我国养老基金投资偏好研究

本文通过收集2003－2005年我国上市公司有关数据，从安全性、谨慎性、流动性和交易成本、公司业绩、投资风格等5个角度来研究养老基金的投资偏好。研究结果表明：我国养老基金偏好流动性强、交易成本低、风险小、规模大的公司作为投资对象。

The Study on the Investment Preference of Pension Fund in China

This paper investigates investment preferences of pension funds from safety, prudence, liquidity, transaction costs, past performance and investment style using the data of listed companies from 2003 to 2005, and the results show that pension funds are more likely to choose the stocks which have the features of low risk, strong liquidity, low transaction costs and owned by large companies to invest.