内容摘要：养老基金、公益基金是典型的风险厌恶者，需要刚性规则进行限制和管理风险，同时需要追踪和匹配适当负债。作者综述资产负债匹配的一般模型以及最新模型，并发展CVAR限制下组合优化模型，研究养老基金和公益基金的动态资产配置。 关键词： 养老基金 公益基金 资产配置 ABSTRACT: As typical risk-aversion，we need rigid rules to restrict and manage risks of pension funds，public welfare funds meanwhile tracking and matching equity, this paper develops the asset-liability matching models of pension funds，public welfare funds using CVAR constrains and indexation method ,furthermore to achieve dynamic equity matching.