美国养老金入市问题研究

发布时间：2018-07-04 18:05

本文选题：美国养老金 + 资本市场　；参考：《吉林大学》2014年硕士论文

【摘要】：养老金体系关乎一国的国民福利、代际公平、社会稳定以及经济发展。而随着我国人口老龄化程度的持续加深，养老金体系之于经济社会的影响显得愈发明显和深远。由于起步较晚，我国的养老金体系存在着诸多不足，基本养老保险基金的长期贬值缩水即是其主要问题之一。基本养老保险基金的筹措和管理由政府主导，是我国养老金的主要构成部分；受制于相关的法律法规和我国资本市场的实际情况，其当前的投资形式仅限于存入银行和购买国债这两种。银行存款和国债的风险虽然很低，但其收益率亦相应较低；再加之我国近年来持续的通货膨胀态势，使得基本养老保险基金面临着严重的缩水问题。以发达国家的经验来看，，对养老金进行市场化运营是实现养老金保值增值的可行途径。一方面，养老金递延支付的特征使得其投资具有长期属性，而长期投资则意味着注重成长性的价值投资；另一方面，相较于中国，发达国家的资本市场往往更为健全、养老金计划更为多样、政府监管更为合理。因而，具有长期投资属性的养老金得以利用资本市场来分享经济发展成果，从而实现其保值增值。在实现了养老金市场化运营的国家中，美国的养老金运作较为成功。美国的养老金体系由三大支柱构成，即联邦养老计划、雇主养老计划和个人养老储蓄计划。其中，联邦养老计划由政府强制主导，而私人部门的雇主养老金计划和个人养老储蓄计划则具有私人性质；并且，这两者构成了美国养老金资产的主要来源。换言之，美国养老金的主体是私人养老金，这使得养老金的市场化运作成为一种自然和必然的选择。一方面，规模庞大的进入资本市场以寻求保值增值的养老金极大地充实了美国资本市场、丰富了金融产品、壮大了机构投资者；另一方面，因入市养老金而更为稳定、健全的资本市场反过来又促进了养老金的保值和增值。本文以美国为例，具体描述美国养老金的入市过程以及入市的主要途径，阐释美国养老金入市的运营体系、风险管理体系以及监管体系，分析美国养老金入市之于美国资本市场、金融产品创新以及宏观经济的影响；并在以上基础上简要介绍我国的养老金体系、论述我国所面临的养老金运营困境、分析我国养老金入市的障碍所在，以期通过中美对比，为我国养老金的入市准备提出相应的改革和政策建议。
[Abstract]:The pension system is about a country's national welfare, intergenerational equity, social stability and economic development. With the aging of the population in China, the impact of the pension system on the economic and social becomes more and more obvious and far-reaching. Because of the late start, the pension system of our country has many shortcomings, the long-term depreciation of the basic pension insurance fund is one of its main problems. The financing and management of the basic pension insurance fund is dominated by the government and is the main component of the pension in our country. It is subject to the relevant laws and regulations and the actual situation of the capital market in our country. Its current form of investment is limited to bank deposits and the purchase of treasury bonds. Although the risk of bank deposit and national debt is very low, the rate of return is also relatively low. In addition, the inflation situation in recent years makes the basic pension insurance fund face serious shrinking problem. From the experience of developed countries, market-oriented operation of pension is a feasible way to maintain and increase the value of pension. On the one hand, the characteristics of deferred payment of pensions make its investment have a long-term attribute, and long-term investment means a value investment focused on growth. On the other hand, the capital markets of developed countries tend to be more robust than those of China. Pension plans are more diverse and government regulation more reasonable. Therefore, the pension with long-term investment attributes can use the capital market to share the economic development results, thereby achieving its value-preserving and increasing value. In the countries that have realized the operation of pension marketization, the operation of American pension is more successful. The U.S. pension system consists of three pillars: federal pension plans, employer pension plans and individual pension savings plans. Among them, federal pension plans are enforced by the government, while private sector employer pension plans and individual pension savings plans are private in nature; and both constitute the main source of U.S. pension assets. In other words, the main body of American pension is private pension, which makes the marketization of pension become a natural and inevitable choice. On the one hand, the huge pension that enters the capital market in search of preserving and increasing the value of value greatly enriches the capital market of the United States, enriches financial products and strengthens institutional investors; on the other hand, it is more stable because of the pension in the market. Sound capital markets, in turn, promote the preservation and appreciation of pensions. Taking the United States as an example, this paper specifically describes the process and main ways of entering the market of American pension, and explains the operation system, risk management system and supervision system of American pension entering the market. This paper analyzes the impact of American pension entry on American capital market, financial product innovation and macro economy, and on the basis of the above, briefly introduces the pension system of our country, and discusses the plight of pension operation in China. This paper analyzes the obstacles to the entry of pension in China in order to put forward corresponding reform and policy suggestions through the comparison between China and the United States.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F837.12;F847.12

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