人口与经济

持续熊市背景下养老基金的资产负债管理—瑞士养老保险基金管理经验及其启示

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作者：陈志国

单位：西南财经大学社会保险研究所, 四川成都 610074

关键词：瑞士;养老基金;投资管理;启示

分类号：F840.67

出版年,卷(期):页码：2005,26(3):72-76

摘要：

瑞士养老基金投资管理经历了2001～2003年瑞士金融市场持续熊市的严峻考验,时至2003年底,瑞士养老基金资产价值仍低于按最低保证利率测算的养老金资产价值。养老基金投资机构形成了如何在不利投资环境下进行养老金资产负债管理的管理技术和管理方法。瑞士养老基金投资管理经验对发展中国家或转型国家如何实现动态的养老基金管理具有十分重要的借鉴意义。

Swiss pension fund investment suffered baptism from the bad performance of the three-year bear market (2001-2003).At the end of 2003, Swiss pension fund asset value was lower than the value calculated by BVG guarantee interest rate.Pension fund entities implored some fruitful management techniques of pension fund asset-liability management (ALM).Developing countries and countries in transition can learn more about dynamic pension fund management under adverse market conditions from Switzerland.

基金项目：

作者简介：

陈志国(1968-),男,四川南充人,西南财经大学社会保险研究所保险学博士,主要研究方向为养老基金投资管理。

参考文献：

[1] Dr Graziano Lusenti:Consulting in Bear Market-a Swiss Perspective.Investor Seminar Dexia Asset Management 2003, (10).
[2] Global Investment Reporting, CSAM Swiss Pension Fund Index, 4th Quarter 2003,
[3] http://www.ipe.com/default.asp?article=16128.
[4] http://www,watsonwyatt.com/europe/switzerland/services/asip/english-sr1.asp.
[5] http://www,watsonwyatt.com/europe/switzerland/news/globalnews2.asp?ID=9815&nm=Europe%20-%20Switzerland.
[6] Global Investment Reporting, CSAM Swiss Pension Fund Index, 4th Quarter 2003.
[7] BVG2000-New Set of Actuarial Assumptions for Pension Funds (Switzerland).
[8] Dr Graziano Lusenti:Consulting in Bear Market:a Swiss Perspective.Investor Seminar Dexia Asset Management 2003.

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