基于虚拟经济理论的美国企业年金投资研究

企业年金基金投资是企业年金制度的主要内容之一，也是整个制度建设中最为关键和复杂的构成部分，投资绩效的好坏，直接影响并决定着企业年金事业的兴衰成败。美国企业年金制度已有100多年的历史，20世纪50年代企业年金开始采用信托投资方式，60多年来，信托投资由企业家的独立决策演化成美国企业年金资产管理的常规模式。虚拟经济理论是以马克思虚拟价值观为出发点发展出来的新理论，有不同的学术流派。本文以成思危教授阐发的虚拟经济原理作为理论工具，对美国企业年金基金投资运营展开研究，解析其经验教训，以期为我国企业年金制度建设提供参考。

The Research of the US Private Pension Investment Based on the Theory of Fictitious Economy

The private pension fund investment is the main content of the private pension system and the most important and complicated part of the whole system construction. The investment performance directly effects and determines the success of the private pension cause. The history of the US priwtte pension system is more than 100 years. Since 1950s, the fund investment has adopted trust investment model, which has evolved from a enterpriser＇ s individual decision to a successful model of the asset management of the US private pension. The theory of fictitious economy is a new theory developing from Marx＇ s fictitious values and has different academic genres. Taking the theory of fictitious economy holding by professor CHEN - Siwei as a theory tool, this article made some researching to the US private pension investment and analysed the related experiences and lessons to improve China＇ s private pension system construction.