9页Financial Market Research

基　　金：国家自然科学基金项目“中国养老基金投资风险调整收益指数研究”(71974219)。

摘　　要：全国社保基金、基本养老保险基金、企业年金、职业年金、个人养老金等养老基金是天然的“长钱”。养老基金投资管理实践当中,流行短期投资业绩考核导致“长钱短跑”,既不利于养老基金保值增值,又不利于养老基金与资本市场的良性互动。推行长周期投资业绩考核可以促进“长钱长跑”和养老基金保值增值,有利于提高资本市场稳定性和长期资本的形成,建议从合理界定长周期考核、推行长周期受托和投资管理合同、加强多方协同等方面促进长周期投资业绩考核的应用。Pension funds such as the National Social Security Fund, the Basic Pension Insurance Fund, enterprise annuities, occupational annuities and personal pensions are natural "long money" investment vehicles. In the practice of pension fund investment management, the reliance on short-term appraisals of investment performance leads to "long money running short races." This is neither conducive to the preservation and appreciation of the value of the pension fund, nor beneficial to the positive interaction between the pension fund and the capital market. The implementation of long-cycle investment performance appraisals can promote the use of "long money used in long distance races' ' in order to preserve and increase the value of pension funds, improve the stability of the capital market and promote the formation of long-term capital. It is recommended that long-cycle investment performance appraisals be promoted by rationally defining the concept, implementing long-cycle fiduciary and investment management contracts, and strengthening the synergy among multiple parties.

关 键 词：养老基金 投资业绩 长周期考核 

分 类 号：F842.6[经济管理—保险]