养老基金投资组合资产分配限制一直是各国养老基金专家和政策制订者争论的焦点。无论如何,在金融市场不发达的发展中国家,这种限制已经被证明是一种保证养老基金安全的明智策略。本文从中国资本市场的发展状况出发,运用有关历史数据建立了中国养老社会保险基金政策性资产分配模型,可能对中国目前的有关决策可能会有所裨益。 Limitations on the allocation of assets to pension fund portfolios have been the subject of debate among pension fund experts and policymakers all over the world. However, in developing countries with underdeveloped financial markets such restrictions have proven to be a sensible strategy for ensuring the security of pension funds. Based on the development of China’s capital market, this paper establishes the policy asset allocation model of China’s pension insurance fund by using the relevant historical data, which may be beneficial to China’s current decision-making.