养老保险基金运营投资模式研究

发布时间：2018-07-07 14:12

本文选题：养老保险基金 + 投资工具　；参考：《陕西师范大学》2012年硕士论文

【摘要】：进入新世纪后,我国人口老龄化速度加快,这使得养老保险的支出大大增加。近些年,我国的通货膨胀率水平较高并且波动较大,不仅造成养老保险基金本身的贬值,还导致居民生活费用上涨,而退休待遇的增长存在刚性,依赖养老金生活的退休职工要维持其基本生活水平,必然领取更多的养老金,导致养老保险基金支出增加。当前,我国养老保险基金的投资渠道比较狭窄,只能购买国债和存入银行。数据显示,2000年11月至2001年12月,国家财政拨入的养老保险基金的资金607.26亿元投资于银行存款、国债,其累计投资收益只有9.28亿元。从2003年到2008年五年内,我国养老保险基金的投资收益为2.18%,而同期平均通货膨胀率为2.2%,实际投资收益率为负值。如何改变我国养老保险基金在运营方面处于的低收益状态,减少或消除老龄化带来的支付压力以及通货膨胀带来的财务危机,具有重要的理论意义和实践意义。私募股权投资在期限、收益率等方面的特点能够很好地与目前养老保险基金管理问题匹配起来,在私募股权基金相对成熟的国家,养老金、保险基金更是成为其首要资金来源。近年来,我国私募股权基金取得了长足发展,但是还处于市场化发展的初级阶段,退出渠道、市场准入、监管体系、专业人才培养等方面都存在不少问题。本文提出发展养老保险基金在私募股权领域的投资,以应对其财务危机,并指出运营中的主要问题,提出相应的对策,确保养老保险基金在安全的前提下实现高收益,实现保值增值。本文在分析我国养老保险基金理论和现状的基础上,对我国养老保险基金的投资选择、投资收益目标和投资组合进行了分析,并对我国养老保险基金的投资风险和监管等问题进行了论述。全文共六章：第一章为绪论,简要的阐述选题背景和研究意义,对国内外学者的研究成果进行评析,以及本文的文章结构和创新点。第二章是对养老保险基金投资相关概念和理论的综述,主要从养老保险基金投资原则和相关理论进行论述。第三章研究我国养老保险基金投资运营的相关问题,论述了我国养老保险的投资运营规模,对投资运营现状进行详细分析,并对面临的形势做出了评价。最后对我国养老保险基金投资发展的制约因素问题及原因进行了分析。第四章对我国养老保险基金的投资模式进行比较和分析。对投资工具和投资组合进行比较研究,得出结论：需要加入新的投资工具从而解决现有投资方式收益不足的难题。第五章提出养老保险基金投资私募股权基金的可行性,并设想我国养老保险基金投资优化组合的新型模式。第六章是研究结论和政策建议,从完善资本市场、健全法律体系和加强对养老保险基金的投资监管三个方面对我国养老保险基金发展提出了建议。
[Abstract]:After entering the new century, the aging of population in our country accelerates, which makes the expenditure of endowment insurance increase greatly. In recent years, the inflation rate of our country is relatively high and fluctuating, which not only causes the depreciation of pension insurance fund itself, but also leads to the increase of residents' living expenses, while the growth of retirement benefits is rigid. The retired workers who depend on the pension to maintain their basic living standard must receive more pension, which leads to the increase of the pension fund expenditure. At present, the investment channel of endowment insurance fund of our country is narrow, can only buy national debt and deposit bank. Data show that from November 2000 to December 2001, 60.726 billion yuan of the funds allocated by the state finance to the pension insurance fund were invested in bank deposits and treasury bonds, with a cumulative investment income of only 928 million yuan. During the five years from 2003 to 2008, the investment income of the pension fund in China is 2.18, while the average inflation rate is 2.2, and the real return on investment is negative. It is of great theoretical and practical significance to change the low income of pension insurance fund in our country, to reduce or eliminate the payment pressure brought by aging and the financial crisis caused by inflation. The characteristics of private equity investment in terms of duration and return rate can be well matched with the current pension fund management problems. In countries where private equity funds are relatively mature, pension and insurance funds have become its primary source of funds. In recent years, China's private equity funds have made great progress, but still in the initial stage of market-oriented development, exit channels, market access, regulatory system, professional training and other aspects of a lot of problems. This paper proposes to develop the investment of pension insurance fund in the field of private equity in order to deal with its financial crisis, and points out the main problems in the operation, and puts forward corresponding countermeasures to ensure that the pension insurance fund can achieve high returns on the premise of safety. To maintain and increase the value of value. On the basis of analyzing the theory and present situation of endowment insurance fund in China, this paper analyzes the investment choice, investment income target and investment portfolio of pension insurance fund in China. It also discusses the investment risk and supervision of endowment insurance fund in China. This paper consists of six chapters: the first chapter is the introduction, which briefly describes the background and significance of the research, comments on the research results of domestic and foreign scholars, as well as the structure and innovation of this article. The second chapter is a summary of the concept and theory of pension fund investment, mainly from the pension fund investment principles and related theories. The third chapter studies the problems related to the investment and operation of the endowment insurance fund in China, discusses the scale of the investment and operation of the pension insurance in China, analyzes the present situation of the investment and operation in detail, and makes an evaluation of the situation facing it. Finally, the paper analyzes the restrictive factors and causes of the investment and development of endowment insurance fund in China. Chapter four compares and analyzes the investment mode of pension fund in China. A comparative study of investment instruments and portfolios shows that it is necessary to add new investment instruments to solve the problem of insufficient returns of existing investment methods. Chapter five puts forward the feasibility of pension fund investment in private equity fund, and conceive a new mode of optimizing the investment combination of endowment insurance fund in our country. The sixth chapter is the conclusion of the study and policy recommendations, from the three aspects of improving the capital market, improving the legal system and strengthening the investment supervision of pension insurance funds, the development of pension insurance funds in China is put forward.
【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F842.6;F832.5

【相似文献】