养老金资产的投资组合与现实环境因应

养老金投资是典型的资产一负债管理，其综合管理的最终日的，是保证任一时点的盈余非负。一个成熟、平稳运行的资本市场才适合养老金投资，其中发达的固定收益市场不可或缺。我国完全信托型的养老金投资体系存在着资金来源单一、规模有限、投资环境不佳、投资管理非市场化等发展初级阶段的特征。养老金投资股市需要在养老金内部管理体系和外部资本市场发展两方面入手完善，有序推进。

The Relationship between the Pension Asset Portfolio and Real Environment

The asset allocation of pensions makes sure the profit is non-negative by asset-liability analysis.The stability of capital market and developed debt market are prerequisite for pension mix including stocks.China pension investment systems are challenged by limited quantity,lonely financing,high-fluctuating market and non-contesting investment management systems.The route of pension to invest stock needs to improve pension management systems and deep capital market by develop bond securities firstly.