在现代社会保障制度发展演变的历史进程中，1981年智利的养老金私有化改革无疑占据着一个重要位置。社保改革的“智利模式”引起了全球普遍关注，对拉美和其他地区的发展中国家乃至发达国家都产生了重要影响。本书目的在于考察智利养老金制度35年来的改革成效，对智利模式做出总体评价。

本书内容分为六章：

第一章：提供一个社保制度改革与养老基金投资的基本理论分析框架。现代社保制度的演变历程可以划分为三个阶段，1981年智利模式的创新在世界社保改革中占有重要位置。对社保私有化改革趋势可以从三个理论视角去分析，社保基金的投资管理模式与社保制度属性相关，私营分散化管理与政府集中管理具有一系列不同的特点。

第二章：考察1981年以来智利两次养老金制度的改革历程。在1981年改革之前，传统现收现付制已面临破产的危机。新制度在强有力的军政府统治下得以推动实施，改革引入了强制性的以个人资本化账户为基础的完全积累制养老金计划。2008年，针对私营养老金体系出现的问题，智利进行再改革，重点引入社会团结养老金计划，并完善私营养老金的运营体制。

第三章：分析智利养老金体系的三支柱框架。第一支柱为社会团结养老金，并为社会弱势群体提高缴费补贴；第二支柱为AFPs管理的个人账户计划；第三支柱为各类自愿性的养老金储蓄计划。

第四章：分析智利养老基金投资管理体制和投资政策的发展演变。在投资监管上，智利政府采取了严格的市场监管措施，包括投资组合数量限制，风险评级制度，交易市场以及信息披露等方面的政策。在投资渠道上，养老金投资范围逐步拓宽，投资组合日趋分散化，2002年允许设立多基金的政策是制度上的一次重大改进。

第五章：实证分析智利养老基金的投资成效。35年来养老基金积累了规模巨大的资产，取得了高额的投资回报，投资管理成本呈逐步下降趋势。养老基金行业发展呈现出三个特点：一是市场垄断趋势逐步加强；二是投资策略上表现出“羊群效应”；三是市场营销人员对竞争效率有明显的影响作用。

第六章：对智利模式做出总结评价。总体上看，智利私营养老金35年来的发展成效是显著的，突出表现在较高的投资回报率以及对资本市场和宏观经济发展的促进作用上；但也面临着参保覆盖面低、养老金收入分配差距扩大，以及高管理成本等问题。2008年社会团结养老金的引入弥补了私营养老金体系的不足，未来如何健全多支柱制度框架，扩大养老金覆盖面，降低成本，缩减收入分配差距等方面的改革，都是实现整个社会养老保障制度可持续发展的关键性因素。

Abstract

Along the development of modern social security（SS）system，one of the most important reform was the privatization of the Chilean pension system in 1981.The Chile Model of pension system has attracted world-wide attention which has influenced many developing counties in Latin America and other region as well as developed countries.This book will look into pension reforms in the past 35 years，and then have a comment on the“Chilean model”.

There are six chapters in this book：

The first chapter offers a theoretical framework for analyzing social security reform and pension fund investment.The author divides the history of social security system into three periods in which the“Chilean model”has acted as an important role.To demonstrate the privatization tendency of social security，three theoretical perspectives were analyzed.The author argues that the investment plan of pension fund is related to the characteristics of SS system.The privately managed pension fund was distinguished from public pension fund.

Chapter 2 analyzes Chilean pension reform process since 1981.Before 1981，the old pension system was becoming insolvent.The new system based on the individual capitalization account was put into force by the army ruled government.In 2008，to address the issues faced by the privatized system，Chile launched a new round reform in which a solidarity pension pillar was introduced as well as new regulations were implemented to management of the private pension funds.

Chapter 3 describes the three pillar structured pensionsystems in Chile.The first pillar is social solidarity pension and subsides for low vulnerable groups.The second pillar is the private pension account managed by AFPs.The third one would be voluntary saving plans for individuals.

Chapter 4 looks into pension fund investment system and regulations.Regarding investment policy，Chile has adopted the quantitative model including strict regulations on profile restrictions，risk rating and information disclosure.As time goes along，more and more investment tools are introduced for pension funds，and fund profiles becomes increasingly diversified.The creation of Multifunds in 2002 was a major progress.

Chapter 5 analyzes theperformance of pension fund investment.In the past 35 years，pension funds has accumulated rapidly accompanied by high investment returns and decreasing cost.The AFP industry has witnessed three development characteristics：the concentration of market；the Herding effect of investment；and the salesman's effect on market efficiency.

Chapter 6 has an overall comment on Chile Model.Briefly，the private pension system in Chile has made great achievement in terms of high investment return and its role for the development of capital market and macroeconomic in the last 35years.However，this system is also confronted with issues like low coverage，gaps on pension wealth and high management costs.The 2008 reform does help to improve the pension system with the introduction of social solidarity pension.In the long term，a more balanced multi-pillar pension system is needed to construct，and further reform solutions should be implemented to develop an adequate，equitable，sustainable pension system in Chile.