我国养老保险基金投资管理研究

发布时间：2018-05-04 16:21

本文选题：养老保险基金 + 投资组合管理　；参考：《湖北工业大学》2017年硕士论文

【摘要】：随着社会经济的不断发展,人类医疗保障体系得到大幅度的健全和完善,人类寿命也随之得到大幅度延长。然而,由于人类在长时期内实行的是人口增长无限制政策,致使人口数量大幅提高,不可避免地造成人口老龄化趋势。在我国相当长的一段时间内,人口增长没有限制性的政策作为约束,导致我国人口数量庞大。随着计划生育政策的实施,人口增长速度略有放缓,但随之而来的是人口老龄化问题愈来愈严重,已经成为制约我国经济社会发展最为严峻的挑战之一。随着我国老龄人口的增加,养老保险基金应运而生,逐渐成为支撑社会发展、促进经济增长、保障老龄人口生活的重要工具,是关乎百姓民生、关系老年人口利益的生存资料,但也逐渐暴露出收入与支出失衡的问题。养老保险基金在支付过程中存在各种危机,隐性债务缺口逐渐扩大,因此,寻求解决各种危机与缺口的方法与途径势在必行。本文在第一章论述了研究的背景和重要意义,以及阐述了研究的主要内容和方法,总领全文。在第二章中,主要对国内外研究现状进行了梳理总结,明晰研究的主要方向。第三章、第四章和第五章是本文的主要章节,从探究解决养老保险基金的方法出发,以我国养老保险基金投资管理为研究对象,通过分析养老保险基金投资的规模、渠道、收益状况,概括了基金所面临的问题,根据Markowitz的投资组合模型分析基金最优组合方案,并构建了养老保险基金投资的资产定价模型,同时对基金进行风险管理,提出我国养老保险基金投资风险控制的相关措施。通过分析,本文得到以下几点结论:1)我国养老保险体系由三大支柱共同发挥作用,但占主要地位的仍然是社会基本养老保险基金,仍然是主流,其他两大支柱仅发挥着辅助作用。2)养老保险基金的投资管理,最重要的就是要做好养老保险基金投资组合的管理。如果在实际的投资过程中能够有效地进行组合投资,养老保险基金投资所面临的问题就能得到更好的解决。3)养老保险基金的投资管理,还需要对其投资风险进行管理和控制。为了防范基金投资的风险,使投资收益最大化,应当遵循安全性与获利性兼顾的原则,及时对投资风险作出反应,制定并执行风险应对策略,评估投资风险应对效果,确定最优投资收益与风险组合方案,建立健全基金风险监控机制。
[Abstract]:With the continuous development of social economy, the human medical security system has been greatly improved and improved, and the human life expectancy has also been greatly extended. However, due to the policy of unlimited population growth in a long period of time, the population has been greatly increased, which inevitably leads to the aging trend of the population. In our country for a long time, the population growth is not restricted by the restrictive policy, which leads to the huge population in our country. With the implementation of family planning policy, the rate of population growth has slowed slightly, but the problem of population aging has become more and more serious, which has become one of the most severe challenges restricting the economic and social development of our country. With the increase of the aging population in our country, the endowment insurance fund has emerged as the times require. It has gradually become an important tool to support social development, promote economic growth, and ensure the life of the elderly population. It is the survival data related to the livelihood of the people and the interests of the elderly population. But it also gradually exposed the imbalance between income and expenditure. There are various crises in the process of payment of pension insurance fund, and the implicit debt gap is gradually widening. Therefore, it is imperative to seek ways and means to solve the various crises and gaps. In the first chapter, the background and significance of the research are discussed, as well as the main contents and methods of the research. In the second chapter, the current research situation at home and abroad is summarized, and the main research direction is clarified. The third chapter, the fourth chapter and the fifth chapter are the main chapters of this paper. Starting from exploring the method of solving the pension insurance fund, taking the investment management of the pension insurance fund in our country as the research object, the paper analyzes the scale and channel of the endowment insurance fund investment. According to Markowitz's portfolio model, the optimal portfolio scheme of the fund is analyzed, and the asset pricing model of the pension insurance fund is constructed. At the same time, the risk management of the fund is carried out. Put forward the relevant measures of investment risk control of endowment insurance fund in our country. Through the analysis, this paper draws the following conclusions: 1) the pension insurance system of our country is played by the three pillars together, but the main position is still the social basic endowment insurance fund, which is still the mainstream. The other two pillars only play an auxiliary role. 2) the investment management of the pension insurance fund is the most important one is to manage the investment portfolio of the pension insurance fund. If the portfolio investment can be carried out effectively in the actual investment process, the problems faced by the pension fund investment can be solved better. 3) the investment management of the pension insurance fund needs to be managed and controlled. In order to prevent the risk of fund investment and maximize the investment income, we should follow the principle of both safety and profit, react to the investment risk in time, formulate and implement the risk response strategy, and evaluate the response effect of investment risk. To determine the optimal investment return and risk portfolio, establish and improve the fund risk monitoring mechanism.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.67

【参考文献】