我国基本养老保险个人账户基金投资运营模式的选择与构建
发布时间：2018-10-10 07:49
【摘要】：在养老金的管理上,具有积累性质的基本养老保险个人账户基金需要通过市场化的投资运营实现基金的保值增值。我国基本养老保险个人账户基金目前面临困境在于制度转轨留下的空账问题,个人账户基金做实困难,而有限的做实部分按现行政策只能投资于银行协议存款和购买国债,个人账户基金面临保值增值困难。近年来,我国的人口老龄化进程不断加快,而未来的基本养老金的支付有可能存在巨额缺口,而目前已经积累基本养老保险基金投资渠道受到限制,面临着通货膨胀、基金贬值的压力,政府和个人的在未来养老问题上面临着巨大压力。为此,属于积累制度的基本养老保险个人账户基金有必要通过市场化的投资运营实现基金的保值增值,这已经成为当前基本养老保险个人账户基金面临的亟需得到解决的研究问题,这也是实施积累性个人账户制度的内在要求。同时,随着我国社会经济的发展,资本市场也逐步发展,我国企业年金与全国社会保障基金在资本市场上的成功投资运营,也为我国基本养老保险个人账户基金市场化投资运营提供了良好的经验借鉴。但是我国在基本养老保险个人账户基金投资运营上尚未有具体投资运营管理办法与实践,因此我国在现阶段要主动调整个人账户基金的投资运营政策,构建适合我国国情的基本养老保险个人账户基金的投资运营模式,扩宽投资渠道,提高基金投资运营收益率。 本文以我国基本养老保险个人账户基金的投资运营模式为探究对象,在个人账户基金的投资运营中不仅涉及投资的工具、投资范围、投资风险、投资策略等,投资运营的模式也会影响个人账户基金的投资运营的安全和效率。文章梳理国内外个人账户基金投资运营的理论和实践,对比分析了国内外个人账户基金投资运营模式和实践经验,并根据我国现阶段的国情,结合国内外现有投资运营模式,提出我国基本养老保险个人账户基金投资运营模式的选择,探索构建适合我国的投资运营模式,设计省级政府管理下的法人受托模式框架,厘定个人账户基金投资运营参与各方的关系与权责,并根据现阶段资本市场的条件,提出我国个人账户基金在投资运营中投资工具选择及其资产配置策略,对基金投资运营可能遇到的风险进行分析。最后探索完善个人账户基金投资运营模式的配套措施。
[Abstract]:In the management of pension, the accumulation of the basic endowment insurance individual account fund needs to realize the value preservation and increment of the fund through the market-oriented investment operation. At present, the basic old-age insurance personal account fund in our country is faced with the problem of the empty account left by the system transition. It is difficult for the individual account fund to make sure, but the limited solid part can only invest in the bank agreement deposit and purchase the national debt according to the current policy. Personal account funds face difficulties in maintaining and increasing their value. In recent years, the aging process of the population in our country has been speeding up, and there may be a huge gap in the payment of basic pension in the future. At present, the investment channels of the accumulation of basic pension insurance funds have been restricted, and they are faced with inflation. The pressure of devaluing the fund, the government and individuals in the future pension problems are facing great pressure. Therefore, it is necessary for the individual account fund of the basic old-age insurance, which belongs to the accumulation system, to maintain and increase the value of the fund through the market-oriented investment operation. This has become the current basic old-age insurance personal account fund faced with the urgent need to solve the research problem, which is also the implementation of the accumulation of personal accounts system inherent requirements. At the same time, with the development of China's social economy and the gradual development of the capital market, China's enterprise annuity and the national social security fund have successfully invested in the capital market. It also provides a good experience for the market-oriented investment and operation of the personal account fund of basic endowment insurance in China. However, our country has not had the concrete investment operation management method and the practice in the investment operation of the basic endowment insurance personal account fund, so our country should adjust the investment operation policy of the personal account fund actively at the present stage. To construct the investment and operation mode of the basic endowment insurance personal account fund which is suitable for the national conditions of our country, to widen the investment channel and to raise the return rate of investment and operation of the fund. This paper takes the investment and operation mode of the basic old-age insurance personal account fund as the research object. In the investment operation of the personal account fund, it not only involves the investment tools, the investment scope, the investment risk, the investment strategy and so on. The mode of investment and operation will also affect the security and efficiency of the investment and operation of personal account funds. This paper combs the theory and practice of the investment and operation of the personal account fund at home and abroad, compares and analyzes the investment operation mode and practical experience of the personal account fund at home and abroad, and according to the current situation of our country, combines the existing investment operation mode at home and abroad. This paper puts forward the choice of investment and operation mode of individual account fund of basic old-age insurance in China, explores the construction of investment and operation mode suitable for our country, and designs the framework of legal person trust mode under provincial government management. According to the present conditions of the capital market, this paper puts forward the choice of investment tools and the asset allocation strategy of the personal account fund in China in the process of investment and operation, according to the current conditions of the capital market, the relationship and responsibility of the parties involved in the investment and operation of the personal account fund. The risk of fund investment and operation may be analyzed. Finally, the paper explores the necessary measures to perfect the investment and operation mode of personal account fund.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.67
本文编号：2261223
[Abstract]:In the management of pension, the accumulation of the basic endowment insurance individual account fund needs to realize the value preservation and increment of the fund through the market-oriented investment operation. At present, the basic old-age insurance personal account fund in our country is faced with the problem of the empty account left by the system transition. It is difficult for the individual account fund to make sure, but the limited solid part can only invest in the bank agreement deposit and purchase the national debt according to the current policy. Personal account funds face difficulties in maintaining and increasing their value. In recent years, the aging process of the population in our country has been speeding up, and there may be a huge gap in the payment of basic pension in the future. At present, the investment channels of the accumulation of basic pension insurance funds have been restricted, and they are faced with inflation. The pressure of devaluing the fund, the government and individuals in the future pension problems are facing great pressure. Therefore, it is necessary for the individual account fund of the basic old-age insurance, which belongs to the accumulation system, to maintain and increase the value of the fund through the market-oriented investment operation. This has become the current basic old-age insurance personal account fund faced with the urgent need to solve the research problem, which is also the implementation of the accumulation of personal accounts system inherent requirements. At the same time, with the development of China's social economy and the gradual development of the capital market, China's enterprise annuity and the national social security fund have successfully invested in the capital market. It also provides a good experience for the market-oriented investment and operation of the personal account fund of basic endowment insurance in China. However, our country has not had the concrete investment operation management method and the practice in the investment operation of the basic endowment insurance personal account fund, so our country should adjust the investment operation policy of the personal account fund actively at the present stage. To construct the investment and operation mode of the basic endowment insurance personal account fund which is suitable for the national conditions of our country, to widen the investment channel and to raise the return rate of investment and operation of the fund. This paper takes the investment and operation mode of the basic old-age insurance personal account fund as the research object. In the investment operation of the personal account fund, it not only involves the investment tools, the investment scope, the investment risk, the investment strategy and so on. The mode of investment and operation will also affect the security and efficiency of the investment and operation of personal account funds. This paper combs the theory and practice of the investment and operation of the personal account fund at home and abroad, compares and analyzes the investment operation mode and practical experience of the personal account fund at home and abroad, and according to the current situation of our country, combines the existing investment operation mode at home and abroad. This paper puts forward the choice of investment and operation mode of individual account fund of basic old-age insurance in China, explores the construction of investment and operation mode suitable for our country, and designs the framework of legal person trust mode under provincial government management. According to the present conditions of the capital market, this paper puts forward the choice of investment tools and the asset allocation strategy of the personal account fund in China in the process of investment and operation, according to the current conditions of the capital market, the relationship and responsibility of the parties involved in the investment and operation of the personal account fund. The risk of fund investment and operation may be analyzed. Finally, the paper explores the necessary measures to perfect the investment and operation mode of personal account fund.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.67
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