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人口老龄化是世界范围内的普遍现象，我国作为世界上人口最多的国家，
养老金保障体系的支付压力远远高于其他国家，只有确保养老基金保值增值，
才能够缓解老龄化社会对我国养老金的支付压力，顺利完成统账结合制度的制
度建立目标
个人账户制度虽然成功的在我国完成了制度体系建设，但并未起到养老金
的支柱作用，唯一的原因就在于个人账户基金并没有在管理运营过程中获得较
高的投资回报率。机关事业养老保险个人账户采取和企业职工个人账户同样的
投资方式，即：协议银行存款和购买部分国债。这样的投资方式在企业职工个
人账户基金的投资管理实践中，已经表明其投资收益仅仅能近似银行存款收益，
机关事业单位工作人员养老金虽然和企业职工的养老金计发办法不同，在过渡
期内的养老金替代率没有企业职工面临的形势严峻，但是长期来看都将面临养
老金替代率下降的困境，要解决养老金替代率下降的唯一办法就是提高基金的
投资收益率。现行的机关事业个人账户养老金投资管理办法显然无法适应人口
老龄化基本国情的需求
Y 省机关事业单位养老保险改革工作于 2015 年末正式启动，我有幸参与到
这项改革工作中来，在工作中，我发现机关事业单位养老保险的个人账户管理
方式依然采用协议银行存款的方式管理，虽然机关事业单位工作人员与企业职
工的退休金待遇办法不同，但是两者的个人账户基金同样面临保值增值的压力，
在几乎相同的投资管理模式下，机关事业单位养老保险基金与企业养老保险基
金投资收益应当近似，我开始思考：什么类型的个人账户基金投资管理模式能
够缓解老龄化社会带来的支付压力，完成保障退休人员生活水平的使命？依托
Ⅰ摘要
II
养老保险参保数据采集平台，我用 Y 省机关事业单位参保的基本数据，对 Y 省
省本级的个人账户基金结余做出测算，并按照基金结余预测拟定收益率的情况
下，基金投资结余的差异，最终得出结论：要应对老龄化社会对我国养老保障
的压力，必须尽快的积累足够的养老金资产，最好的办法就是对个人账户基金
进行市场化投资运营
个人账户基金市场化投资运营不仅能够应对人口老龄化的冲击，还能够提
高养老金替代率，完成统账结合制度预设的养老金替代率目标，使个人账户基
金成为养老金强有力的支柱，切实保障退休人员的养老生活水平
关键词：机关事业单位养老；个人账户基金投资；养老基金投资；投资运营管
理
ⅡAbstract
III
Abstract
The pension system is an important part of the social security system. Pension
fund management related to retiree pension security is a hot issue in life level, a high
degree of attention in Chinese society. The institutions of our staff pension system
reform since 2014 officially started, has now entered the stage of policy
implementation, and the enterprise workers the endowment insurance system, will be
interconnected as the core of the old-age insurance system.
Population aging is a common phenomenon in the world, China is the most
populous country in the world, the pension security system pa yment pressure is much
higher than other countries, only to preserve and increase the value of pension funds,
can alleviate the pressure to pay the aging society of China&39;s pension, the successful
completion of interconnected system establishment.
Although the success of individual account system in China to complete the
system construction, but did not play the role of pillar pension, the only reason is that
the fund of individual account and did not get a higher rate of return on investment in
the management process. The organs and institutions endowment insurance personal
accounts and personal accounts to employees the same way of investment namely: the
agreement of bank deposits and buy some bonds. Such investment in the investment
management practice of enterprise employees&39; personal accounts of the fund, has
shown that the investment income can only approximate the bank deposit income, for
the institution staff pension and although enterprise workers pension defined different,
During the transition period of the pension replacement rate of enterprise employees
not facing the grim situation, but in the long term will be faced with the plight of the
pension replacement rate decreased, the only way to solve the pension replacement
rate decline is to increase the fund&39;s investment income rate. The current institutions
and personal account pension investment management approach is clearly unable to
meet the basic population aging the situation of demand.Abstract
IV
Pension reform institutions in Y Province officially launched at the end of 2015,
I have the honor to participate in the reform work, at work, I found that personal
account management institutions endowment insurance is still using the management
protocol of bank deposits, although the organs and institutions of staff and enterprise
workers pension benefits in different ways, but the personal account fund is also
facing increasing the value of the pressure in the investment management pattern is
almost the same, the old-age insurance fund institutions endowment insurance fund
and enterprise investment income should be approximately, I began to think: what
types of personal account fund investment Management mode can alleviate the aging
society brings pressure to pay, to guarantee the standard of living of retirees mission
Relying on pension insurance data acquisition platform, I use the basic data of Y
province institutions insured, the provincial level Y personal account fund balance to
make estimates, and forecast according to the rate of return of the fund ba lance to the
situation next, the difference in the fund investment balance, finally draws the
conclusion: to deal with the aging society pressure on old-age security in China, must
as soon as possible to accumulate enough pension assets, the best way is to market
investment operations of the fund of individual account.
The market investment of individual account fund operation only to cope with
the impact of the aging population, but also to improve the pension replacement rate,
complete the interconnected system to the default pension replacement rate target, the
fund of individual account pension become a strong pillar, and effectively protect
pensioners living standards.
Key words: organs and institutions pension; individual account fund investment;
pension fund investment; investment operation management目录
V
目 录
摘要.I
Abstract......... III
第一章 绪论... 1
第一节 研究背景....1
第二节 研究对象、范畴....3
第三节 本文的结构框架....4
第二章 文献综述....... 5
第一节 养老金个人账户制度概述5
一、全球社保改革引入个人账户的历史进程..5
二、个人账户的意义和作用..8
三、个人账户制养老金的地位和前景..........11
四、国外个人账户基金投资的主要模式.......13
第二节 国内外个人账户制度现状综述..15
一、 个人账户投资资本市场的积极意义.....15
二、 国外个人账户制度现状..........18
三、 我国个人账户管理制度的发展历程.....19
第三节 个人账户基金投资管理相关理论概述..23
一、个人账户基金投资运营需遵循的根本原则和目标..........23
二、个人账户基金投资工具24
三、个人账户基金资产配置25
四、个人账户基金投资绩效评估....
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