美國退休基金從事特定經濟目標性投資之探討   全文下載

An Analysis of Economically Targeted Investments by Pension Funds in the United States

退休基金的資金規模堪稱係許多國家最大的金庫，在金融市場舉足輕重，歷來不乏將其視為各種經濟、社會發展的潛在重要資金來源者。尤其，許多財政拮据的政府更易聚焦於退休基金之上，冀能左右退休基金資產的運用，以利政策的推行。對此，美國許多州提供誘因或強制要求退休基金投資州內產業（如投資基金資產一定比例於州內企業股票），以繁榮地方經濟。對於配合政策而為特定取向的投資，稱為「特定經濟目標性投資」，亦有稱為「政策性投資」者。
退休基金的宗旨，在於支付退休金計畫參加人或受益人的退休福利，故退休基金配合政策而從事「特定經濟目標性投資」時，如何兼顧資產的收益與安全，乃重要課題。據此，本文將針對退休基金從事「特定經濟目標性投資」所涉及的適法性及正當性等問題加以探討。

In many countries, the assets of pension funds are likely the greatest reservoir of capital and able to wield significant power in financial market. They have been recognized as potential sources of funds for economic or social developments. In particular, those governments in fiscal difficulties have looked to pension funds with growing interests to influence the use of their assets in a way that promotes economic, social, and political goals. Consequently, as a means to stimulate economic development, many states have adopted policies to provide incentives for, or require, pension funds to invest in in-state ventures. For example, such a policy is likely to require the trustees of a pension fund plan to invest a certain percentage of a fund’s assets in the stocks of in-state corporations. In compliance with government requirements, a preference for investments that stimulate local economic development are generally categorized as“economically targeted investments”or sometimes referred to as“politically targeted investments.”
All pension funds are established for the benefit of the pension plan participants and beneficiaries. In this connection, it is critical task to ensure market returns and security of pension funds’assets in the event of economically targeted investments made by funds’trustees as required or encouraged by governments. Thus, this paper is mainly designed to analyze the legality and legitimacy with respect to economically targeted investments.