养老金投资风险管理

无论实行何种养老金制度，养老金的投资风险管理都是各国所面临的共同问题。养老金个人账户的给付水平取决于资产积累状况。美国的经验表明，金融资产和其真实回报率具有很大的不确定性，那些按同样投资策略投资的参保者仅仅因为退休时间相差几年而可能获得十分悬殊的退休金。本文介绍养老金风险防范的具体措施，运用金融工程的期权理论，阐述养老金范围期权防范风险的基本原理。

Administration of Investment Risk of Pension Funds

The administration of the investment risk of pension funds is the common problem challenging all countries no matter what kind of pension scheme they implement. The real value of the payment flows is limited by the current market value of assets held in the accounts. U.S. experience over the past century suggests that neither the value of fi- nancial assets nor their real return is assured. Although workers follow an identical investment strategy and their retirement time is only a few years apart, they may receive pensions that are extremely unequal. This paper introduces the precise measures to prevent the risks of the endowment insurance and emphasizes the basic theory of pension eoilar in detail.