基于风险、收益双重任务委托-代理模型的养老保险基金投资营运管理

养老保险基金进入资本市场进行投资必然存在一个复杂的组织结构,由于信息不对称,使得不同层次的委托—代理关系可能产生过度风险的机会主义行为,如道德风险等问题。本文通过设计一个最优的规避风险和激励机制下的委托—代理模型,诱使代理人选择委托人所希望的行动,实现养老保险基金在积累不断扩大的前提下的保值、增值。

A Study on Investment Management of Pension Fund According to Client-Agent Model of Risk and Profit

There is a complicated organization with the pension fund entering the capital market to invest,it makes different levels client-agent to bring over-risk opportunity conduct,for example,moral risk problem.This paper leads agent to choose the action client expects to achieve pension fund value and increment through designing the client-agent model including both evading risk and inspiring mechanism.