我国养老基金投资运营对金融结构的影响研究

发布时间：2018-05-05 01:07

本文选题：养老基金 + 投资运营　；参考：《西北师范大学》2016年硕士论文

【摘要】：随着人口老龄化浪潮的袭来,养老基金逐渐暴露出财务的可持续性及资产保值增值的困境。本文从缓解困境方法之一的投资运营角度出发,结合金融功能观探讨养老基金投资运营对我国金融结构的影响,并根据理论分析提出相应的建议。鉴于全国社会保障基金成立于2000年和企业年金制度于2000年后迅速发展的特殊国情,本文选择2001年-2014年作为研究年份。文章首先对国内外关于养老基金对资本市场规模和结构的影响、养老基金对金融发展的影响等方面的研究成果进行了简要的回顾,并系统的阐述了本文研究的理论基础。其次分别从养老基金投资规模、投资工具和收益介绍了养老基金投资运营的现状,以及我国金融结构特征和现状,又从金融机构结构、金融市场结构、金融工具结构等方面详细介绍了我国金融结构。本文的核心部分是在理论上从养老基金作为机构投资者对金融结构的影响、养老基金对金融体系的影响两个方面做了养老基金投资运营对金融结构影响的理论分析;并以我国及部分OECD国家相关数据,实证研究了养老基金投资运营对金融结构的影响。最后,得出在满足养老基金投资运营实行多元化投资策略和成熟的金融市场两个条件时,养老基金投资运营将会推动金融结构演进的结论。并针对养老基金投资运营及金融结构优化提出了一些对策建议。
[Abstract]:With the aging of the population, pension funds gradually exposed the financial sustainability and asset maintenance and appreciation of the plight. From the angle of investment and operation, which is one of the methods to alleviate the predicament, this paper discusses the influence of pension fund investment and operation on the financial structure of our country with the view of financial function, and puts forward corresponding suggestions according to the theoretical analysis. In view of the special situation of the national social security fund established in 2000 and the enterprise annuity system developing rapidly after 2000, this paper chooses 2001-2014 as the research year. First of all, the paper briefly reviews the research results about the influence of pension funds on the scale and structure of capital market and the influence of pension funds on financial development, and systematically expounds the theoretical basis of this study. Secondly, the paper introduces the current situation of pension fund investment and operation from the aspects of pension fund investment scale, investment tools and income, as well as the characteristics and present situation of China's financial structure, and the structure of financial institutions and financial market. The structure of financial instruments and other aspects of the detailed introduction of the financial structure of our country. The core part of this paper is the theoretical analysis of the impact of pension fund investment on financial structure from two aspects: the influence of pension fund as institutional investor on financial structure and the impact of pension fund on financial system. Based on the relevant data of China and some OECD countries, this paper empirically studies the impact of pension fund investment on financial structure. Finally, the conclusion is drawn that the investment and operation of pension funds will promote the evolution of financial structure when they meet the two conditions of diversified investment strategy and mature financial market. And put forward some countermeasures and suggestions for pension fund investment operation and financial structure optimization.
【学位授予单位】：西北师范大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F842.67;F832

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