公共养老金的治理结构、资产配置与投资收益：国际经验与中国借鉴

发布时间：2018-06-16 04:07

本文选题：公共养老金 + 治理结构　；参考：《复旦大学》2013年硕士论文

【摘要】：本文以来自10个国家11只大型基金的公开数据为基础,构建了一套基于圣地亚哥原则(Santiago Principles)的评价指标：SCI指数,对各国基金的治理结构进行定量分析和评价,并进一步对治理结构、资产配置和投资收益的关系进行统计和计量分析,以确定最优治理结构的安排及做法。本文的基本结论有：首先,根据SCI评分结果,不同国家基金的治理结构差距很大,其中加拿大、新西兰、爱尔兰和澳大利亚基金的治理结构较好,而中国、日本和韩国排位靠后；其次,各国基金的资产配置差距较大,总体而言基金的治理结构越好,其资产组合中非固定收益资产比重越高；第三,统计分析和初步计量分析表明,公共养老金治理结构会对投资收益产生正向影响,且这一影响可能是通过资产配置得以实现的。最后,本文为中国社会保障基金的治理结构改进提供国际标杆做法和政策建议。
[Abstract]:Based on the open data of 11 large funds from 10 countries, this paper constructs a set of evaluation index: sci index based on Santiago principles, and makes a quantitative analysis and evaluation of the governance structure of national funds. Furthermore, the relationship among governance structure, asset allocation and investment income is analyzed by statistics and econometric analysis in order to determine the arrangement and practice of the optimal governance structure. The basic conclusions of this paper are as follows: firstly, according to the sci score, the governance structure of different country funds is very different, among which Canada, New Zealand, Ireland and Australia have better governance structure, while China has a good governance structure. Japan and South Korea rank lower; secondly, there is a large gap in asset allocation among funds. In general, the better the governance structure of the fund, the higher the proportion of non-fixed income assets in its portfolio; thirdly, the statistical analysis and preliminary measurement analysis show that, Public pension governance structure will have a positive impact on investment returns, and this impact may be achieved through asset allocation. Finally, this paper provides international benchmarking and policy advice for the improvement of the governance structure of China Social Security Fund.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F841.31;F842.61

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