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表14,灰色线)。CalPERS贴现率的最近一次调整是在2021年7月,由于其在2020-21财年实现了21.3%的投资回报,
表14,灰色线)。CalPERS贴现率的最近一次调整是在2021年7月,由于其在2020-21财年实现了21.3%的投资回报,
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图片大小:1447KB
图片尺寸:2302*1221
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所属报告:
全球公共养老金行业研究系列(五):美国CalPERS资产负债管理的平衡术-250125(45页).pdf
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fCAyMDIyLTIzIEFubnVhbCBDb21wcmVoZW5zaXZlIEZpbmFuY2lhbCBSZXBvcnQgfCAyMDIyLTIzIEFubnVhbCBJbnZlc3RtZW50IFJlcG9ydCB8IEJBU0lDIEZJTkFOQ0lBTCBTVEFURU1FTlRTIHwgVHJ1c3QgTGV2ZWwgUmV2aWV3IHwgRW1lcmdpbmcgTWFuYWdlciBGaXZlLVllYXIgUGxhbiB8IENhbFBFUlMgRWNvbm9taWMgSW1wYWN0cyBpbiBDYWxpZm9ybmlhIHwgMjAyMi0yNyBTdHJhdGVnaWMgUGxhbiB8IEdsb2JhbCBQdWJsaWMgRXF1aXR5IEFubnVhbCBQcm9ncmFtIFJldmlldyB8IENhbFBFUlMgU3VzdGFpbmFibGUgSW52ZXN0bWVudHMgMjAzMCBTdHJhdGVneSB8CnwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwKfCB8IHwgfCBBcyBvZiBNYXJjaCAzMSwgMjAyNCB8IHwgfCB8IFNlcHRlbWJlciAxOCwgMjAyMyB8IE5vdmVtYmVyIEJvYXJkIE1lZXRpbmcgfAoK6LWE5paZ5p2l5rqQ77yaQ2FsUEVSU+WumOe9ke+8jOW5s+WuieivgeWIuOeglOeptuaJgA==
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行业数据
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行业数据
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图表11CalPERS《总基金投资政策》的历史变化
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2025-02-05
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票据贴现利率与理财产品预期收益率(%)
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2025-01-07
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上市险企风险贴现率(%)
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2025-01-03
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中国无风险利率及主观贴现率(%)
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2024-10-11
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第三,贴现率,既是用于计算雇主成本以及雇员供款的利率,也是其资产组合的长期预期投资回报率。贴现率是 CalPERS通过 ALM 的流程进行精算平衡之后得出的结果,是其用来平衡养老金资产与未来负债的关键组成部分之一。从 CalPERS披露的历史数据来看,贴现率随着美国经济及养老金整体投资回报的表现而变化,其最近几十年呈现逐步下降的趋势(图
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全球公共养老金行业研究系列(五):美国CalPERS资产负债管理的平衡术-250125(45页).pdf
2026年美国公共养老金行业报告:资产负债管理框架,ESG投资与千亿气候行动
表14,灰色线)。CalPERS贴现率的最近一次调整是在2021年7月,由于其在2020-21财年实现了21.3%的投资回报,
图表9CalPERS的组织架构
图表7PERF资产规模及增长情况
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