养老基金对资本市场的影响
发布时间：2018-12-13 03:20
【摘要】：20世纪80年代开始，世界主要国家的养老金制度从现收现付制逐步向基金积累制过渡，智利的成功经验成为许多国家养老金制度改革的样板。目前，世界各国推崇的多支柱养老金体系中是以收现付制与基金积累制混合的混合养老金制度。 养老金与资本市场的联系由来已久，养老基金投资于资本市场，需要借助资本市场来实现资产的增值、保值。各国的惯例是现收现付制下的基础社会养老金一般不投资于资本市场，与资本市场联系较多的是基金积累制下积累的资金。养老基金的社会属性使其区别与一般的机构投资者，本文主要研究基金积累制下的养老基金投资于资本市场，并从养老基金影响资本市场的路径来分析养老基金对资本市场的影响。
[Abstract]:Since the 1980s, the pension system of the world's major countries has gradually transitioned from the pay-as-you-go system to the accumulation system of funds. The successful experience of Chile has become a model for the reform of the pension system in many countries. At present, the multi-pillar pension system in the world is a mixed pension system based on pay-as-you-go system and fund accumulation system. The relationship between pension and capital market has a long history. When pension fund invests in capital market, it needs to use capital market to realize the appreciation of assets and maintain its value. The usual practice in many countries is that the basic social pension under the pay-as-you-go system does not invest in the capital market, and the fund accumulated under the fund accumulation system is more closely related to the capital market. The social attribute of the pension fund makes it different from the general institutional investor. This paper mainly studies the pension fund investment in the capital market under the fund accumulation system. The paper also analyzes the influence of pension fund on capital market from the perspective of the influence of pension fund on capital market.
【学位授予单位】：外交学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67
本文编号：2375776
[Abstract]:Since the 1980s, the pension system of the world's major countries has gradually transitioned from the pay-as-you-go system to the accumulation system of funds. The successful experience of Chile has become a model for the reform of the pension system in many countries. At present, the multi-pillar pension system in the world is a mixed pension system based on pay-as-you-go system and fund accumulation system. The relationship between pension and capital market has a long history. When pension fund invests in capital market, it needs to use capital market to realize the appreciation of assets and maintain its value. The usual practice in many countries is that the basic social pension under the pay-as-you-go system does not invest in the capital market, and the fund accumulated under the fund accumulation system is more closely related to the capital market. The social attribute of the pension fund makes it different from the general institutional investor. This paper mainly studies the pension fund investment in the capital market under the fund accumulation system. The paper also analyzes the influence of pension fund on capital market from the perspective of the influence of pension fund on capital market.
【学位授予单位】：外交学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67
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