我国基本养老保险基金指数化投资的可行性研究

发布时间：2018-03-30 20:20

本文选题：基本养老保险基金　切入点：指数化投资　出处：《西南交通大学》2014年硕士论文

【摘要】：目前我国的养老保险基金体系由社会基本养老保险基金(简称养老金)、全国社会保障基金(简称社保基金)、企业年金基金组成,全国养老保障体系已基本形成以社会养老保险为主体、以企业年金和商业养老保险为辅助的三支柱制度框架。近年来,基本养老保险基金虽然累计结存余额逐年增大但投资收益较低,按照专家郑秉文的说法,从2001年至2011年间中中国养老保险基金“缩水”近6000亿元。因此使基本养老保险基金参与市场运作实现保值增值已成为不可阻挡之势。然而选取何种方式投资这笔“养老钱”,都要将安全性必须作为投资考虑的首要因素。指数化投资作为一种可在保证安全性的前提下提高收益作为笔者研究的主题。随着资本市场的不断发展和完善,提出基本养老保险基金指数化投资策略,此种策略是把基本养老保险基金投资理论基础与指数化投资的理论基础进行关联,进而描述基本养老保险基金投资的原则,分析我国基本养老保险基金指数化投资具备的现有条件,以及从养老金指数化投资在国外取得的有效性和我国指数投资取得的收益得出“适用”的结论,并说明我国基本养老保险基金指数化投资已具备改革进展和法律基础、资本市场的发展基础、宏观经济的发展基础、内外部监督的基础等。最后,说明我国基本养老保险基金指数化投资的约束条件,并提出在法律、投资管理人、政府以及其他方面的对策建议。
[Abstract]:At present, the pension insurance fund system in China is composed of the Social basic Pension Fund (abbreviated as the pension fund), the national social security fund (abbreviated as the social security fund) and the enterprise annuity fund.The national old-age security system has basically formed a three-pillar system with social old-age insurance as the main body and enterprise annuity and commercial old-age insurance as the auxiliary system.In recent years, although the accumulated balance of the basic pension insurance fund has increased year by year, the investment income is relatively low. According to the expert Zheng Bingwen, from 2001 to 2011, the Chinese pension fund "shrank" nearly 600 billion yuan.Therefore, it is irresistible to make the basic pension fund participate in the market operation to maintain and increase its value.However, the security must be the first factor in the investment.Indexed investment is the subject of my research on the premise of ensuring safety.With the development and perfection of the capital market, this paper puts forward the indexed investment strategy of the basic old-age insurance fund, which relates the theoretical basis of the investment of the basic pension fund to the theoretical basis of the indexed investment.Then it describes the investment principles of the basic pension insurance fund, and analyzes the existing conditions for the indexed investment of the basic pension insurance fund in China.The conclusion that "applicable" is drawn from the validity of the indexed pension investment abroad and the income obtained from the index investment in our country, and the conclusion that the indexed investment of the basic pension insurance fund in our country already has the reform progress and the legal foundation.Capital market development basis, macroeconomic development basis, internal and external supervision of the basis.Finally, the paper explains the restrictive conditions of the indexed investment of the basic pension insurance fund in China, and puts forward the countermeasures and suggestions in the law, the investment manager, the government and other aspects.
【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;F832.51

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