我国养老保险基金投资运营问题探究

发布时间：2018-03-01 07:43

  本文关键词： 养老保险基金 投资策略 风险控制　出处：《华东师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着社会经济的持续发展和人类寿命的不断延长,全球不可避免的出现了人口老龄化的趋势,我国老龄人口数量的不断走高已经成为我国社会面临的最严峻挑战之一。随着老龄人口比例的不断攀升,养老保险基金这一关乎民生,尤其是老年人切身利益的“养命钱”,逐渐暴露出其在收入的可持续发展,以及支出的动态平衡等方面的内在矛盾。随着养老保险基金支付危机的逐渐显现、隐性债务缺口的不断扩大,研究缓解养老保险基金收支不平衡等内在矛盾的手段便变得越来越有意义。 本文从缓解养老保险基金内在矛盾方法之一的投资运营角度出发,以基金投资收益为切入口,分析对比在使用不同投资工具形成投资组合的情况下,养老保险基金投资运营收益的各种可能性以及遭受损失的风险性,并最终给出养老保险基金投资运营的具体建议。文章采用定性分析与定量分析相结合的方法,以定量分析为主。在定性分析中,介绍了养老保险基金的定义、我国养老保险基金的特点以及投资运营的两大理论基础。其次,通过对我国养老保险基金投资总额、投资结构以及现下投资收益的剖析,揭示了目前我国养老保险基金投资运营中存在的投资工具品种过少、收益偏低,个人储蓄性养老保险发展缓慢等问题。针对问题,本文进行了样本及模型选取,在对投资工具及其组合的风险收益进行比较的基础上,利用资本资产定价模型对我国养老保险基金的投资运营进行实证研究,得出有效的投资运营方程,为养老保险基金进行投资运营提供可供参考的依据。 在论证提高投资运营收益率可行性的过程中,文章还介绍了美国、加拿大、智利及新加坡等国在养老保险基金投资运营方面的经验及带给我们的启示,并最终试图找出适合我国国情的投资运营策略并给到具体的投资建议。首先,拓宽投资渠道,在金融投资领域外考虑引入实业投资,尤其是基础设施建设投资等投资渠道,分散金融领域的投资风险；借鉴QFⅡ基金等海外基金投资我国资本市场的经验,适度投资海外市场,分散本国资本市场风险；其次,丰富投资工具品种,以流动性较好、安全性较高的货币市场基金代替部分银行存款；引入固定收益类产品,坚持收益类工具,如股票、股票型开放式基金的投资,降低投资组合相关性；第三,改革现行投资管理模式,由数量限制规则投资管理模式逐渐向谨慎人规则投资管理模式转变；最后,加强基金投资的监管力度,确保基金资金安全,从而多方面降低基金投资损失风险,提高投资运营效率。
[Abstract]:With the sustainable development of social economy and the continuous prolongation of human life, the trend of population aging is inevitable in the world. The increasing number of the aged population in China has become one of the most serious challenges facing our society. With the proportion of the aged population rising, the pension insurance fund is of vital importance to the people's livelihood. In particular, the "life-keeping money" in the vital interests of the elderly has gradually exposed its inherent contradictions in the sustainable development of income and the dynamic balance of expenditure, etc. With the gradual emergence of the pension fund payment crisis, With the widening of implicit debt gap, it becomes more and more meaningful to study the ways to alleviate the inherent contradictions, such as the imbalance of income and expenditure of pension insurance fund. In this paper, from the angle of alleviating the inherent contradiction of the pension fund, and taking the investment income of the fund as the entry point, this paper analyzes and compares the case of using different investment instruments to form a portfolio. Various possibilities of pension fund investment operating income and risk of loss, and finally give the specific suggestions of pension fund investment and operation. This paper adopts the method of combining qualitative analysis and quantitative analysis. In the qualitative analysis, the definition of pension insurance fund, the characteristics of pension insurance fund and the two theoretical bases of investment and operation are introduced. Secondly, the total investment amount of pension insurance fund in China is introduced. The analysis of the investment structure and the present investment income reveals the problems existing in the investment operation of the pension insurance fund in China, such as too few investment instruments, low income and slow development of personal savings endowment insurance, etc. On the basis of comparing the risk returns of investment tools and their combinations, this paper makes an empirical study on the investment and operation of pension funds in China by using the capital asset pricing model. The effective equation of investment and operation is obtained, which can be used as a reference for the investment and operation of pension insurance fund. In the process of demonstrating the feasibility of raising the return on investment and operation, the article also introduces the experience of the United States, Canada, Chile and Singapore in the investment and operation of pension insurance funds and the inspiration to us. And finally try to find out the investment and operation strategy suitable for our country's national conditions and give specific investment suggestion. First, broaden the investment channel, consider introducing the industrial investment, especially the investment channel of infrastructure construction, outside the field of financial investment. To diversify the investment risk in the financial field, to draw lessons from the experience of QF 鈪，

本文编号：1551020