摘要：养老保险制度是一项重要的社会制度，也是一项重要的经济制度。二十世纪八十年代以来，由于人口老龄化、经济增长减速等因素，国际上原有的现收现付养老保险制度模式出现危机。世界各国纷纷对本国的养老保险制度进行改革，引入基金积累制，将积累的养老保险基金投资于资本市场。世界各国在养老保险基金投资实践中积累了大量成功的经验和失败的教训。

　　二十世纪九十年代，由于我国人口老龄化的出现，导致了现收现付制度下养老金收入和支出之间的矛盾越来越突出，使得我国养老保险制度不得不由由现收现付制向部分积累制改革。但是，新的养老保险基金的运营制度又带来了基金的保值、增值这一难题，这就必然要求养老保险基金的投资运营向多元化发展。然而，伴随着养老保险基金投资的多元化，如何规避资本市场风险的问题也随之而来，本文拟就养老保险基金的投资运营问题提出了一些个人看法。

　　论文的第一章为绪论部分，主要介绍了论文的研究背景、研究必要性、文献综述和研究思路及方法。第二章概述了我国养老保险的制度发展、我国养老保险基金的构成、投资规模、投资收益。第三章阐述我国养老保险基金的投资原则与投资策略。第四章综述了国外养老保险制度改革和养老保险基金投资实践。具体介绍了国际上养老保险制度的改革历程和改革方向;典型国家如美国、加拿大、智利、日本的养老保险制度和养老保险基金投资实践;并对国外养老保险基金投资运营的特点和发展趋势进行总结。第五章根据国际、国内养老保险基金投资运营的经验与教训，提出了扩大我国养老保险保险基金投资范围和完善养老基金投资风险控制体系的建议。

关键词:养老保险基金;资本市场;投资组合，风险控制

ABSTRACT：Pension system is not only an important social system, but also an important economic system. Since the 1980s, because of the external factors such as the growing of aging population and the slowing pace of economic growing and the internal factors such as choice and institutional design of pension system, the traditional pension system named pay-as-you-go faced crisis. Countries had to reform their pension systems, so funded pension system was born. The pension fund was invested into capital market. The pension fund investment practices in the world accumulated much successful experience and failing lessons.

Because of the growing of aging population, the pension income in the pay-as-you-go system could note satisfy the pension expenditure, China has begun to reform its pension system since 1990s. In the new pension system, only part of the pension fund is invested to achieve certain return yield that the pension system would be sustainable. Then it brings some new problems, such as: how to choose the Investment combination and how to reduce the relative risks, and so on. This paper give some suggests for solve these problems.

　The first chapter shows the background of this paper, Literature review, and ideas & methods of research. The second chapter talks about the development of pension system in our country, the composition and provisions of our pension. The third chapter introduce about the investment of our pension. The fourth compares the investment of pension in foreign countries. Some solutions are recommended in the fifth chapter. The conclusion is expounded in the last chapter.

Keywords: Pension fund: capital market; Investment combination; Control venture.