国外养老基金投资规则与绩效的比较

由于政治和人口老龄化对传统的现收现付体制带来的财政压力，养老基金制度改革已经成为一个全球性课题。在一些国家，由于对部分或全部基金型养老基金投资限制的改革，不仅使养老基金行业受益，而且对资本市场发展也产生了积极的影响。本文通过对不同投资监管制度下养老基金投资绩效差异和对资本市场不同影响的分析，探讨中国养老基金投资监管制度的改革方向和政策选择。

Comparative Study of Overseas Pension Fund With Respect to Investment Rules and Performance

Given the fact that political and aging issues impose great financial pressure on current pension system, its reform has become an international issue. In some countries, lifting of investment limit on part of or all pension funds has not only benefited the pension fund industry, but also brought about positive impact on capital markets. This paper is a study of performance disparity of pension funds under different regulatory system and their respective impact on the respective capital markets in hope to find positive reference for China.