养老基金的投资决策大体上可以分成三个环节:战略资产配置决策、投资时机决策和证券选择决策。战略资产配置又称为政策性资产配置,指养老基金根据长期投资目标和风险政策制定资产配置计划,明确资金投向和各类资产的长期投资比例。战略资产配置是养老金投资的首要环节,正确理解战略资产配置的重要性对养老金投资管理十分重要。 The pension fund’s investment decision can be divided into three parts: strategic asset allocation decision, investment opportunity decision and securities selection decision. Strategic asset allocation, also known as the policy of asset allocation, refers to the pension fund to develop asset allocation plans based on long-term investment objectives and risk policies, a clear capital investment and the proportion of long-term investment in various assets. Strategic asset allocation is the primary link of pension investment. Correct understanding of the importance of strategic asset allocation is very important for pension fund management.