我国社保基金委托投资管理费率研究

本文针对目前我国社保基金委托投资管理费率结构单一，不利于激励基金公司朝着投资者收益最大化的方向努力运作的问题，提出将费率划分为固定的和与业绩挂钩的两部分。同时，为了防止基金公司为获取更高的绩效管理费而吸收过度的积极风险，在费率设计的过程国引入了风险预算，结合我国证券市场的特点，提出了基于风险预算的我国社保基金投资管理费率设计方案。

Management Fee Rate Research of Social Insurance Funds Consignment Investment in China

It is disadvantageous for fixed management fee rate to incent the fund company making great efforts to maximize return of investor in social insurance funds investment at present, this article put forward dividing the fixed management fee rate into two part of base and performance fee. At the same time, in order to avoiding the fund company to take too much active risk for gaining more performance fee, based on the specialty of securities business in China, this paper designs management fee rate of social insurance funds investment under risk budgeting.