日本年金資金投資運用之探討

　　老年年金保險若以「事先提存準備」為財務處理的基本精神，則該制度所面臨最大的挑戰在於累積基金的投資運用效率。換言之，該基金是否能達到甚至超過預定的投資報酬率或能否順利轉換為未來的養老資源，將是制度成敗的重要關鍵。年金基金的投資運用主要根據安全性、收益性、流動性、福利性與社會性等五大原則，原則之間的權衡則取決於年金基金的目的、參與者、財務來源、年金基金的成熟度、年金基金的給付類型等因素。本文以日本為觀察對象，主要分析有三：第一，日本公、私年金的投資運用規範；第二，日本公、私年金從1989年至2000年這11年來投資運用的變化情況。第三，日本年金基金運用經驗的台灣啟示。

關鍵字：年金基金投資運用、日本、公共年金、私人年金

The Investment Allocations of Japanese Pension Funds
Abstract
As the savings concept is applied to the financial management of pension programs, the challenge pensions face centers on the investment allocation efficiency of accumulation in a fund. Primary consequences include whether the fund meets or even exceeds the expected return requirements and is able to transfer retirement resources to the future. Investment decisions for pension funds hinge on five principles: security, profitability, liquidity, welfare, and sociality. A balance is made among demands of pension participants, funding resources, fund maturity, and types of benefit payments. To more closely examine these dynamics, this research selects Japanese public and private pension funds for observation and performs analysis in three areas: investment standards, changes in standards from 1989 to 2000, and implications of the Japanese experience for Taiwan.

Keywords: pension fund investment, Japan, public pension, private pension