中国基本养老金市场化投资研究

发布时间：2017-12-31 21:19

本文关键词：中国基本养老金市场化投资研究　出处：《合肥工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：《中国养老金发展报告2011》指出目前我国的基本养老金存在两大问题：一是养老金收不抵支；二是养老金收益率过低。面对我国人口老龄化和养老金贬值的双重压力，研究我国基本养老金市场化投资策略，对实现基本养老金的保值增值具有重要的现实意义。本文首先界定了我国基本养老金的内涵，并且介绍了相关的投资运营理论。其次本文从理论和实证上对我国基本养老金进行资本市场投资的可行性进行了分析，其中实证检验上运用Granger因果关系检验法对我国社保基金的投资和资本市场发展两者的关系进行了分析研究，检验结果表明我国社保基金与资本市场存在良性的相互促进的关系，实证支持我国基本养老金进入资本市场进行市场化投资。再次，文章以全国社会保障基金市场化投资的经验作为借鉴，从投资工具、资产配置、管理模式等方面详细分析全国社保基金的投资管理，，为基本养老金的投资管理提供参考。最后文章根据前文的分析，为我国基本养老金的市场化投资提出了相关的具体的策略。指出我国基本养老金在明确投资管理的目标和原则的基础上，可以采用委托投资管理模式，在资本市场中选择风险相对适宜的投资工具，并实施循序渐进的投资管制策略。同时，在风险控制上，对基本养老金的市场化投资实行组合投资策略，通过运用Markowitz投资组合理论，构建模型并根据相关数据分析计算，得出了不同投资工具的配置比例，以在控制风险的前提下实现基金的保值增值。
[Abstract]:The China Pension Development report 2011 points out that there are two major problems in China's basic pension at present: first, the pension income is not offset; Second, the pension yield is too low. Facing the double pressure of population aging and pension depreciation, this paper studies the market-oriented investment strategy of basic pension in China. It has important practical significance to realize the maintenance and increment of basic pension. This paper first defines the connotation of basic pension in China, and introduces the related investment operation theory. Secondly, this paper analyzes the feasibility of capital market investment of basic pension in China theoretically and empirically. The empirical test uses the Granger causality test to analyze the relationship between the investment of social security fund and the development of capital market in China. The results show that there is a positive relationship between the social security fund and the capital market, and the empirical support for the basic pension to enter the capital market for market-oriented investment. Thirdly, the article analyzes the investment management of the national social security fund in detail from the aspects of investment tools, asset allocation, management model and so on, based on the experience of market-oriented investment of the national social security fund. To provide reference for the investment management of basic pension. Finally, according to the above analysis, the paper puts forward the relevant specific strategies for the market-oriented investment of basic pension in China, and points out that the basic pension of our country is based on the clear objectives and principles of investment management. We can adopt the investment management mode of entrustment, choose the investment tool which is relatively suitable for the risk in the capital market, and implement the investment control strategy step by step. At the same time, in the risk control. To the basic pension market-oriented investment portfolio investment strategy, through the use of Markowitz portfolio theory, build a model and based on the relevant data analysis and calculation. The allocation ratio of different investment instruments is obtained in order to maintain and increase the value of the fund under the premise of controlling the risk.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67;F832.51

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