地方政府管理的基本养老保险基金投资管理体制的选择研究

发布时间：2018-01-19 14:44

本文关键词： 基本养老保险基金投资管理体制激励约束机制风险监管　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：养老保险基金是养老保险制度的财务基础,是养老保险制度得以稳定运行的基石,养老保险基金的投资管理成败关系到养老保险制度目标的实现,关系到整个社会的稳定。国际上许多国家对养老保险基金的投资管理都采取了较为审慎的态度,或由政府部门直接投资运营,或采用委托代理方式,选取专业的金融投资机构代为负责基金投资运营,并建立了严格的风险预防机制和投资限制,确保基金在安全稳定前提下的收益。现在,我国已经建立了覆盖全民的基本养老保险制度,基金规模日渐庞大,但是都由地方政府负责管理,投资管理体制混乱。而与此同时,我国人口结构也发生了巨大变化,人口老龄化银色浪潮席卷而来,养老金正面临着巨大的支付危机。此外,基本养老保险基金在投资管理过程中还存在诸多难题,严重影响了参保人未来老年生活基本保障目标的实现,我国基本养老保险制度的发展正面临前所未有的挑战。而作为制度关键组成部分的基本养老保险基金,其投资管理体制的选取,更是引起社会各界广泛关注。论文从基本养老保险基金投资管理的一般理论分析出发,探析了目前我国地方政府管理的基本养老保险基金地方投资管理存在的问题,并以国际视角对比研究了国外几个典型的国家政府举办的养老保险基金投资管理模式的特点；在此基础上,确定了我国地方政府选择基本养老保险基金投资管理模式的一般原则和标准,重点对可供我国地方政府选择的几种基本养老保险基金投资管理模式进行了比较分析；最后结合我国现阶段国情,提出了选择适于我国地方政府管理的基本养老保险基金投资管理体制的建议及政策思路。论文共分为五个部分,各部分主要内容及观点如下。第一部分,导论。这部分主要交代了论文的选题背景、研究目的和意义以及研究思路和方法,并对国内外研究现状及发展趋势进行了简要总结。第二部分,基本养老保险基金投资管理的一般理论。首先,对基本养老保险基金的含义进行了界定；其次,总结了基本养老保险基金投资管理应遵循的一般理论,为基金投资管理体制的设计及选择提供理论方面的指导；最后,指出基本养老保险基金投资管理应遵循的一般原则,以确保基金的安全并获取收益。第三部分,我国地方政府管理的基本养老保险基金投资管理存在的问题及国外经验研究。这部分首先是对我国地方政府管理的基本养老保险基金近几年的收支结余状况进行了简要概述；其次,对基本养老保险基金投资管理过程中存在的问题进行了总结,进而为寻求改进措施提供铺垫：最后,研究了国外四个典型的国家政府举办的养老保险基金投资管理模式的特点,即美国的信托基金管理模式、新加坡的基金会管理模式、智利的商业化经营管理模式以及瑞典的清算所模式,深入分析了其投资管理特点,政府在制度运行中的监管责任等。以国际视角切入,进而得出投资管理模式选取的一般经验启示,为我国地方政府管理的基本养老保险基金投资管理模式的选择提供经验借鉴。第四部分,地方政府管理的基本养老保险基金投资管理模式的比较研究。这部分首先借鉴国际经验,并结合我国实际情况,确定了我国地方政府选取基本养老保险基金投资管理模式应遵循的一般原则和标准,并简要概述了几个可供选择的投资管理模式；然后,重点对三种可供选择的基本养老保险基金投资管理模式进行了对比分析,即地方政府自行投资模式、地方政府委托全国社会保障基金理事会代为投资模式和地方政府直接委托专业投资机构代为投资模式,仔细探寻了各投资管理模式的优缺点等。需要特别说明的是,在地方政府委托全国社会保障基金理事会代为投资模式中,首先对全国社会保障基金理事会的投资管理制度进行了论述,包含其风险预防机制和激励约束机制等,然后以广东省政府委托全国社会保障基金理事会代为投资管理为例,进行了简要分析。总体来说,这部分详细梳理了三种可供我国地方政府选择的基本养老保险基金投资管理模式的优缺点,以为论文最后观点的形成提供支撑。第五部分,地方政府管理的基本养老保险基金投资管理体制的选择及建议。这部分在借鉴国外政府举办的养老保险基金投资管理经验的基础上,进一步考虑前文对三种可供选择的投资管理模式的分析,并结合我国基本养老保险基金地方管理的特殊性,认为采取委托代理方式是比较可取的方式,但要根据各地方实际情况灵活选取基本养老保险基金投资管理主体。论文认为,长远来看,基本养老保险基金投资管理的信托模式、市场化运营和专业化是必然趋势。论文最后对基本养老保险基金投资管理体制的完善提出了几点建议,以期待尽快建立与中国本土较为适宜的投资管理体制,实现养老保险制度的稳定与可持续发展。论文的主要研究特色及创新之处在于：①论文从投资管理体制角度切入,研究视角具有一定的创新性。论文较全面的分析了我国地方政府管理的基本养老保险基金投资管理存在的问题及国际上典型的政府养老保险基金投资管理的经验,认为投资管理体制的选择是当前影响我国地方政府管理的基本养老保险基金投资成败的关键。②研究内容具有新意,提出的对策具有一定的前瞻性、针对性和应用性。基本养老保险基金投资管理模式的选择一直存在争议,论文比较分析了当前可供我国地方政府选择的三种基本养老保险基金投资管理模式的特点、各自优势与不足,指出信托模式、市场化投资及专业化运营是基本养老保险基金投资管理体制发展的共同趋势,并从立法、激励约束机制的建立及风险监管等方面提出了完善基本养老保险基金投资管理体制的具体建议,对策思路具有一定的针对性和应用价值。
[Abstract]:The pension insurance fund is the financial basis of the endowment insurance system, the old-age insurance system is the cornerstone of the stable operation of the pension fund investment management is closely related to the endowment insurance system to achieve the goal, related to the stability of the whole society. Many countries in the world for the endowment insurance fund investment management has taken a more cautious attitude, or by government departments direct investment operations, or by proxy mode, select financial professional investment institutions is responsible for investment fund operations, and establish a strict risk prevention mechanism and investment restrictions, to ensure security and stability under the premise of the fund in return.
Now, our country has established the basic old-age insurance system of universal coverage, fund size is huge, but the local government is responsible for the management, investment management system chaos. At the same time, China's population structure has undergone tremendous changes, population aging silver wave swept, Nintaus is facing a huge pension payment crisis. In addition, the basic old-age insurance fund investment management process still exist in many problems, serious impact on the future life of the elderly insured basic guarantee the realization of the goal, the development of China's basic pension insurance system is facing a hitherto unknown challenge. As a key part of the system of basic old-age insurance fund, the investment management system, more is aroused widespread concern.
The general theory of the investment from the basic old-age insurance fund management based on the analysis of the existing local investment in basic old-age insurance fund management of our local government management problems, and to the international perspective on the comparison of the characteristics of management pattern of pension insurance fund investment in government held several typical foreign countries; on this basis, determine China's local government choose the general principles and standards of the investment management mode of basic old-age insurance fund, focusing on the basic old-age insurance fund for several investment management mode selection of local governments in China are compared and analyzed; finally, the present stage of our country, puts forward suggestions and policies for the basic old-age insurance fund investment management our system of local government management.
The paper is divided into five parts, and the main contents and views of each part are as follows.
The first part is introduction. This part mainly explains the background, purpose and significance of the research, as well as research ideas and methods, and summarizes the research status and development trend at home and abroad.
The second part, the general theory of the basic old-age insurance fund investment management. Firstly, defines the meaning of the basic endowment insurance fund; secondly, summarizes the general theory of the basic old-age insurance fund investment management should follow, provide theoretical guidance for the design and selection of the fund investment management system; finally, points out the basic principles the pension insurance fund investment management should follow, in order to ensure the safety of fund income and access.
The third part, study on the problems and experience of foreign investment management of China's basic old-age insurance fund management of local government. This part firstly gives a brief overview of China's basic old-age insurance fund management of the local government in recent years, the balance of payments situation; secondly, the existence of the basic old-age insurance fund investment management problems in the process of are summarized, so as to seek improvement measures to pave the way. Finally, the characteristics of endowment insurance fund investment management pattern of four foreign typical countries organized by the government, the trust fund management mode, the management mode of Singapore fund liquidation, the commercial management model in Chile and Sweden are mode. An in-depth analysis of the characteristics of government investment management, system operation supervision responsibility. With an international perspective, then obtains the investment management mode selection The general experience can provide experience for the choice of the investment management model of the basic endowment insurance fund management in our local government.
The fourth part, a comparative study of the basic old-age insurance fund investment management pattern of local government management. This part of the first international experience, combined with China's actual situation, determine the general principles and standards of our local government selected the basic old-age insurance fund investment management pattern should be followed, and a brief overview of the investment management mode for several choose; then, the paper focuses on the comparison analysis of three kinds of basic old-age insurance fund investment management pattern choice, namely the local government to the local government investment mode, commissioned by the National Council for social security fund for the investment model and the direct government commissioned a professional investment institutions to invest mode, carefully explore the investment management mode the advantages and disadvantages. In particular, the local government commissioned by the National Council for social security fund for the investment mode, the first Discusses on the National Council for social security fund investment management system, including the risk prevention mechanism and incentive mechanism, and then to the Guangdong provincial government commissioned by the National Council for social security fund for investment management as an example, briefly analyzed. Overall, this part analyzes the advantages and disadvantages of the three available selection of local government of our country basic old-age insurance fund investment management mode, support the formation that finally views.
The fifth part, advice on the selection of basic old-age insurance fund investment management system of local government management. This part on the basis of the endowment insurance fund investment and management experience of foreign government held on to further consider the above analysis of three kinds of investment management mode selection, and combining the particularity of China's basic old-age insurance fund. Management, think take principal-agent way is desirable, but the basic old-age insurance fund according to the local actual situation of flexible selection of investment management body. The long term, the basic old-age insurance fund investment trust management mode, market operation and specialization is the inevitable trend. The paper finally puts forward several suggestions to improve the basic old-age insurance fund investment management system, in order to establish and China local suitable investment management system to achieve as soon as possible. The stability and sustainable development of the pension insurance system.
The main research characteristic and innovation lies in: firstly, this dissertation starts from the angle of investment management system, the research perspective is innovative. The paper comprehensively analyzes the investment management of the government pension fund investment management of China's basic old-age insurance fund management of local government problems and international typical experience, think the choice of investment management system is the key success of the investment of China's basic old-age insurance fund management of local government. The research content is new, the proposed measures is a forward-looking, targeted and applied. The investment management mode of basic old-age insurance fund selection has been controversial, the comparative analysis of the characteristics of the current for the choice of our local government three basic old-age insurance fund investment management pattern, their respective advantages and disadvantages, and points out that the trust market model. Of investment and professional operation is the common trend of the development of the basic old-age insurance fund investment management system, and from the legislation, put forward specific proposals to improve the basic old-age insurance fund investment management system to establish incentive mechanism and risk supervision, countermeasures have certain pertinence and application value.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67;F832.51

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