养老保险基金投资管理体制改革及其影响

现阶段我国养老保险基金贬值是由通货膨胀率过高和保守型投资策略两个原因共同导致的。从账面余额计算，通货膨胀造成的社会统筹结余基金损失最为严重，但从实际余额计算，个人账户基金贬值则是主要原因。应当根据不同类型养老保险结余基金的不同性质，明确不同的投资渠道，逐步实现从中央政府与地方政府共同参与、合理分工的管理模式向由专业市场机构委托一代理的管理模式转变，并建立严格的监管与风险控制制度。

The Investment Management System Reform of the the Old-age Insurance Funds and Its Influence

The current devaluation of Chinese old-age insurance funds is attributed to two reasons simultaneously: the excessive inflation rate and the conservative investment.The inflation-driven loss of the public pension in social-pooling program is the most severe on credited basis.However,in the actual surplus sense,the devaluation in individual accounts would be predominant.Thus,these distinctive pension surpluses should be clarified to be applied to different investment methods according to their nature respectively.An incremental transformation,from collaborated and rationally functionality-divided by intergovernmental subjects to principal-agent-based by professional market participants,is in need.Also,the establishment of rigid regulation and a risk-control system is necessary.