养老基金投资保障房建设研究

发布时间：2018-01-02 14:02

本文关键词：养老基金投资保障房建设研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国养老基金的长期收益表现不佳,保值增值能力弱,引发了公众担忧。数据显示,我国养老金缺口在2010年末就达到了1.3万亿元。冰冻三尺非一日之寒,我国养老基金的困局有历史的因素,也有现实的限制,但是保值增值已经迫在眉睫。资金的供给方正在市场上寻找合适的投资项目和方式。而我国刚刚起步的保障房建设,目前主要依靠政府力量,面临巨大的资金缺口。二者在特性、需求量和需求程度等方面均匹配,养老基金投资保障房建设是可行的。而在投资方式的选择上,目前已经尝试的有信托贷款和债权投资,随着金融市场的发展,逐步可以考虑房地产抵押贷款证券化和资产担保债券。本文共分五个章节,首先引出问题并介绍养老基金及投资的概述、国内外的文献综述。第二章介绍养老基金的现状和投资情况,主要介绍地方基本养老基金和全国社会保障基金的现状、投资限制和投资特征。第三章旨在分析养老基金投资保障房的可行性。首先从投资的四个基本属性出发,分析保障房建设是符合安全性、收益性、流动性和社会性这四个投资原则的。然后分析了保障房建设的规模和融资规模,可以看出养老基金和保障房建设这两者资金需求与供给的匹配度,确认养老基金投资保障房建设是可行的。第四章主要分析养老基金投资保障房建设可以采用的方式。目前试水的已经有两种：信托贷款和债权投资。但随着我国市场的发展,养老基金可以逐步考虑采用房地产抵押贷款证券化和资产担保债券的方式投资。第五章对养老基金投资保障房建设提出对策思考,一方面借鉴美国和新加坡的经验教训,建议投资方式多元化,配合合理的制度安排以解决住房问题等；另一方面从我国实际出发,对法制建设、基金监管、行政干预和市场化进程进行思考。
[Abstract]:The long-term performance of China's pension fund poor ability to preserve and increase the value of the weak, sparked public concern. Data show that China's pension gap at the end of 2010 reached 1 trillion and 300 billion yuan. Rome was not built in a day, the factors of China's pension fund predicament of history, there are practical limits, but the value of is imminent. The supply of funds is to find suitable investment projects and in the market. While China has just started the construction of low-income housing, mainly rely on the strength of the government, facing a huge funding gap. Two in the characteristics of demand and etc. are matched, pension funds to invest in low-income housing construction is feasible in the choice of investment ways, now try trust loans and debt investment, with the development of financial market, and gradually consider the real estate mortgage securitization and asset backed securities This paper is divided into five chapters, firstly presents the question and introduces pension funds and investment, domestic and international literature review. The second chapter introduces the present situation and the investment of pension fund, mainly introduces the situation of local basic pension fund and the national social security fund, investment restrictions and investment characteristics. The third chapter aims to analyze the feasibility of pension fund investment in low-income housing. First, from the four basic attributes of investment analysis, low-income housing construction is in line with the safety, profitability, the four principles of investment and social mobility. And then analyzes the low-income housing construction scale and the scale of financing, we can see that the matching degree of housing construction both demand and supply of funds pension the fund and guarantee the confirmation of pension funds to invest in low-income housing construction is feasible. The fourth chapter mainly analyzes the pension fund investment low-income housing construction can be used. The test has been The two: trust loans and debt investment. But with the development of China's market, the pension fund can gradually consider investment by the real estate mortgage securitization and asset backed bonds. The fifth chapter puts forward countermeasures for pension funds to invest in low-income housing construction, on the one hand, drawing lessons from the United States and Singapore, diversified suggestions investment, with reasonable system arrangement to solve the housing problem; on the other hand, from the reality of our country, the construction of the legal system, fund supervision, administrative intervention and market process of thinking.

【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】：F842.67;F299.23

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