《保险研究》20200701-《从2013年以来“养老金产品”引入绩效看年金投资改革趋势》（房连泉、闫化海）

［摘   要］年金制度是我国养老保障体系的第二支柱,基金的投资管理对年金保值增值至关重要。2013年“养老金产品”的引入是年金制度的一个创新,也是走向国际惯例的重要一步。本文分析养老金产品引入在完善年金治理结构和提升投资效率中的作用,对其近7年来的投资绩效进行实证分析,进而指出“产品化”是未来年金投资的一个重要发展趋势,应通过一系列配套改革措施,完善年金投资管理体系。

［关键词］企业年金;治理结构;养老金产品;投资绩效

［作者简介］房连泉，中国社会科学院社会发展战略研究院研究员；闫化海，北京大学经济学院博士后，中国养老金融50人论坛特邀研究员。

A Review on the Reform of Enterprise Annuity Investment Regime from the Perspective of the Performance of Pension Products since 2013

FANG Lian-quan,YAN Hua-hai

Abstract：Enterprise annuity scheme is the second pillar of China′s pension security system,and its investment is very important for preservation and appreciation of pension funds.The introduction of “pension products” in 2013 is an innovation and an essential step to keep up with best international practice.This paper analyzed the role of pension products introduction in improving the governance structure and investment efficiency of pension funds,and made an empirical analysis of the investment performance of pension products in the past seven years.Then it reached the conclusion that “productization” was an important trend in the future.At last,the paper put forward a series of suggestions for improving the management system for pension fund investment.

Key words：enterprise annuity;governance structure;pension products;investment performance