我国养老保险个人账户基金投资监管问题研究

发布时间：2018-03-06 10:49

本文选题：养老保险个人账户基金　切入点：监管必要性　出处：《烟台大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国人口结构的变化，传统的现收现付制已不能有效应对老龄化问题带来的养老风险，因此我国养老保险模式选择了“社会统筹与个人账户”相结合的部分积累制。但由于各种系统性风险和非系统性风险的存在，逐渐累积的个人账户基金面临贬值风险，，因此，将个人账户基金投资运营，实现保值增值成为大势所趋。为保障基金投资运营的安全性、有效性，制约市场主体对基金运营的不利行为,必须加强对个人账户基金投资的全方位监管。本文在构建我国个人账户基金投资运营模式的基础上，针对我国养老保险制度的现状，着重对养老保险个人账户基金投资运营监管模式、监管内容及监管机制的完善措施进行了探讨分析。本文共分为三个部分：第一部分是我国个人账户基金投资监管的基本问题。由于个人账户基金本身地位特殊，因此在投资过程中需要更加谨慎，但当前我国投资市场存在诸多风险，因此加强监管十分必要。在基金监管过程中要遵循四个基本原则，即依法监管原则，适度监管原则，有效监管原则，以及控制监管成本原则。第二部分探讨了关于个人账户基金投资运营模式及监管模式。在基金运营管理模式上，通过借鉴新加坡中央公积金制度和智利完全私有化管理模式，提出了我国应建立中央垂直管理的个人账户基金信托管理体制。在基金运营监管模式上，通过借鉴国际上的统一监管模式、分业监管模式以及不完全统一监管模式，提出构建适合我国国情的政府作为主监管机构的牵头监管模式。另外，本部分还在市场准入、市场行为、市场退出三个方面分析了个人账户基金运营监管的内容。本文第三部分重点探讨我国个人账户基金投资监管的完善，主要包括健全相关法律法规，防范道德风险，加强对基金的投资策略监督，防范基金运营机构内部风险，提供最低收益保证，搭建网络化基金信息监督管理系统，强化信息披露制度，完善中介服务机构监管等相关方面的完善建议。
[Abstract]:With the change of population structure in China, the traditional pay-as-you-go system can no longer effectively cope with the pension risks brought about by the aging problem. Therefore, the mode of endowment insurance in our country has chosen the partial accumulation system which combines "social planning and personal account". However, due to the existence of various systemic and non-systemic risks, the accumulated individual account funds face the risk of depreciation. In order to ensure the safety and effectiveness of the investment and operation of individual account funds and restrict the adverse behavior of the market main body to the fund operation, it is the trend of the times to invest and operate the personal account funds. On the basis of constructing the investment mode of personal account fund in our country, this paper aims at the present situation of endowment insurance system in our country. This paper focuses on the investment and operation supervision mode, the supervision content and the perfect measures of the supervision mechanism of the personal account fund of the endowment insurance. This paper is divided into three parts:. The first part is the basic problem of the investment supervision of the personal account fund in our country. Because of the special status of the personal account fund itself, it is necessary to be more cautious in the investment process, but there are many risks in the present investment market of our country. Therefore, it is necessary to strengthen the supervision and control of the fund. Four basic principles should be followed in the process of the supervision of the fund, namely, the principle of supervision according to law, the principle of moderate supervision, the principle of effective supervision, and the principle of controlling the supervision cost. The second part discusses the investment operation model and supervision mode of personal account fund. On the management mode of fund operation, we draw lessons from Singapore Central Provident Fund system and Chile's complete privatization management mode. This paper puts forward that our country should establish the trust management system of personal account fund with central vertical management. On the supervision mode of fund operation, we can draw lessons from the international unified supervision mode, separate supervision mode and incomplete unified supervision mode. In addition, this part also analyzes the contents of personal account fund operation supervision in three aspects: market access, market behavior and market withdrawal. The third part of this paper focuses on the perfection of investment supervision of personal account fund in China, which mainly includes perfecting relevant laws and regulations, preventing moral hazard, strengthening supervision of investment strategy of fund, preventing internal risk of fund operating institution. To provide the lowest income guarantee, to build the network fund information supervision and management system, to strengthen the information disclosure system, to improve the supervision of intermediary services, and so on.
【学位授予单位】：烟台大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67;D922.182.3

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