养老基金作为重要的机构投资者，在国际资本市场中发挥着越来越重要的作用。我国的养老保险体系自上世纪90年代确立基金积累制以来，已经形成了基本养老保险基金、全国社保基金、企业年金、商业养老保险等多种类别，随着资产规模的不断扩大，中国养老基金投资范围、市场影响力都在不断扩大，本文对国内外养老基金的运作模式进行了比较分析，并重点对全国社保基金和企业年金截至2012年的投资政策和投资实践进行总结。展望未来，随着我们人口老龄化高峰的到来，未来养老基金快速增长，参与资本市场程度不断提升是大势所趋。
As a major institutional investor, pension fund is playing a more and more important role in international capital market. In China, fund accumulation mechanism was established in 1990s. So far we have a three-pillar pension fund system which includes state social security fund, enterprise annuity and commercial insurance. With the rapid growth of pension asset, the investment scope and influence of pension fund are increasing progressively. This article studies the operational pattern of pension fund from a global perspective, analyzes the investment policy and practice of state social security fund and enterprise annuity, and gives prediction of pension fund operation and investment. Looking ahead to the future, asset size of pension fund will continue increasing with the aging of society and the pension investment will participate in the capital market on a larger scale.
