本文以系統動態學定性之系統思考,並搜集國內外退休基金之相關研究、理論依據及影響基金在資產配置投資組合上之相關變數,來探討退撫基金在資產配置與投資組合績效上的因果關係。並以Markowitz(1952,1959)的平均數-變異數分析法為理論基礎,探討退撫基金投資標的種類及投入要素估計,對資產配置與投資組合經營績效之因果關係。由影響退撫基金之重要變數,建構出退撫基金在投資管理上資產配置之模型,以做為退撫基金管理委員會在基金投資管理與運用時之參考。 This paper puts emphasis on the qualitative analysis of the system dynamics and attempts to develop about asset allocation study, theory a basis, effect variables to be related to Civil Service Pension Fund and to probe into portfolio of the relation between cause and effect. This paper tries to use mean-variance portfolio model of Markowitz (1952,1959) and probe into portfolio of the pension fund asset allocation relation between cause and effect. Finally, to establish pension fund asset allocation model from key variables of the pension fund sponsors dealing with this task.