全国社保基金境外投资管理研究

发布时间：2018-03-09 17:16

本文选题：全国社会保障基金　切入点：境外　出处：《广西民族大学》2017年硕士论文　论文类型：学位论文

【摘要】：全国社保基金是我国重要的战略储备基金,专门用于人口老龄化高峰时期的养老保险等社会保障支出的补充、调剂。近年来,全国社保基金在境内的投资运营中取得了较好的成绩,但在境外方面却表现不佳。本文从基金境外投资的现状入手,对其目标原则、运营模式、资产配置等方面进行了详细分析,尤其是对投资风险进行了较为系统的计量分析,发现基金在境外投资的过程中主要存在以下问题:间接投资成本过高,委托代理体制不健全;过分依赖行政手段,法律法规严重滞后;社会监督效率不高,信息披露系统不完善;严格的数量限制与松散的平行监管共存;资金来源不足,投资渠道狭窄;资产区域分布集中,投资策略有待完善。针对以上问题,借鉴海外代表性国家的经验教训,并结合我国发展的实际情况,提出了以下建议:控制间接投资成本,完善委托代理体制;健全基金境外投资的法律法规;提升信息服务质量,增强社会监督效率:统筹协调监管机构,适当修改数量限制;科学决策资产配置,灵活调整投资范围;拓宽基金融资渠道,切实防范结汇风险。
[Abstract]:The National Social Security Fund is an important strategic reserve fund in China, which is specially used to supplement and adjust social security expenditure such as pension insurance during the peak period of population aging. In recent years, The National Social Security Fund has made good achievements in the domestic investment and operation, but it has not performed well abroad. This paper starts with the present situation of the fund's overseas investment, and discusses its target principle, operation mode, The asset allocation and other aspects are analyzed in detail, especially the systematic measurement and analysis of investment risk. The main problems in the process of fund investment abroad are found: the indirect investment cost is too high, the principal-agent system is not perfect; Excessive reliance on administrative means, serious lag of laws and regulations, low efficiency of social supervision, imperfect information disclosure system, strict quantitative restrictions and loose parallel supervision, insufficient sources of funds and narrow investment channels; The regional distribution of assets is concentrated and the investment strategy needs to be improved. In view of the above problems, the paper draws lessons from the experiences of overseas representative countries and puts forward the following suggestions: to control the indirect investment cost, and to combine with the actual situation of China's development. Perfecting the principal-agent system; perfecting the laws and regulations of the fund's overseas investment; improving the quality of information service and enhancing the efficiency of social supervision; coordinating the supervision organization as a whole, modifying the quantity limit appropriately; making scientific decision on the allocation of assets and adjusting the investment scope flexibly; Widen fund financing channel, prevent the risk of settlement of foreign exchange conscientiously.
【学位授予单位】：广西民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.61;F832.51;F125

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