加拿大养老基金投资基础设施的PPP模式分析及其对中国的启示

发布时间：2018-06-02 16:53

本文选题：养老基金 + 基础设施　；参考：《西南财经大学》2013年硕士论文

【摘要】：麦肯锡日前发布了一份关于全球基础设施领域发展与趋势的报告,得出中国未来20年的基础设施投资将达到16万亿美元。这一预估既考虑了中国经济增长预期,也考虑了新型城镇化的需求,得出的数字规模涵盖了交通运输(道路、铁路、港口和机场)、水、电和通讯所需的基础设施投资。同时,中国“十二五”规划中特别强调基础设施对经济和社会发展的重要作用,在未来期间应进一步推动交通、能源、信息和社会等各方面的基础设施建设,完善基础设施建设网的布局,以促进中国经济可持续发展。由于基础设施建设受经济周期的影响较小,并可以有效抵抗通货膨胀、实现资产升值,极大地吸引了养老基金。另外,基础设施的投资周期较长、收益回收慢,且初始投入要求较高等特点,与养老基金的投资布局形成了很好的照应。因此,养老基金投资基础设施对养老基金与基础设施项目来说,是一项双赢的可行方案。国际上普遍运用的基础设施融资方式有购买股票或债券、信托、项目融资等,受到现实环境的制约,一些方式在中国的应用没有得到推广。本文主要以项目融资的具体模式为研究重点。BOT模式作为项目融资的一种重要方式,已经在中国基础设施融资中获得普遍的应用,但随着中国市场经济的深入发展,该模式在政府主导项目中不断显现出管理和风险控制问题。公私合作(PPP)模式改进了BOT模式的一些不足,实现政府与养老基金等参与方在项目中的平等地位,更进一步推动基础设施项目的市场化,有效提高管理水平和风险控制能力,在国际项目上得到广泛应用。本文即是探索养老基金如何采用PPP模式投资基础设施。根据对相关文献的研读及中国实际国情的了解,发现中国养老基金投资大部分尚没有放宽这一渠道监管,国内此类研究缺少实际案例。因此,选取加拿大养老基金投资基础设施的PPP模式为研究案例进行深入分析,并提出对中国的启示。具体研究的主要内容包括以下几部分：第一部分绪论。主要包括三方面内容：研究背景和意义、研究内容、研究可能的创新之处。第二部分研究现状与文献综述。分别阐述了养老基金投资基础设施、基础设施采用PPP模式融资的理论。第三部分养老基金投资基础设施概述。主要介绍基础设施及其投资的特点与养老基金投资基础设施的方式,作为整个研究的理论基础。同时,以全球养老基金投资基础设施概况作为整个研究的现实基础。第四部分加拿大养老基金投资基础设施概况。以加拿大养老保险制度、基础设施投资市场现状介绍为铺垫,重点关注加拿大主要养老基金的投资运营,尤其是基础设施投资情况,以及政府为促进基础设施建设和PPP模式应用而采取的举措,引出加拿大养老基金投资基础设施的PPP模式分析。第五部分加拿大养老基金投资基础设施PPP模式分析。在上一部分基础上,分析整个投资模式的运行机理、资产配置与投资绩效指标,并根据其整个模式运行,做出评价,提出优点与局限性。第六部分加拿大养老基金投资基础设施PPP模式的风险分析与控制策略。针对加拿大养老基金投资基础设施PPP模式,做出较全面的风险分析,指出其投资可能面临的风险,提出相应风险控制策略。第七部分加拿大养老基金投资基础设施PPP模式对中国的启示。在进行实际应用分析之前,首先铺垫理论基础与现实情况,分析中国养老基金投资基础设施采用PPP模式的可行性。其次,对中国养老基金运用该项投资模式做出具体设计,建议以总资产7‰的资金,采用DBFM、BFM等方式,以股权或长期债权参与PPP基础设施项目,并确定10%的投资收益率标准,再对整个项目投资做出风险分析,提出控制策略。最后,提出针对中国养老基金投资基础设施采用PPP模式,在政府工作、基础设施市场和养老基金管理三方面,分别应采取的配套策略建议。本文可能的创新之处体现在以下几方面：第一,本文采用案例分析的方法,以加拿大养老基金投资基础设施的PPP模式为研究案例。在了解加拿大养老保险制度与基金、基础设施概况及政府政策基础上,透彻地分析该模式投资的具体运作,包括运行机理、资产配置与投资效益。第二,本文强调对养老基金投资基础设施PPP模式的风险分析。按照项目所处阶段不同,重点分析加拿大养老基金该项投资可能面临的风险,并提出相应风险控制策略,包括强化项目风险评估、实现项目风险优化选择策略,建立PPP双方的风险与损失分摊策略,加强内部控制、优化双方治理策略,以及政府风险担保和收益担保策略。第三,本文在加拿大养老基金此项投资的分析基础上,结合中国养老基金与基础设施的实际状况,创新地为中国养老基金进入基础设施投资做出PPP模式设计与风险分析。确定中国养老基金可采用的PPP具体运作方式、参与权益选择、项目选择规模基准以及最低期望收益率标准。最后对中国养老基金在进行基础设施PPP模式投资中可能面临的风险进行分析,提出概括性控制策略。第四,本文最后一章,根据养老基金整个项目投资模式的应用,提出对中国政府、基础设施市场以及养老基金管理的配套策略建议。但由于中国实际操作和法律等的限制,缺少数据验证,希望在中国社会保障制度、投资管理法规和养老金管理办法的不断改革过程中,能够对中国养老基金这一模式投资提出更具体的方案和建议。
[Abstract]:At the same time , China ' s " 12th Five - Year Plan " emphasizes the important role of infrastructure in economic and social development . In the future , China ' s " 12th Five - Year Plan " emphasizes the important role of infrastructure in economic and social development . In the future , it should further promote the infrastructure construction of transportation , energy , information and society , and improve the layout of infrastructure construction networks in order to promote sustainable development of China ' s economy .

Because the infrastructure construction is influenced by the economic cycle and can effectively resist inflation and realize the appreciation of the assets , the pension fund is greatly attracted . In addition , the investment cycle of the infrastructure is long , the earnings recovery is slow , and the initial investment demand is higher . Therefore , the investment infrastructure of the pension fund is a win - win feasible scheme for the pension fund and the infrastructure project .

As an important way to finance project financing , BOT mode has been widely used in China ' s infrastructure financing . However , with the development of China ' s market economy , this model has developed the management and risk control problem in the government - led project .

This article is to explore how to use PPP mode investment infrastructure in the pension fund . According to the study of relevant literatures and the understanding of China ' s actual situation , it is found that most of China ' s pension fund investment has not relaxed this channel regulation , domestic such studies lack practical cases . Therefore , the PPP mode of selecting the investment infrastructure of the Canadian pension fund is deeply analyzed , and the inspiration to China is put forward . The main contents of the study include the following parts :

The first part is introduction . It mainly includes three aspects : research background and significance , research content , research possible innovations .

In the second part , the current situation and literature review are described . The investment infrastructure of pension fund and the theory of PPP mode financing are described .

The third part provides an overview of the investment infrastructure of the pension fund . It mainly introduces the characteristics of the infrastructure and its investment and the mode of the investment infrastructure of the pension fund as the theoretical basis for the whole research . At the same time , the investment infrastructure of the global pension fund is used as the realistic basis for the whole research .

The fourth part introduces the investment infrastructure of the pension fund in Canada . In the Canadian pension insurance system , the present situation of infrastructure investment market is introduced as the cushion , focusing on the investment operation of the main pension fund in Canada , especially the investment situation of infrastructure , and the initiative taken by the government to promote the infrastructure construction and the application of PPP mode , which leads to the PPP mode analysis of the investment infrastructure of the Canadian pension fund .

The fifth part analyzes the investment infrastructure PPP mode of the Canadian pension fund . Based on the above part , the operation mechanism , the asset allocation and the investment performance index of the whole investment model are analyzed , and the evaluation is made according to the whole mode , and the advantages and limitations are put forward .

In the sixth part , the risk analysis and control strategy of the PPP model of the investment infrastructure of the Canadian pension fund is put forward . According to the PPP model of the investment infrastructure of the Canadian pension fund , a more comprehensive risk analysis is made , and the corresponding risk control strategy is put forward .

This paper analyzes the feasibility of applying PPP model to the investment infrastructure of China ' s pension fund . Secondly , it suggests that the investment infrastructure of China ' s pension fund be used in PPP infrastructure projects with equity or long - term creditor ' s rights . Finally , it puts forward some supporting strategy suggestions for the investment infrastructure of China ' s pension fund in three aspects : government work , infrastructure market and pension fund management .

Possible innovations of this article are reflected in the following aspects :

First , the thesis adopts the case analysis method to study the PPP model of the investment infrastructure of the Canadian pension fund . Based on the understanding of the Canadian pension insurance system and the fund , infrastructure profile and government policy , the concrete operation of the model investment is thoroughly analyzed , including the operation mechanism , asset allocation and investment benefit .

Secondly , this paper emphasizes the risk analysis of the PPP model of pension fund investment infrastructure . According to the different phases of the project , the risks faced by the investment in the pension fund of Canada are emphatically analyzed , and the corresponding risk control strategy is put forward , including strengthening the project risk assessment , realizing project risk optimization selection strategy , establishing the risk and loss allocation strategy of both parties , strengthening internal control , optimizing the governance strategies of both parties , and the government risk guarantee and revenue guarantee strategy .

Thirdly , based on the analysis of the investment of the pension fund in Canada , this paper makes a PPP model design and risk analysis for China ' s pension fund into infrastructure investment .

Fourthly , according to the application of the whole project investment model of the pension fund , the paper puts forward some suggestions for supporting the government , the infrastructure market and the management of the pension fund .

However , due to the limitations of China ' s actual operation and laws and so on , lack of data verification , it is hoped that in the process of continuous reform of China ' s social security system , investment management regulations and pension management methods , more specific programmes and recommendations can be put forward in this model investment of China ' s pension fund .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.67;F847.11

【参考文献】