目前我国的基本养老制度已由过去的现收现付制过渡为部分累积制,累积制度的实施使得养老保障基金产生了大量的沉淀资金。但是,过去我国对养老保障金的投资主要以信用等级较高、收益相对较低的产品为主,在高通胀的情况下,养老金面临严重的缩水问题。因此本文通过借鉴美国养老保障金的管理实践,重点论述美国养老保障金对该国资本市场的影响,以期通过对比,为我国养老保障金进入资本市场提出适当建议。 At present, China’s basic pension system has transitioned from the past pay-as-you-go system to a partial accumulation system. The implementation of the cumulative system has resulted in a large amount of deposit funds for the pension fund. However, in the past, the investment in old-age security funds in our country was mainly dominated by products with relatively high credit ratings and relatively low returns. In the case of high inflation, pensions faced a serious problem of shrinkage. Therefore, by drawing lessons from the management practice of American pension insurance, this paper focuses on the impact of the American pension insurance on the capital market of the country, with a view to making appropriate recommendations for the entry of pension insurance funds into the capital market through comparison.