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中国企业年金目前仍处在发展的幼稚期,不具有为证券市场持续提供资金的能力。无论是从利益主体还是从制度特征上看,中国企业年金与美国401(K)计划都有本质的不同,所以,现阶段中国企业年金还不应模仿美国401(K)计划大规模投资股票类资产。中国股票市场具有高波动性,市场功能和运行机制不健全,因此不适合企业年金投资。在制度性条件缺失的情况下,企业年金盲目进入股票市场会给社会带来灾难性后果。
Chinese enterprise annuity is still in its infancy of development and does not have the ability to continuously provide funds to the securities market. The Chinese enterprise annuity is essentially different from the 401 (K) plan of the United States both in terms of stakeholders and institutional characteristics. Therefore, Chinese enterprise annuity should not imitate the 401 (k) plan of large-scale investment in stocks assets. China’s stock market has high volatility, its market function and operation mechanism are not perfect, so it is not suitable for the enterprise annuity investment. In the absence of institutional conditions, blind access to the stock market of enterprise annuities will have disastrous consequences for the society.