澳大利亚养老基金基础设施投资及其对中国的启示

发布时间：2018-04-08 19:41

本文选题：养老基金　切入点：基础设施　出处：《西南财经大学》2014年硕士论文

【摘要】：基础设施是为居民提供公共服务的公共设施和公共工程,是社会赖以生存和发展的条件。基础设施主要包括交通设施、水利设施、通讯设施等公共设施,也包含学校、医院、保障住房等社会福利设施。在城市化建设不断推进的过程中,我国对基础设施的需求量也在不断的增大。然而在对基础设施传统的投资中,政府公共部门占据了主导地位,是基础设施的主要投资者。伴随着人口老龄化的加剧,政府部门面临着养老金支付的压力。在基础设施投资和支付养老金的双重压力下,政府部门开始寻求财政减压,并尝试着对基础设施的融资模式进行新的探索。由于基础设施投资收益与通货膨胀率挂钩,从而投资基础设施可以有效的抵制通货膨胀,实现资产的保值增值。这一特点极大的吸引了养老基金的进入。除此之外,基础设施还具有投资期限长的特点,这正好与养老基金长期投资的特性相匹配。因此对于养老基金投资基础设施来说,是一个可行的且对养老基金、政府公共部门以及基础设施来说是一个多赢的方案。从国际经验上来看,养老基金投资基础设施的模式包括了直接投资、公私合作投资、信托投资等,但是由于我国养老基金涉足基础设施时间较短,缺乏相关的经验,因此需要借鉴国际上成功的案例来设计我国的养老基金尤其是企业年金基金投资基础设施市场的方式。通过对澳大利亚超级年金基金的研究发现,澳大利亚超级年金在性质上与我国的企业年金类似,均是缴费确定型年金,关注投资的流动性；同时澳大利亚养老基金在20世纪90年代就开始了对基础设施的投资并形成了成熟的投资模式。本文选取澳大利亚养老基金投资基础设施为研究案例,通过进行深入的分析提出对中国养老基金尤其是企业年金基金投资基础设施的启示：在现阶段我国的养老基金尤其是企业年金基金对基础设施的投资适合信托投资,以信托模式为基准,委托独立的基金管理公司,通过开放式信托投资基金投资基础设施,并且主要投资非上市基础设施。本文具体研究的内容包括以下几部分：第一部分绪论。简要说明了该选题的背景和意义、内容和方法以及创新之处,并对已有的养老基金投资基础设施的文献进行梳理和总结。第二部分基础设施概述。主要对基础设施相关知识进行简要的概述。本章首先从基础设施角度出发,介绍了基础设施的特点及其重要性、基础设施分类、以及现阶段基础设施的缺口。接着引出养老基金投资基础设施的重要性以及基础设施项目的融资方式。本章所涉及的基础设施融资方式包括了政府直接融资、完全私有化以及公私合作这三种。第三部分澳大利亚养老基金对基础设施的投资。本章的重点是从理论上介绍澳大利亚养老基金对基础设施的投资,其中包括了投资规模和投资方式。在介绍澳大利亚养老基金投资基础设施之前,本章首先介绍了澳大利亚基础设施市场的发展以及现阶段面临的基础设施缺口,之后对澳大利亚的养老保险体系和养老基金规模进行了介绍。第四部分是澳大利亚养老基金基础设施投资的具体案例分析。主要是结合了澳大利亚的具有代表性的几只超级年金基金的基础设施投资现状来分析现阶段澳大利亚养老基金对基础设施的投资方式等。本章首先从年金基金和主权养老基金两个角度进行实例分析,在年金基金中选取了CBUS基金、HESTA基金等几只具有代表性的行业超级年金基金,分析各只基金的基础设施投资方式及资产配置；在主权养老基金中主要介绍了澳大利亚国家主权养老基金即未来基金在基础设施投资方面的资产配置、投资方式等。接着通过对超级年金基金的基础设施投资进行分析总结出现阶段澳大利亚养老基金对基础设施投资的四种方式即开放型信托投资基金投资、证券市场投资、公私合作投资以及直接投资。同时也从投资地区和行业、投资比例以及投资收益三个角度分析了澳大利亚养老基金在投资基础设施时候的资产配置情况。第五部分澳大利亚养老基金基础设施投资的效果评价。本章是在第四章的基础上,先对各种投资方式尤其是证券市场投资和信托投资进行了评价,之后引入了一些基础设施投资常用绩效考察指标,主要包括绝对收益率指标和四个内含风险溢价的指标,最后结合澳大利亚养老基金的实际操作,介绍澳大利亚养老基金基础设施投资的绩效考核指标。第六部分澳大利亚养老基金基础设施投资对中国的启示。本章首先介绍我国养老基金基础设施投资现状,主要包括企业年金基金的投资情况和全国社会保障基金的基础设施投资情况；之后在分析投资现状的基础上总结出我国养老基金的基础设施投资所面临的问题；最后结合前面几部分对澳大利亚养老基金基础设施投资的分析,总结出一些适合现阶段我国养老基金投资基础设施的经验,其中包括投资方式的选择、投资行业和地区的选择、资产的配置以及一些其他的配套策略。本文可能的创新之处有以下几点：第一,本文采用案例分析法,以澳大利亚养老基金为研究主题,以其投资基础设施的方式为研究案例。在了解了澳大利亚养老体系、养老基金的种类及规模、基础设施市场等相关知识的基础之上,分析养老基金尤其是超级年金对基础设施的投资方式、资产配置以及投资收益。本文深入的分析了澳大利亚养老基金投资基础设施所选用的具体方式,并因此将其作为我国养老基金尤其是企业年金基金进行基础设施投资的可借鉴案例。第二,本文根据澳大利亚养老基金中超级年金的形成方式以及其对基础设施的投资方式的选择,创新性地提出将我国企业年金基金逐渐依据行业的不同来进行重新整合形成基金规模更大的行业超级年金基金,并由几个或者多个投资策略相似的行业年金基金组成专业性的基础设施投资基金来进行专项投资,从而来更有效的参与基础设施投资,享受更高的投资收益。但由于目前相关数据的收集受到制约从而缺少实证分析,因此希望随着制度的完善、法律的完善、市场的完善,我国养老基金投资基础设施的这一模式也得到更加具体的完善。
[Abstract]:The infrastructure is the public facilities and public works for the residents to provide public services , which is the condition for the survival and development of the society . The infrastructure mainly includes public facilities such as transportation facilities , water conservancy facilities , communication facilities and other social welfare facilities , such as schools , hospitals , and housing . However , in the process of continuous urbanization , government departments face the pressure of pension payments . Under the double pressure of investment in infrastructure and payment of pensions , government departments are beginning to seek financial decompression , and try to explore new financing modes of infrastructure .

Since infrastructure investment income is linked to inflation rate , the investment infrastructure can effectively resist inflation and realize the value - preserving and appreciation of assets . This feature greatly attracts the entry of pension funds . In addition , the infrastructure has the characteristics of long term of investment , which is exactly matched with the long - term investment of pension funds . Therefore , it is a viable and multi - win program for pension funds , public sector and infrastructure .

From the international experience , the mode of pension fund investment infrastructure includes direct investment , public - private partnership investment , trust investment , etc . However , because of the short - term infrastructure time of our country ' s pension fund , and the lack of relevant experience , it is necessary to design our country ' s pension fund , especially the investment infrastructure market of the enterprise annuity fund .

Through the study of Australia ' s super annuities fund , Australia ' s super annuities are similar in nature to the enterprise annuity of our country , which is the payment determination type annuity and pay close attention to the liquidity of investment ;
At the same time , in the 1990s , the Australian pension fund began to invest in infrastructure and formed mature investment model . The paper selects the investment infrastructure of pension fund in Australia as the research case , and puts forward the enlightenment to the investment infrastructure of China ' s pension fund , especially the enterprise annuity fund . At the present stage , the investment of the pension fund , especially the enterprise annuity fund , is suitable for trust investment , based on the trust model , the independent fund management company is entrusted to invest the infrastructure through the open trust investment fund , and mainly invest in the non - listed infrastructure .

The contents of the study are as follows :

The first part introduces the background , meaning , content and method of the topic , and the innovations , and sorts out and summarizes the existing literatures of pension fund investment infrastructure .

Chapter II provides an overview of infrastructure related knowledge . This chapter begins with the infrastructure perspective , introduces the characteristics of the infrastructure and its importance , the classification of infrastructure , and the gap in the infrastructure at this stage . The importance of the investment infrastructure of the pension fund and the financing way of the infrastructure project are introduced . The infrastructure financing modes involved in this chapter include the direct financing of the government , complete privatization and public - private partnership .

The third part focuses on the investment of Australian pension fund in infrastructure . This chapter focuses on the investment of Australian pension fund in infrastructure , including investment scale and investment . Before introducing the investment infrastructure of Australian pension fund , this chapter introduces the development of Australian infrastructure market and the infrastructure gap at present , and then introduces the pension insurance system of Australia and the scale of pension fund .

The fourth part is the concrete case analysis of the investment of the pension fund in Australia .
This paper mainly introduces the asset allocation , investment mode and so on of the future fund in infrastructure investment in the pension fund of the sovereign pension fund of Australia . Then , through the analysis and summary of the infrastructure investment of the super annuities fund , the four modes of investment , investment of securities market , public - private cooperative investment and direct investment are analyzed and summarized . Meanwhile , the asset allocation of the Australian pension fund in the investment infrastructure is analyzed from three angles of investment region and industry , investment proportion and investment income .

The fifth part is the evaluation of the effect of the investment in the infrastructure of the pension fund in Australia . This chapter is based on the fourth chapter , firstly evaluates the investment and trust investment of various kinds of investment methods , especially the investment and trust investment of the securities market , then introduces some common performance inspection indexes of infrastructure investment , mainly including the absolute yield index and four index of risk premium , and finally combines the actual operation of the Australian pension fund , and introduces the performance appraisal index of the pension fund infrastructure investment in Australia .

This chapter introduces the investment situation of pension fund in China , including the investment of pension fund and the infrastructure investment of the National Social Security Fund .
Then , on the basis of analyzing the present situation of investment , this paper sums up the problems faced by China ' s pension fund infrastructure investment .
At last , combining with the previous analysis of the investment of the pension fund infrastructure in Australia , this paper sums up some experiences which are suitable for the investment infrastructure of the pension fund in our country , including the choice of investment mode , the choice of investment industry and region , the allocation of assets and some other supporting strategies .

Possible innovations of this article are as follows :

First , in this paper , a case analysis method is used to study the investment modes , asset allocation and investment income of pension funds , especially the super annuities , on the basis of the study of Australian old - age pension funds .

Second , according to the formation of super annuities in the pension fund of Australia and its choice of the investment mode of infrastructure , this paper proposes to reunify the fund of industry super annuities with larger scale according to different industries , and make a special investment by a few or more industry annuity funds similar to investment strategy to make special investment , so as to participate more effectively in infrastructure investment and enjoy higher investment income .

However , because the collection of relevant data is restricted to the lack of empirical analysis , it is hoped that with the perfection of the system , the perfection of the law and the improvement of the market , this model of the investment infrastructure of the pension fund in our country is more detailed .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F846.11;F842.67

【参考文献】