金融市场收益率视角下的全国社会保障基金投资研究

发布时间：2018-04-11 23:36

本文选题：全国社会保障基金 + 投资　；参考：《辽宁大学》2012年硕士论文

【摘要】：随着经济的飞速发展，国民财富逐渐增多，人民的生活得到一定的改善，但人民的幸福指数却很低。据2009年度《幸福星球报告》，哥斯达黎加成为世界最幸福的国家。中国与美国的幸福指数分别排名20、114位，比伊拉克及伊朗都低。所以经济发展并不完全代表人民幸福，国家加强注重民生问题，比如人口老龄化、收入分配差距的扩大、精神文化发展与经济发展不同步等问题。人口老龄化问题凸显重要。我国已经逐渐迈入老龄化社会，人口结构老化，至今老龄人口已经突破1.6亿，且每年以800万的速度增加。对此，老年人各方面的需求日益凸显，如生活照料、医疗保障、精神文化等方面。一些有关专家预测，2050年我国将是人口老龄化高峰时期，老龄人口将达到总人口的三分之一。解决人口老龄化问题，社会保障是重要的措施之一。而我国养老保险制度上不完善，空账运行、隐性债务等因素造成养老保险基金根本无法应对人口老龄化高峰。为此我国专门设立了一项具有战略储备性质的公共养老基金——全国社会保障基金，并且全国社会保障基金理事会负责全国社会保障基金的投资运营，以实现全国社会保障基金的保值增值。而要实现保值增值的目的，金融市场对全国社会保障基金的影响很大。全国社会保障基金理事会作为金融市场的投资主体，采取何种方式进行投资、投资结构的变化、筹资状况等都会对金融市场有一定的影响；同样，金融市场是金融体系的表现，为全国社会保障基金的投资提供了更多更好的投资工具，为全实现保值增值提供一个重要环境，全国社会保障基金从金融市场中受益，收益率越高，投资比例越大，所以金融市场的收益率对全国社会保障基金的投资具有很大的影响。由此，全国社会保障基金的投资比例与金融市场收益率之间有一定的关系。以下为本文的主要内容，第一章：概述全国社会保障基金的情况：概念、投资方式、政策规定级金融市场的相关理论；第二章：分析全国社会保障基金投资运行的现状，包括投资及筹资方面的现状，并且通过数据分析全国社会保障基金投资运行中存在的问题，包括资金来源缺乏制度化、直接投资占主导、管理模式及信息披露机制等方面的问题；第三章：通过对全国社会保障基金投资比例与各金融市场收益率之间进行相关性分析，进行实证分析全国社会保障基金投资比例与各金融市场收益率的关系，先通过理论研究建立模型，，再进行变量和数据选取、数据描述，利用计量研究方法分析数据检验，最后相关性分析并得出结论；第四章：通过第二章和第三章的分析，本章总结出为加强全国社会保障基金投资、提高投资效率及收益率，提出一些具有实用价值的政策建议，并借鉴国外养老储备基金投资经验的多方面经验，具有很强的理论意义和使用价值，对实现全国社会保障基金的保值增值意义重大。
[Abstract]:With the rapid development of economy, the national wealth increases gradually, the people's life gets certain improvement, but the people's happiness index is very low.Costa Rica has become the happiest country in the world, according to the 2009 Happiness Planet report.China and the United States ranked 20114, lower than both Iraq and Iran.Therefore, economic development does not fully represent the well-being of the people. The state should pay more attention to people's livelihood issues, such as the aging of the population, the widening of the income distribution gap, and the lack of synchronization between spiritual and cultural development and economic development.The aging of the population highlights its importance.Our country has gradually stepped into the aging society, the population structure is aging, so far the aging population has exceeded 160 million, and has increased at the rate of 8 million per year.Therefore, the needs of the elderly are increasingly prominent, such as life care, medical security, spiritual culture and so on.Some experts predict that 2050 will be the peak of China's aging population, which will reach 1/3 of the total population.To solve the problem of aging population, social security is one of the important measures.However, the pension insurance fund is unable to cope with the population aging peak because of the imperfect pension insurance system, the empty account operation and the hidden debt.For this reason, China has set up a special public pension fund with a strategic reserve, the National Social Security Fund, and the National Council of Social Security funds is responsible for the investment and operation of the National Social Security Fund.In order to achieve the value of the National Social Security Fund.To achieve the purpose of maintaining and increasing the value, the financial market has a great influence on the national social security fund.As the main body of investment in the financial market, the National Council of Social Security funds will have a certain impact on the financial market in terms of how to invest, the changes in the investment structure, the financing situation, etc. Similarly, the financial market is the performance of the financial system.It provides more and better investment tools for the investment of the national social security fund, and provides an important environment for the full value preservation and appreciation. The national social security fund benefits from the financial market. The higher the rate of return, the greater the proportion of investment.So the rate of return of the financial market has a great impact on the investment of the national social security fund.Thus, there is a certain relationship between the investment ratio of the national social security fund and the return rate of the financial market.The following are the main contents of this paper: the first chapter: an overview of the situation of the national social security fund: concept, investment mode, policy regulation level of financial market theory; chapter two: analysis of the current situation of the national social security fund investment operation,Including the status of investment and financing, and through data analysis of the problems in the operation of the National Social Security Fund, including the lack of institutionalization of funding sources and the dominance of direct investment,Chapter three: through the analysis of the correlation between the investment ratio of the national social security fund and the rate of return of each financial market.This paper makes an empirical analysis of the relationship between the investment ratio of the national social security fund and the rate of return of each financial market, establishes a model through theoretical research, then selects the variables and data, describes the data, and analyzes the data test by using the econometric research method.Chapter four: through the analysis of the second and third chapters, this chapter summarizes some practical policy suggestions for strengthening the investment of the national social security fund, improving the investment efficiency and the rate of return.It is of great theoretical significance and practical value to draw lessons from the investment experience of foreign pension reserve funds, which is of great significance to the realization of maintaining and increasing the value of the national social security fund.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F842.6;F832.5;F224

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