养老基金投资基础设施债券的国际比较与中国借鉴

发布时间：2018-01-31 09:16

本文关键词： 养老基金投资基础设施债券投资原则资产配置　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国人口老龄化现象已经越来越引起社会的关注,老年人口占据社会总人口的比例逐年上升,社会抚养老年人的压力也越来越大。随着我国人口老年化的不断加剧,如何确保老年人老有所养、老有所依成了重要问题。我国基本养老保险基金是老年人的重要生活保障,如何促进基本养老保险基金保值增值是我国目前基本养老保险基金管理迫切需要解决的重大问题,解决这一问题的关键在于要拓展养老保险基金的投资渠道。国外养老基金投资范围比较广,不仅包括银行存款、股票、债券等,还包括可选择性资产,基础设施就是其中之一。基础设施作为新的投资工具越来越受到一些国家养老基金的偏爱,主要是因为基础设施与养老基金有很多相匹配之处。首先,基础设施建设时间较长且建设规模巨大,而养老基金正好可以为基础设施建设提供长期稳定的资金。其次,基础设施可以形成长期稳定的现金流。一方面基础设施向公众提供的产品及其基本服务具有刚性需求；另一方面基础设施的供给具有垄断性,投资额极其巨大,这就为潜在的竞争者设置了非常高的进入门槛,较多基础设施不易受商业周期的影响,能形成稳定的现金流。再次,基础设施产品和服务的使用费定价通常与一国的CPI相关联,或者其在定价的过程中就考虑了通货膨胀的影响,投资基础设施对抵御通货膨胀会起到一定作用。最后,基础设施与其他资产之间的相关性较小,有利于分散风险。据国外研究机构的研究表明,未上市基础设施与股票、债券及房地产之间具有较低的相关性,因此可以将基础设施加入到投资组合中来分散组合风险,提高收益稳定性。基础设施投资是我国经济增长的重要推动力之一,基础设施的建设能够缩小东中西部地区的发展差距,促进我国国民福利的增加。“十二五”期间,我国基础设施的需求巨大但供给不足,并且建设所需资金来源单一。而我国的养老基金规模庞大,并且又需要新的投资渠道来保值增值,基础设施的特点正好与养老基金相匹配。我国养老基金可以通过投资基础设施债券进入基础设施投资领域。国外一些国家的养老基金投资基础设施已经比较普遍,例如加拿大、美国、澳大利亚以及一些拉美国家,他们都考虑以不同的方式将基础设施资产放在投资组合中。由于养老基金投资基础设施的路径有很多种,本论文选取养老基金投资基础设施债券这一投资方式进行相对深入的研究,详细剖析美国和智利两国养老基金投资基础设施债券的案例。在比较国际研究的基础上,结合我国养老基金和基础设施投资实际,设定我国养老基金投资基础设施的投资原则,建构我国养老基金投资基础设施的资产配置框架,对我国养老基金投资基础设施债券进行一定程度的探析。论文研究由以下六部分组成：第一章是绪论,明确论文的研究背景及研究意义,阐述清楚所要表达的思路、拟采用的方法、主要内容及创新点。第二章是文献综述。本章首先阐述国外基础设施以及养老基金投资基础设施方面的相关研究,再分析国内养老基金投资基础设施的相关文献。提出国内研究养老基金投资于基础设施的不足,特别是在养老基金投资于基础设施债券方面的不足。第三章详细解释基础设施方面的相关内容,对基础设施的概念、类别、作用及特点进行详细阐述,总结得出基础设施具有建设期限较长、能产生稳定持续的现金流、抵御通胀、与其他资产相关性低等特点,再分析养老基金与基础设施之间存在的契合度。第四章主要介绍美国养老基金投资于基础设施债券的情况。本章主要对美国的基础设施市场、养老基金市场以及养老基金投资基础设施进行详尽的概述,其中重点讨论美国的养老基金投资美国建设债券与私人投资债券的情况,最后对美国养老基金投资基础设施债券的情况做经验总结。第五章主要介绍智利的养老基金投资于基础设施债券的主要情况。本章主要对智利的基础设施建设情况,智利发行的基础设施债券情况以及养老基金投资基础设施债券的现状进行详细分析,并得出最后的经验策略。第六章主要介绍我国的相关背景,分析我国基础设施需求庞大但供给不足、建设资金过于依赖银行贷款等特点。我国养老基金自个人账户做实以来,资金规模逐渐庞大但投资收益却非常低,为了我国养老基金的保值增值,应该拓展养老基金的投资渠道。本章从养老基金投资的安全性、收益性、流动性、社会性、基础设施债券的选择及资产配置等方面分析我国养老基金投资于基础设施债券的具体路径。本论文可能的创新点如下：第一,对美国和智利两个养老基金投资基础设施债券的国际模式进行全面比较与案例分析。美国为了缓解国内基础设施投资的压力,引入私人部门参与其中的建设,并且通过立法允许符合要求的基础设施项目通过发行债券来融资,从而吸引养老金的投入。智利的特许经营公司可以发行基础设施债券来融资,国际保险公司和政府的担保极大提升了债券的评级,对养老基金投资基础设施债券有很大的吸引力。第二,提出了适合我国养老基金投资基础设施债券的可行性模式。分别从养老基金投资的安全性、收益性、流动性和社会性四个投资原则分析得出适合我国养老基金投资基础设施债券的可行性模式。第三,对我国养老基金投资基础设施债券的资产配置进行了尝试性探究,分析养老基金应该投资我国基础设施债券的选择和配置比例。本论文存在的不足之处包括以下两点：本文主要研究的是养老基金投资基础设施债券的国际比较,再分析得出适合我国的养老基金投资基础设施债券的可行性选择。本文在获取相关国外案例和数据方面比较有限,未能以具体资产配置形式模拟养老基金投资基础设施债券以及养老基金投资组合(含基础设施债券)的风险与收益结果,定程度影响了论文研究的完整性。由于论文写作需要掌握相关的金融知识和投资工具,并且对养老基金投资运营方面需要很高的要求,而笔者的分析能力和研究深度有限,仍存在不足之处和需要改进的地方。另外,本文提出在我国目前国内制度下所适用的养老基金投资基础设施债券的方案不一定能够具有可行性,本人以后会在这方面多加学习,得以能够继续在这方面走下去。
[Abstract]:The phenomenon of population ageing in our country has become more and more concerned , the proportion of the elderly population to occupy the total population of the society increases year by year , and the pressure of the elderly has become more and more important . With the increasing of the aging of the population in our country , how to ensure the old age of the old people has become an important problem . The basic endowment insurance fund in China is an important problem to be solved urgently in the management of the basic endowment insurance fund . The key to solve this problem lies in the development of the investment channel of the endowment insurance fund . The investment scope of overseas pension funds is relatively wide , including bank deposits , shares , bonds and so on , but also includes alternative assets . The infrastructure is one of them . Infrastructure as a new investment tool is more and more affected by some countries ' pension funds . At the same time , infrastructure can provide long - term stable cash flow for infrastructure construction . Infrastructure investment is one of the important driving forces of our country ' s economic growth . The construction of infrastructure can reduce the development gap in the central and western regions and promote the increase of our national welfare . During the 12th Five - Year Plan period , the demand of our country ' s infrastructure is huge , but the supply is insufficient , and the funds needed for construction are single . However , our country ' s pension fund is large , and new investment channels are needed to preserve the value - added . The characteristics of the infrastructure are exactly matched with the pension fund . Our pension funds can enter the field of infrastructure investment through investment infrastructure bonds . The investment infrastructure of pension funds in some countries has been more common , such as Canada , the United States , Australia and some Latin American countries . The thesis consists of the following six parts : The first chapter is the introduction , the research background and the research significance of the paper , and expounds the ideas , methods , main contents and innovation points to be expressed clearly . The second chapter is a review of the literature review . Firstly , this chapter expounds the relevant research on the infrastructure of the foreign countries and the investment infrastructure of the pension fund , then analyses the relevant literatures about the investment infrastructure of the domestic pension fund , and puts forward that the domestic research pension fund is not enough to invest in the infrastructure , especially in the investment of pension funds in infrastructure bonds . In chapter 3 , the relevant contents of the infrastructure are explained in detail , the concept , type , function and characteristics of the infrastructure are explained in detail , and the conclusion is drawn that the infrastructure has the characteristics of long construction period , stable and sustained cash flow , low correlation with other assets and the like , and then analyzes the fit between the pension fund and the infrastructure . The fourth chapter mainly introduces the situation of American pension funds invested in infrastructure bonds . This chapter provides a detailed overview of American infrastructure market , pension fund market and investment infrastructure of pension fund , in which the situation of American pension fund investment in U.S . construction bond and private investment bond is discussed , and finally , the situation of American pension fund investment infrastructure bond is summarized . The fifth chapter mainly introduces the investment of Chile ' s pension fund in infrastructure bonds . This chapter mainly analyzes the infrastructure construction of Chile , the infrastructure bonds issued by Chile and the current situation of pension fund investment infrastructure bonds , and obtains the last empirical strategy . Chapter 6 mainly introduces the relevant background of our country , analyses the characteristics of huge demand of our country ' s infrastructure , insufficient supply and overreliance on bank loans . Possible innovations in this paper are as follows : First , an overall comparison and case analysis of the international model of investment infrastructure bonds between the two pension funds in the United States and Chile . In order to ease the pressure on domestic infrastructure investment , the United States has introduced private sector participation in the construction , and through legislation that allows satisfactory infrastructure projects to finance through the issuance of bonds , thereby attracting investment in pensions . Chilean franchise companies can issue infrastructure bonds to finance , and international insurance companies and government guarantees have greatly improved the rating of bonds and have a great attraction to pension fund investment infrastructure bonds . Secondly , this paper puts forward the feasibility model suitable for the investment infrastructure bonds of our country ' s pension funds . The feasibility model for the investment infrastructure bonds of our country ' s pension funds is drawn from the analysis of the security , profitability , liquidity and social four investment principles of the pension fund investment . Thirdly , the asset allocation of the investment infrastructure bonds in our country ' s pension funds is explored , and the choice and proportion of the infrastructure bonds should be invested in the pension fund . The deficiencies in this paper include the following two points : This paper mainly focuses on the international comparison of pension fund investment infrastructure bonds , and then analyzes the feasibility choice of the investment infrastructure bonds suitable for our country ' s pension fund . In this paper , we have limited the relevant foreign cases and data , and fail to simulate the risk and earnings results of pension fund investment infrastructure bonds and pension fund investment portfolio ( including infrastructure bonds ) in the form of specific asset allocation , which affects the integrity of the thesis research . Because the paper needs to master the relevant financial knowledge and investment tools , and needs high requirements for the investment and operation of the pension fund , the author ' s analysis capability and the research depth are limited , there is still a shortage and need to be improved . In addition , the paper puts forward that the scheme of the pension fund investment infrastructure bond which is applied in our country ' s current domestic system is not necessarily feasible , and I can continue to learn more in this respect to continue in this regard .

【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;F841.67

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