【摘要】 在2001年改革之前,日本中央社保基金“年金积立金”始终是通过“财政投融资计画”这个机构对产业和基础设施等领域进行投资来实现其增值保值的目的,结果出现了大量的坏账损失。鉴于此,2001年4月日本开始对社保基金投资管理体制进行大幅度的改革,新成立的“年金资金运用基金”代之以原来的“财政投融资计画”负责基金的投资运营,开始实施市场化的投资策略改革,将投资开始向资本市场倾斜。本文对2001年以来的改革过程和绩效进行了实事求是的分析,在占有大量第一手资料的基础上,首次对新体制的运行和存在的问题进行了评价,对我国社保基金的投资管理不乏具有特殊的启发。更多还原

【Abstract】 Along the history before 2001,Japan’s social security fund managed by central government—the public pension reserves—was invested by an institution named FILP(fund investment and loan plan) which provided loans for industry development and social infrastructure building.This investment policy had resulted in trillions Yen of bad debt losses.However,from April of 2001,the Japanese government started a reform on the investment mechanism of the fund.A newly constituted GPIF(government pension investment fund) replaced FILP and took the responsibility for the investment of the fund.It carries out a marketlized investment strategy in which a large amount of shares were put into the capital market.This article will analyze the reform process from 2001 on the basis of the detailed facts collected by the authors,and for the first time give a comment about the problems and effects in Japan’s new pension fund investment system.The paper was looked forward to giving some lessons and indications for China’s social security fund reform.更多还原