我国基本养老保险基金投资股市的可行性及约束条件研究

发布时间：2018-03-18 21:37

本文选题：基本养老保险基金　切入点：股票市场　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国基本养老保险基金的投资管理目前存在两大难题：一是养老基金投资渠道狭窄,收益率过低,收不抵支情况严重；二是养老基金在运营管理上存在着管理主体不明,效率低下等问题。近10年来,由于通货膨胀因素始终存在,我国养老基金的实际金额缩水问题严重,养老基金实际规模与潜在需求存在巨大缺口,这对我国统账结合的养老保险制度长期稳定发展是相当不利的。如果再考虑人口老龄化加剧的趋势和财政转移支付力度不足等因素,养老基金未来支付的压力会更加巨大。因此,我国基本养老保险基金必须改革现行投资策略,逐步实行市场化的运作,寻找一个能够提供长期稳定收益的渠道至关重要。股票市场可能不是唯一的途径,但的确是一个合适的选择,完善的股票市场可以让投保人在承受一定风险的情况下,获得较为可观的长期收益。本文主要对我国基本养老保险基金进入高收益同时也是高风险的股票市场的可行性及其约束条件进行探讨。当然本文所指的投资股市并非全部进入股市,只是养老基金的一定比例,在保证养老基金安全的同时也能获得较为可观的长期收益,从而提高养老基金的收益率,达到保值增值的目的,减轻通货膨胀的不利影响,应对人口老龄化的冲击。本文主要是从养老保险基金体系及其筹资模式的分析入手,结合我国养老保险制度的改革实际,探讨了我国基本养老保险基金投资管理存在的主要问题；在此基础上,重点研究了我国养老保险基金投资股市的必要性、可行性及其约束条件,并提出了相关对策建议,以期对我国基本养老保险基金投资股市创造一个良好的制度环境,实现我国养老基金的可持续和健康发展。本文一共分为六章,各章基本研究思路及观点如下：第一章是导论。首先概述了论文的研究背景和意义,引出本文要论述的问题；其次整理了相关文献综述,陈述和比较了国内外的相关理论研究现状及发展趋势。第二章主要从理论上对基本养老保险基金及其体系做了概述。首先是从国际视角出发对基本养老保险基金体系,基本养老保险基金的性质及特征,基本养老保险基金的三种国际上流行的筹资模式(现收现付制,完全积累制,部分积累制)以及三支柱养老保险体系做了一些介绍,同时还讲述了我国基本养老保险基金的性质及构成,回顾了我国养老保险制度改革的历程。在这些理论基础上得出我国现行的养老保险制度已经不适应我国经济的发展以及人口老龄化加剧的现状,到了另一个改革的重要时期。第三章是我国基本养老保险基金投资股市的必要性研究。首先从我国基本养老保险基金运行机制的现状出发,提出我国现行的养老基金筹资模式和投资模式不仅造成我国基本养老保险基金的巨额缺口,同时养老基金投资渠道狭窄,投资收益率过低等问题也不利于养老基金的保值增值；其次,对我国人口老龄化趋势加剧的现状进行了论述,人口老龄化加剧的趋势使得养老基金收支缺口持续扩大,得出要继续实行基金积累制并且加大基金投资力度；第三,以“费雪效应”为理论依据,阐述了股票资产从长期来看是应对通货膨胀的保值资产,再加上我国股票市场正在逐步走向完善,养老基金与股票市场存在互动关系等,这样我国基本养老保险基金投资股市可以实现保值增值,应对通胀压力。因此,我国基本养老保险基金要想保值增值必须改变现在的运行机制,进入股票市场,进而论证了我国基本养老保险基金投资股市的必要性。第四章是我国基本养老保险基金投资股市的可行性分析。本章首先介绍了现行国际上比较流行的几种养老基金的管理模式、投资模式和监管模式,其间也介绍了智利,新加坡和美国等几个比较有代表性的国家的养老基金运行模式,以供我国养老基金运行模式提供一些启示和借鉴；之后以全国社会保障基金为切入点,通过分析全国社会保障基金成立以来的投资收益状况以及与通货膨胀率的对比,得出其入市还是比较成功和积极的,给我国基本养老保险基金入市带来了一些积极的启示和借鉴；再次,分析了我国股票市场在遏制投机行为,提高上市公司治理水平和增强市场透明度,强化保护中小投资者利益,严厉打击内幕交易等方面都做出了很多努力,也取得了很大的成果,这些都为基本养老保险基金入市创造了良好的制度环境和条件,只要对其进行一定的风险控制,目前是可以积极入市的；最后,在前文的基础上探析我国基本养老保险基金入市的可行性,并提出我国基本养老保险基金投资股市的管理模式、投资模式和监管模式。第五章是我国基本养老保险基金投资股市的约束条件研究。从养老基金现行体制,股票市场结构及运行效率等,专业投资管理人才,现行相关法律法规等法律和制度层面对我国基本养老保险基金投资股市的约束条件进行分析,得出我国基本养老保险基金存在严重的空账问题,我国现行的养老基金投资股市的法律法规体系,不够成熟和完善的股票市场,专业投资机构和人才的缺乏,以及不明晰的投资运作体制等都构成了我国基本养老保险基金投资股市的约束条件。第六章是构建我国基本养老保险基金投资股市的制度环境的对策研究。主要针对第五章提出的投资股市的约束条件,从完善资本市场、制定相关政策、法律规章和制度、建立健全监督管理体系以及培养专业机构和专业人才等方面,提出了尽快完成全国性的社会统筹与个人账户的分账管理,做实个人账户;健全基本养老保险基金投资运营方面的法律法规体系：进一步规范股票市场制度建设,提高上市公司质量；建立健全投资监管体系,加强对基本养老保险基金的监管；加强养老基金治理结构及内控制度建设,培养基金管理人才等政策建议。本文的主要研究特色和创新点是：第一,选题新颖。目前文献较多的是研究整个养老基金和资本市场的关系,而较少研究地方政府管理的基本养老保险基金投资股市的可行性及约束条件问题。论文运用制度分析方法,从法律制度环境、养老基金与股票市场自身的制度环境、监管平台等更深层次的层面来分析基本养老保险基金投资股票市场的约束条件及完善对策。第二,分析视角新颖。很多学者都是通过对国外养老基金和资本市场的实证分析,以此证明养老基金投资资本市场的可行性,进而把此结论套用我国。而本文在借鉴国外经验的同时,立足于本国国情,以全国社会保障基金的投资运作为切入点,对我国基本养老保险基金投资股市的运作模式做了一些设想,这一分析视角,在国内研究中尚不多见。
[Abstract]:The investment management of pension insurance fund in China at present there are two major problems: pension fund investment channel is narrow, low yields, revenue and expenditure situation is serious; two pension funds in the operation and management problems exist in the management of the body is unknown, the efficiency is low. In the past 10 years, because of inflation always exists. The actual amount of pension fund in China has a serious problem, there is a huge gap in pension fund scale actual and potential demand, this to our account with the old-age insurance system for long-term stable development is very unfavorable. If we consider the aging population trends and factors such as lack of financial transfer payments, payment of pension funds in the future the pressure will be greater. Therefore, the basic old-age insurance fund in our country must reform the current investment strategy, gradually implement the operation of the market, seeking to provide a long-term stability Essential fixed income channels. The stock market is not the only way possible, but it is an appropriate choice of the perfect stock market allows the insured under certain risk, long-term income is considerable. This paper focuses on the feasibility and constraints of China's basic old-age insurance fund into high yield at the same time is the high risk of the stock market are discussed. Of course, this paper refers to the investment in the stock market is not all of the stock market, only a certain proportion of the pension fund, also can obtain long-term gains more substantial pension funds to ensure safety at the same time, so as to improve the profit rate of the pension funds, to achieve the purpose of increasing the value, reduce the negative impact of inflation to deal with, the impact of the aging population.
This paper starts from the analysis of endowment insurance fund system and financing mode, combined with China's endowment insurance system reform, discusses the main problems of China's basic old-age insurance fund investment management; on this basis, the necessity of gold investment in the stock market of China's endowment insurance group, feasibility and constraints. And put forward relevant countermeasures and suggestions, with a view to China's basic old-age insurance fund investment in the stock market to create a good institutional environment, realize the sustainable and healthy development of China's pension fund.
This article is divided into six chapters, and the basic research ideas and views of each chapter are as follows:
The first chapter is the introduction. First, it summarizes the research background and significance of the paper, and points out the problems discussed in this paper. Secondly, it collate the relevant literature review, and present and compare the related theoretical research status and development trend at home and abroad.
The second chapter mainly from the theory of the basic endowment insurance fund and its system are summarized. The first is based on the international perspective of the basic endowment insurance fund system, the nature and characteristics of the basic endowment insurance fund, three kinds of international popular mode of financing the basic pension insurance fund (PAYG system, system of accumulation, accumulation system) and three pillar pension system were introduced, and also describes the nature of the basic endowment insurance fund in China and a review of the reform of endowment insurance system in China. Based on these theories that the current pension insurance system in our country has not adapt to the development of China's economy and the present situation of population aging the intensification, to another important period of reform.
The third chapter is the research on the necessity of China's basic old-age insurance fund investment in the stock market. Firstly, from the present situation of the operation mechanism of the basic pension insurance fund of our country, put forward China's current pension fund financing mode and investment mode not only caused a huge gap of China's basic old-age insurance fund, and pension fund investment channels, investment income rate too low is not conducive to increasing the value of pension funds; secondly, the status quo of intensified aging population trend in China are discussed, the aging population trend makes pension fund income gap continued to expand, it will continue to implement the fund accumulation system and increase the fund investment; third, "Fisher Effect" the theoretical basis, elaborated the stock assets in the long term is to deal with inflation hedge assets, coupled with China's stock market is gradually improving, raise There is an interaction between the old fund and the stock market, so China's basic old-age insurance fund investment in the stock market can increase the value of inflation pressure. Therefore, the basic old-age insurance fund in China to increase the value of the operating mechanism must be changed now, enter the stock market, and then demonstrates the necessity of China's basic old-age insurance fund investment in the stock market.
The fourth chapter is the feasibility analysis of China's basic old-age insurance fund investment in the stock market. This chapter first introduces the current international popular several kinds of pension fund management, investment management and supervision mode, it also introduces several Chile, Singapore and the United States have pension fund operation mode of representative countries, for the operation mode of China's pension fund to provide some inspiration and reference; after the national social security fund as the breakthrough point, through the analysis of the national social security fund since the establishment of the investment income status and compared with the inflation rate, the market is still relatively successful and positive, to the basic old-age insurance funds into the market in our country has brought some positive enlightenment and reference; thirdly, analysis of China's stock market to curb speculation, improve corporate governance and enhance market transparency, strong The protection of the interests of small investors, to crack down on insider trading and other aspects have made a lot of efforts, has made great achievements, these are the basic old-age insurance fund into the city, creating a favorable environment and conditions, as long as some of its risk control, at present can be in the market actively; finally, the feasibility of the on the basis of the above analysis of the basic old-age insurance funds into the market in our country, and put forward the basic endowment insurance fund in China stock market investment management mode, investment mode and supervision mode.
The fifth chapter is to study the constraints of China's basic old-age insurance fund investment in the stock market. From the current system of pension funds, the stock market structure and efficiency of investment, professional management personnel, analyze the constraints of current relevant laws and regulations, legal and institutional aspects of China's basic old-age insurance fund investment in the stock market, the basic pension insurance fund our country has empty account serious problems, China's current pension fund investment in the stock market legal system, immature and mature stock market, the lack of professional investment institutions and personnel, as well as the investment operation system is not clear and so constitute a constraint condition of China's basic old-age insurance fund investment in the stock market.
The sixth chapter is the research on Countermeasures of institutional environment construction in China's basic old-age insurance fund investment in the stock market. In the fifth chapter of the investment in the stock market constraints, from the improvement of capital market, formulate relevant policies, laws and regulations system, establish and improve the supervision and management system and professional training institutions and professional personnel, put forward account the completion of the national management as soon as possible the social pooling and individual accounts, personal accounts; improve the basic old-age insurance fund investment operation of the legal system, to further standardize the stock market system construction, improve the quality of listed companies; to establish and perfect the investment supervision system, strengthen the basic pension insurance fund supervision; strengthen the construction of governance structure and the internal control system of pension fund, raising fund managers and other policy recommendations.
In this paper, the main research characteristic and innovation is: first, the topic is novel. The current literature is more research on the relationship between the pension fund and the capital market, and the feasibility and constraints of the basic old-age insurance fund investment in the stock market of local government management problems. This thesis uses system analysis method, from the legal system environment, system environment of pension the fund and the stock market itself, the constraints supervision platform and deeper level analysis of the basic old-age insurance fund investment in the stock market and countermeasures. Second, analysis from the perspective of novel. Many scholars are through empirical analysis of foreign pension funds and capital market analysis, in order to prove the feasibility of pension fund investment in the capital market, and the this conclusion is applied in our country. And based on the experiences of foreign countries at the same time, based on national conditions, to the national social security fund investment As a breakthrough point, we have made some assumptions about the operation mode of China's basic endowment insurance fund investing in the stock market, which is seldom seen in domestic research.

【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

【参考文献】