养老保险基金投资运营研究

发布时间：2018-07-23 13:33

【摘要】：我国养老保险基金的投资渠道单一,加上人口老龄化加剧的压力,基金运营形式严峻。目前,国内不少学者已经提出效仿国外基金管理经验,对我国的养老保险基金进行多元化投资。但是,我国的资本市场发展水平是否能够满足养老保险基金(在强调安全性、流动性的同时,又强调收益性原则下)投资运营的基本要求,是值得深入探讨的问题。养老保险基金的投资与资本市场有着密切的联系。养老保险基金进入资本市场是整个世界金融发展的一个趋势。养老保险基金介入资本市场的程度主要取决于两个方面的因素,其一是养老保险基金自身的成熟程度,其二是资本市场的发展程度。我国的资本市场发育还不成熟,所以有些学者认为,养老基金应等到资本市场发育完全后再进入。而笔者认为,这种观点有失远见,等待不是金融市场的规则,美国现在的金融业如此发达,金融衍生产品丰富,与其银行业的不完善有着极大的关系,我国养老基金应当积极入市,入市得到的将是“双赢”。本文从养老保险基金与资本市场的互动关系出发,论述养老保险基金投资运营的可行性与必要性;在借鉴智利、新加坡和美国的成功经验后,得出了有益于我国养老保险基金投资的启示;最后提出了我国养老保险基金投资运营的具体策略,即按照养老基金安全性、流动性、收益性原则的要求,设计合理的基金投资运营方式,选择可行的投资工具,安排适当的投资结构。鉴于目前养老保险基金的投资渠道狭窄,单一的投资手段使养老保险基金根本不具备规避利率风险和通货膨胀风险的能力这一突出问题,本论文以此为创新点、突破点。在深入分析研究资本市场与养老保险基金二者互动关系的基础上,运用现代理财学、金融学观点,提出适合我国国情的养老保险基金投资运营的具体策略。
[Abstract]:The investment channel of endowment insurance fund in our country is single, combined with the pressure of aging population, the fund operation form is severe. At present, many domestic scholars have proposed to follow the experience of foreign fund management, and to diversify the pension fund in our country. However, whether the development level of the capital market in China can meet the basic requirements of the investment and operation of the pension insurance fund (emphasizing the security, liquidity and the principle of profitability) is a question worthy of further discussion. The investment of endowment insurance fund and capital market have close relation. Endowment insurance fund enters capital market is a trend that whole world finance develops. The degree to which the pension fund is involved in the capital market mainly depends on two factors, one is the maturity of the pension fund itself, the other is the development of the capital market. China's capital market is not mature, so some scholars believe that pension funds should wait until the capital market is fully developed before entering. However, the author believes that this view is not the rule of the financial market and that waiting is not the rule of the financial market. The United States now has such a developed financial industry and rich financial derivatives, which has a great bearing on the imperfections of its banking industry. China's pension funds should actively enter the market, market access will be "win-win." This paper discusses the feasibility and necessity of the investment and operation of pension insurance funds from the interactive relationship between pension funds and capital markets, and draws lessons from the successful experiences of Chile, Singapore and the United States. Finally, the author puts forward some specific strategies for the investment and operation of the pension fund in China, that is, according to the requirements of the principles of security, liquidity and profitability of the pension fund, Design reasonable fund investment operation mode, choose feasible investment tool, arrange appropriate investment structure. In view of the narrow investment channel of the pension insurance fund at present, the single investment means makes the pension insurance fund not have the ability to avoid interest rate risk and inflation risk at all, this paper takes this as the innovation point, the breakthrough point. On the basis of deep analysis of the interaction between capital market and pension insurance fund, this paper puts forward the specific strategies for the investment and operation of pension insurance fund suitable for the national conditions of our country by using the view of modern finance and finance.
【学位授予单位】：武汉大学
【学位级别】：硕士
【学位授予年份】：2005
【分类号】：F842.6

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