基于多目标投资组合的养老基金投资管理分析

在分析我国养老金投资运营所面临的问题的基础上，利用历史数据对比分析了我国养老基金各组成部分的规模和投资收益情况；并结合投资目标做出差距分析；最后根据马克维茨的投资组合理论以及在此基础上衍生出的多目标投资组合模型，通过实证研究得出适应我国目前资本市场投资环境并达到养老基金投资目标的最优化投资比例，以期为实现养老基金的保值增值提供参考，来应对人口老龄化压力和可能由此引发的养老金支付危机。

Pension Fund Investment Management Analysis Based on Multi-objective Portfolio

A new measure of pension investment operations is analyzed on the basis of the problems of our pension investment faced now, the components of pension funds and investment earnings scale are analyzed based on the historical data. Finally, according to Harry Markowitz＇s portfolio theory and the theory of multi-objective which is derived on the basis of portfolio model, the optimal investment ratio can be adapted to China＇s current capital market investment environment and the goal of pension fund investment is achieved on the basis of empirical research. In order to realize the reference value of pension funds, the research is to provide reference for aging population pressure and possible consequent pressure on pension payments crisis.