基本养老保险基金的风险
特征与风险规避

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Abstract: Ｂｙｔｈｅｅｎｄｏｆ２０１１，ｔｈｅ＂ｅｍｐｔｙａｃｃｏｕｎｔｓ＂ｏｆＣｈｉｎａ＇ｓｂａｓｉｃｐｅｎｓｉｏｎｉｎｓｕｒａｎｃｅｐｅｒｓｏｎａｌａｃ
ｃｏｕｎｔｓｒｅａｃｈｅｄ２２，００ｂｉｌｌｉｏｎ，ｃａｕｓｉｎｇｍｕｃｈｃｏｎｃｅｒｎｆｏｒｔｈｅｓｈｏｒｔａｇｅｉｎｐｅｎｓｉｏｎｆｕｎｄｓａｍｏｎｇｔｈｅｐｅｏｐｌｅ．Ｔｈｅ
ａｎａｌｙｓｉｓｓｈｏｗｓｔｈａｔｔｈｅｒｅｉｓｎｏｒｉｓｋｏｆｐｅｎｓｉｏｎｅｘｐｅｎｓｅｏｖｅｒａｓｈｏｒｔｐｅｒｉｏｄａｓｔｈｅａｃｃｕｍｕｌａｔｉｏｎｏｆｂａｓｉｃｐｅｎｓｉｏｎ
ｆｕｎｄｓｈａｓｍａｉｎｔａｉｎｅｄａｃｏｍｐａｒａｔｉｖｅｌｙｆａｓｔｇｒｏｗｔｈｗｈｉｌｅｔｈｅｓｃａｌｅｏｆｐｅｒｓｏｎａｌａｃｃｏｕｎｔｐｅｎｓｉｏｎｐａｙｍｅｎｔｉｓｌｉｍｉｔ
ｅｄ．Ｂｕｔｔｈｅｉｎｖｅｓｔｍｅｎｔｌｏｓｓｄｕｅｔｏｔｈｅ＂ｅｍｐｔｙａｃｃｏｕｎｔｓ＂ｏｆｔｈｅｐｅｎｓｉｏｎｆｕｎｄｓｈａｓｅｘｃｅｅｄｅｄ５００ｂｉｌｌｉｏｎＹｕａｎ，
ａｎｄｐｅｒｓｏｎａｌａｃｃｏｕｎｔｐｅｎｓｉｏｎｈａｓｓｈｒｕｎｋａｂｏｕｔｏｎｅｔｈｉｒｄ，ｗｈｉｃｈｐｏｓｅｓｒｅａｌｒｉｓｋｓｆｏｒｔｈｅｂａｓｉｃｐｅｎｓｉｏｎｉｎｓｕｒａｎｃｅ
ｓｙｓｔｅｍ．Ｔｈｅｃｅｎｔｒａｌｉｓｓｕｅｆｏｒｔｈｅｃｕｒｒｅｎｔｓｙｓｔｅｍｒｅｆｏｒｍｉｓｔｏｃａｒｒｙｏｕｔｉｎｖｅｓｔｍｅｎｔｏｐｅｒａｔｉｏｎｏｆｔｈｅｐｅｎｓｉｏｎｆｕｎｄｓ
ａｎｄａｌｌｏｃａｔｅａｐｐｒｏｐｒｉａｔｅｌｙｔｈｅｉｎｖｅｓｔｍｅｎｔｅａｒｎｉｎｇｓｔｏｐｅｒｓｏｎａｌａｃｃｏｕｎｔｓ．Ｉｆｔｈｅｆｕｎｄｓａｒｅｅｎｔｒｕｓｔｅｄａｔｔｈｅｐｒｏｖｉｎ
ｃｉａｌｌｅｖｅｌａｎｄｉｎｖｅｓｔｅｄａｎｄｏｐｅｒａｔｅｄｃｏｌｌｅｃｔｉｖｅｌｙｂｙｔｈｅｃｅｎｔｒａｌｇｏｖｅｒｎｍｅｎｔ，ｔｈｅｏｂｓｔａｃｌｅｓａｎｄｄｉｆｆｉｃｕｌｔｉｅｓａｒｉｓｉｎｇ
ｆｒｏｍ＂ｎａｔｉｏｎａｌｃｏｏｒｄｉｎａｔｉｏｎ＂ａｎｄ＂ｃｏｎｓｏｌｉｄａｔｉｎｇｔｈｅｐｅｒｓｏｎａｌａｃｃｏｕｎｔ＂ｗｉｌｌｂｅａｖｏｉｄｅｄ．Ｉｎｔｈｅｍｅａｎｔｉｍｅ，ｔｈｅ
ｉｎｖｅｓｔｍｅｎｔｇａｉｎｓｗｉｌｌｂｅｒｅｃｏｒｄｅｄｉｎｔｏｔｈｅｐｅｒｓｏｎａｌａｃｃｏｕｎｔｂｙ＂ａｃｃｏｕｎｔｉｎｇ＂ｔｏｅｎｓｕｒｅｔｈｅａｃｃｏｕｎｔｏｗｎｅｒ＇ｓｒｉｇｈｔｓ
ａｎｄｐｅｎｓｉｏｎｐａｙｏｕｔｆｏｒｉｎｄｉｖｉｄｕａｌｓ．
　　

Key words: ｂａｓｉｃｐｅｎｓｉｏｎｆｕｎｄｓ, ｐｅｒｓｏｎａｌａｃｃｏｕｎｔ, ｒｉｓｋ, ｉｎｖｅｓｔｍｅｎｔ

CLC Number:

Ｆ８４０．６７

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