拉美养老基金投资基础设施的案例研究及中国启示

发布时间：2018-05-22 20:30

本文选题：PPP + 特许经营　；参考：《西南财经大学》2014年硕士论文

【摘要】：提高基础设施的数量与质量对于世界各国的社会与经济发展来说至关重要,特别是对于发展中国家更是如此。在历史上,公共部门在基础设施的建设与管理方面长期居于主导地位。然而,经济周期对政府支出的影响,以及政府自身预算约束的限制共同导致政府对基础设施的投资不足,无法满足国内对于基础设施的需求,因此,政府将目光投向私人部门。事实上,通过公私合作(PPP)模式的运用来吸引私人部门参与建设基础设施、提供公共服务、弥补政府财政对基础设施项目的投资不足的实践,早已在世界上很多国家和地区开展,其中既包括发达国家和地区,也包括发展中国家和地区。在PPP模式中,能否顺利向私人部门融资是基础设施项目能否顺利进行的关键因素。养老基金在长期的养老金体制改革与发展过程中积累了大量的基金资产,这部分资产可以成为各国PPP项目的理想资金来源。而对于养老基金来说,基础设施投资具有长期性、良好的风险回报率、与金融市场低相关性等特征,在理想条件下,对基础设施进行投资可以有效分散投资组合,并在保证基金投资安全的前提下提高基金投资收益。养老基金投资基础设施可以为双方创造出“双赢”的局面。然而,在实现养老基金投资基础设施的过程中仍存在很多没有解决的问题,仍面临很多挑战。这些问题的解决需要经过大量的理论研究和对实践经验的总结。为弥补长期存在的基础设施缺口,拉美地区从上世纪九十年代开始大力发展公私合作制,鼓励私人部门参与基础设施建设,鼓励养老基金对基础设施进行投资,并在此过程中积累了大量的实践经验,也尝试了很多创新的办法。本文的主要目的在于通过拉美地区养老基金投资基础设施的案例分析,总结拉美实践中的经验教训,并提出可以供中国参考借鉴之处。本文共有七个部分：第一部分导论。介绍了本文的研究目的和意义,阐述了国内外相关研究的现状及未来发展趋势,归纳了本文的研究思路和所使用的研究方法,总结了本文的创新点与不足。第二部分拉美地区养老金制度和基础设施概述。首先介绍了拉美地区养老金制度的演变过程和现行的养老金制度,指出拉美地区在养老金制度变革的过程中积累了大量的养老基金资产,所引入的多资金计划在促使养老基金投资多元化的同时,也促进了国内金融市场的发展,为养老基金投资基础设施打下了良好的基础；随后介绍了拉美基础设施缺口和政府、私人部门在基础设施建设中的地位变迁,指出面向私人部门融资已经成为拉美地区建设基础设施的主流趋势；最后,初步介绍养老基金与基础设施项目之间的关系,以及拉美养老基金投资基础设施面临的挑战。第三部分拉美养老基金投资基础设施的PPP模式。首先介绍了PPP模式的定义、运行机理、PPP合同的分类方式、并针对BOT模式和DBOM模式提供了两个拉美案例,分别是秘鲁塔沃阿达污水处理厂项目和阿根廷罗萨里奥-维多利亚桥项目；其次介绍了拉美养老基金投资基础设施的作用以及现状,并选取了智利、秘鲁、墨西哥、哥伦比亚养老基金投资基础设施的情况进行分析。第四部分拉美养老基金投资基础设施的投资方式、投资工具与投资领域。首先介绍了拉美养老基金投资基础设施的直接、间接方式,并指出这两种投资方式可能给基础设施项目和养老基金自身带来的好处与风险；之后,以智利基础设施债券、墨西哥的CKDs和秘鲁的基础设施信托为例,介绍了拉美地区为促进养老基金投资基础设施而做出的金融创新；最后,介绍了拉美地区养老基金投资基础设施的目前和未来可能的投资领域,指出未来拉美地区将继续巩固第一代基础设施投资(包括电信、能源、水利和交通部门),并开始摸索对第二代基础设施的投资(包括学校、医院和监狱等) 第五部分拉美养老基金基础设施投资的担保机制和补贴机制。介绍了担保机制和补贴机制对于促进拉美地区养老基金投资基础设施所起到的积极作用；在担保机制方面,介绍了财务担保和非财务担保的定义与分类；对于财务担保,本文介绍了全额担保和部分担保,案例方面选取了墨西哥的BANOBRAS和FONADIN以及巴西的FGP所提供的担保机制进行介绍,并指出他们的优势与局限性；随后,本文介绍了6种非财务担保机制,并选取巴西、哥伦比亚、智利和秘鲁的非财务担保案例进行分析；最后,介绍了补贴机制的定义和作用,并对巴西、哥伦比亚、墨西哥三个国家的补贴机制进行对比分析。第六部分拉美养老基金投资基础设施的特许权制度。分析了特许权制度存在的原因和特许权制度的框架构成,指出特许权制度之所以存在是因为政府希望更好的吸引私人部门参与基础设施建设,规范相关流程,并保护私人部门投资者的利益；随后分别介绍了巴西、智利、哥伦比亚、墨西哥和秘鲁的特许权制度,并对上述五国的特许权制度进行了比较分析,在这五国中,只有哥伦比亚没有形成明确的特许权制度,其余四国都已通过了特许经营法或PPP法。第七部分拉美养老基金投资基础设施的经验教训与中国启示。首先对拉美养老基金投资基础设施的经验和教训进行了总结,经验包括：明确特许经营法律框架、合理建立补贴和担保机制、进行金融创新和建立基础设施投资基金。教训包括：官僚主义作风影响投资者信心；金融危机影响养老基金投资基础设施：担保机制可能因为审批慢、承担风险有限等原因无法被充分利用。在中国启示部分,本文首先阐述了中国未来基础设施建设的资金需求,以及中国养老基金目前和未来可能达到的资产规模和投资需求,并提出可以将两种需求有机结合。在这一过程中,政府应通过构建清晰的特许经营法律框架、建立补贴和担保专用基金、建立基础设施投资基金为养老基金对基础设施的长期性投资提供支持,并开发新型的符合养老基金投资偏好的投资工具。关于养老基金投资基础设施的投资方式的选择,本文认为现阶段应以间接投资方式为主,并在间接投资的过程中通过相关经验的积累以及建立养老基金自己的基础设施投资团队,逐渐尝试进行直接投资。最后,本文介绍了养老基金投资基础设施可能面临的一系列风险,并提出可能的解决途径。本文创新点与不足如下。可能创新点之一：本文采用案例分析法,以拉美地区养老基金投资基础设施为研究对象,着重选取智利、墨西哥、巴西、秘鲁和哥伦比亚五国的案例,具体的描绘了拉美养老基金投资基础设施的PPP模式、投资方式、投资工具和投资领域,以及各国政府和相关机构为促进养老基金投资基础设施而提供的担保机制、补贴机制和特许权制度。可能创新点之二：在进行案例分析的同时,对拉美各国的不同做法进行了对比分析,并指出不同做法的利弊,总结了拉美地区养老基金投资基础设施的经验与教训。可能创新点之三：在对拉美养老基金投资基础设施的经验教训进行归纳总结的基础上,将拉美实践与我国实际相结合,提出为促进我国养老基金投资基础设施,可以构建明确的特许经营法律框架、建立补贴和担保专用基金、建立基础设施投资基金并进行金融创新。本文还提出我国养老基金投资基础设施的方式选择问题,以及投资所面临的风险与相应的对策。不足之一：受所获得资料的限制,文中对拉美创新型投资工具的描述不够全面。不足之二：本文是针对拉美地区养老基金投资基础设施的总体的描绘,因此对各国的具体规定、具体做法的描述在一定程度上不够深入。
[Abstract]:Improving the quantity and quality of infrastructure is crucial to the social and economic development of the world, especially in developing countries. In history, the public sector has long dominated the construction and management of infrastructure. However, the impact of the economic cycle on government expenditure and the government's own budget. Constraint constraints jointly lead to the government's insufficient investment in infrastructure to meet domestic demand for infrastructure, so the government will focus on the private sector. In fact, the use of the public private partnership (PPP) model attracts private sector participation in building infrastructure, providing public services, and making up for the government's financial infrastructure. The practice of underinvestment of the project has long been carried out in many countries and regions in the world, including both developed countries and regions, as well as developing countries and regions. In the PPP model, the successful financing of the private sector is the key factor for the smooth progress of infrastructure projects.
The pension fund has accumulated a large amount of fund assets in the long term pension system reform and development process. This part of the assets can be the ideal source of capital for PPP projects in various countries. For the pension fund, the investment of infrastructure has the characteristics of long-term, good risk return, low correlation with the financial market and so on, in the ideal condition. At the same time, investment in infrastructure can effectively disperse the portfolio and improve the investment income of the fund under the premise of ensuring the security of the fund's investment. The infrastructure of pension fund investment can create a "win-win" situation for both sides.
However, there are still a lot of unsolved problems in the process of implementing pension fund investment infrastructure, which still face many challenges. These problems need to be solved through a large number of theoretical studies and summary of practical experience.
In order to make up for the long-standing infrastructure gap, the Latin American region began to vigorously develop the public and private cooperative system in the 90s of last century, encouraged the private sector to participate in infrastructure construction, and encouraged the pension fund to invest in infrastructure. In this process, a large number of practical experiences have been accumulated and many innovative methods have been tried. The purpose is to summarize the experiences and lessons of Latin American practice through the case analysis of the infrastructure of pension fund investment in Latin America, and put forward some references for reference in China.
There are seven parts in this paper.
The first part is introduction. It introduces the purpose and significance of the study, expounds the current situation and future development trend of relevant research at home and abroad, summarizes the research ideas and methods used in this paper, and summarizes the innovation and deficiency of this article.
The second part is an overview of pension system and infrastructure in Latin America. Firstly, the evolution process of pension system in Latin America and the current pension system are introduced. It is pointed out that a large number of pension fund assets have been accumulated during the reform of pension system in Latin America, and the multi fund plan introduced in the region has contributed to the diversification of pension fund investment. At the same time, it also promoted the development of the domestic financial market and laid a good foundation for the infrastructure of the pension fund investment, and then introduced the Latin American infrastructure gap and the changes in the status of the government and the private sector in the infrastructure construction, and pointed out that the private sector financing has become the mainstream of the infrastructure construction in Latin America. Finally, it introduces the relationship between pension fund and infrastructure projects, and the challenges faced by Latin American pension fund investment infrastructure.
The third part of Latin America pension fund investment infrastructure PPP model, first introduced the definition of PPP model, operation mechanism, PPP contract classification, and provided two Latin American cases for the BOT model and DBOM model, the Peru TA worth wastewater treatment plant and the Gentina Rosario Vitoria bridge project; secondly The role and status of Latin America pension fund investment infrastructure were introduced, and the infrastructure of pension fund investment in Chile, Peru, Mexico and Columbia was analyzed.
The fourth part of Latin America pension fund investment infrastructure investment methods, investment tools and investment areas. First, it introduces the direct and indirect ways of Latin America pension fund investment infrastructure, and points out the benefits and risks that these two types of investment may bring to the infrastructure and pension fund itself; after that, the infrastructure of Chile is based on the infrastructure of Chile. The bond, the Mexico CKDs and the Peru infrastructure trust, as an example, introduced the financial innovation in Latin America to promote the infrastructure of pension fund investment. Finally, it introduced the current and possible future investment areas of the infrastructure for pension fund investment in Latin America, pointing out that the region will continue to consolidate the first generation base in the future. Investment in facilities (including telecommunications, energy, water conservancy and transportation), and began to explore investment in the second generation of infrastructure (including schools, hospitals and prisons).
The fifth part of Latin America endowment fund infrastructure investment guarantee mechanism and subsidy mechanism, introduced the guarantee mechanism and subsidy mechanism to promote the Latin American pension fund investment infrastructure, the positive role. In the guarantee mechanism, introduced the definition and classification of financial guarantee and non-financial guarantee; for financial guarantee, This article introduces full guarantee and partial guarantee. The case selects the BANOBRAS and FONADIN of Mexico, and the guarantee mechanism provided by FGP in Brazil, and points out their advantages and limitations. Then, this article introduces 6 kinds of non financial guarantee mechanism and select non financial guarantee in Brazil, Columbia, Chile and Peru. Finally, the definition and function of the subsidy mechanism are introduced, and the subsidy mechanism of three countries in Brazil, Columbia and Mexico is compared and analyzed.
The sixth part of the franchise system for the pension fund investment infrastructure in Latin America. The reasons for the existence of the concession system and the framework of the concession system are analyzed. It is pointed out that the existence of the concession system is because the government wants to attract the private sector to participate in the construction of the infrastructure better, regulate the relevant process and protect the private sector investors. The concession system of Brazil, Chile, Columbia, Mexico and Peru was introduced respectively, and the concession system of the five countries was compared. In these five countries, only Columbia did not form a clear franchise system, and the other four countries had passed the franchise law or the PPP law.
The seventh part of Latin America endowment fund investment infrastructure experience and lessons from China. First, the experience and lessons of Latin American pension fund investment infrastructure are summarized. The experience includes: clear the legal framework of franchising, the reasonable establishment of subsidy and guarantee mechanism, financial innovation and the establishment of infrastructure investment fund. The bureaucratic style affects investor confidence; the financial crisis affects pension fund investment infrastructure: the guarantee mechanism may not be fully utilized because of slow approval and limited risk.
In the enlightenment part of China, this article first expounds the capital demand of China's future infrastructure construction, as well as the current and future asset scale and investment demand of China's pension fund, and proposes that the two kinds of demand can be combined organically. In this process, the government should build a clear legal framework of franchising and build up a supplement in this process. The foundation investment fund is established to support the long-term investment of the infrastructure for the pension fund and to develop a new investment tool that meets the investment preference of the pension fund. In the process of indirect investment, through the accumulation of relevant experience and the establishment of a pension fund's own infrastructure investment team, direct investment is gradually attempted. Finally, this paper introduces a series of risks that the pension fund investment infrastructure may face and proposes possible solutions.
The innovation points and shortcomings of this paper are as follows.
One of the possible innovation points: This paper uses case analysis, taking the pension fund investment infrastructure in Latin America as the research object, and focuses on the cases of Chile, Mexico, Brazil, Peru and Columbia, and specifically describes the PPP model, investment mode, investment tools and investment fields of Latin America endowment fund investment infrastructure. And the guarantee mechanism, subsidy mechanism and franchise system provided by governments and relevant agencies to promote the investment infrastructure of pension funds.
Two possible innovation points: in the case of case analysis, the different practices of Latin American countries are compared and analyzed, and the advantages and disadvantages of different practices are pointed out, and the experience and lessons of the infrastructure of pension fund investment in Latin America are summarized.
The three possible innovation point: on the basis of summarizing the experience and lessons of Latin American pension fund investment infrastructure, combining the practice of Latin America with the reality of our country, this paper puts forward a clear legal framework of franchise, the establishment of a special fund for subsidies and guarantee, and the establishment of foundation for the investment infrastructure of the pension fund in China. The investment fund is applied and the financial innovation is carried out. This paper also puts forward the choice of the infrastructure for the investment of the pension fund in China, and the risks and countermeasures that the investment faces.
One of the deficiencies is that the description of innovative investment tools in Latin America is not comprehensive.
The lack of two: This paper is a general description of the infrastructure of pension fund investment in Latin America, so the detailed description of various countries and the description of specific practices are not deep enough.
【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】：F847.3;F842.67

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