发挥耐心资本作用,做好养老金融大文章——来自韩国国民养老金的经验  

Leveraging Patient Capital to Craft a Grand Narrative on Pension Finance:Evidence from the National Pension Fund of Korea

作　　者：李娜[1] 李芮 刘士达 LI Na;LI Rui;LIU Shida(Asset Allocation and Research Department,National Council for Social Security Fund)

机构地区：[1]全国社会保障基金理事会规划研究部

出　　处：《金融市场研究》2025年第1期82-91,共10页Financial Market Research

基　　金：社保基金会养老金融课题成果之一。

摘　　要：本文研究韩国国民养老金。韩国与我国老龄化形势相近,同属新兴资本市场,而且其国民养老金资产规模居全球前三。韩国国民养老金通过定期精算制度,为韩国社会保障体系和养老金可持续运营打下基础;在养老金市场化投资运营过程中,逐步呈现权益化、全球化、多元化资产配置特征;作为耐心资本典型代表,充分发挥长期资金的压舱石作用,为维护韩国金融市场稳定做出力所能及的贡献;在资产全球化的背景下,注重国际合作为全球化运营争取更为有利的外部条件。相关经验对做好养老金融大文章,促进我国养老金金融发展有积极借鉴价值。This paper examines the National Pension Fund(NPF)of Korea,which faces a pension environment with many similarities to that of China.First and foremost,Korea has an aging population.It is also considered an emerging capital market and has pension assets that rank it among the top three in the world.The NPF's asset allocation has gradually become diversified through the shifting of investments from fixed income to equity,a redirecting of its focus from the domestic market to the global market,and a replacement of some traditional assets with alternative ones.As a result of this diversification,the long-term investment performance has been rising.As a typical example of patient capital,the NPF has played a pivotal role in both preserving and increasing the value of domestic pension funds.At the same time,it has helped maintain the financial stability of Korea's stock and foreign exchange markets.As the fund diversifies its assets across the globe,the NPF has emphasized international cooperation to obtain more favorable external conditions for its global operations.The experience of the NPF provides a positive reference value for crafting a grand narrative on pension finance in China.

关 键 词：人口老龄化 养老金融 养老金金融 养老金投资运营 金融稳定 

分 类 号：F832.51[经济管理—金融学] F833.126[政治法律—政治学] D731.26[政治法律—中外政治制度]