發(fā)布時(shí)間：2018-07-18 10:54

【摘要】：隨著人口老齡化的加速推進(jìn)和養(yǎng)老保險(xiǎn)基金的不斷積累，養(yǎng)老保險(xiǎn)基金的保值增值問題日益引起國民的重視。養(yǎng)老金投資于資本市場(chǎng)是保值增值的一個(gè)重要渠道，但也充滿著風(fēng)險(xiǎn)。在金融危機(jī)和歐債危機(jī)的雙重影響下，我國的養(yǎng)老金在資本市場(chǎng)的投資面臨著前所未有的挑戰(zhàn)。如何既實(shí)現(xiàn)養(yǎng)老金的保值增值，又保持養(yǎng)老金的基本安全，降低投資風(fēng)險(xiǎn)，是我們必須正視并亟待解決的問題。本文研究的主要問題也在于此，即我國養(yǎng)老金投資資本市場(chǎng)研究。 文章首先闡述了養(yǎng)老金投資資產(chǎn)配置決策理論和養(yǎng)老金投資績效理論，接著對(duì)我國養(yǎng)老金在資本市場(chǎng)上的投資現(xiàn)狀進(jìn)行了深刻的分析，同時(shí)深刻剖析了我國養(yǎng)老金投資資本市場(chǎng)所面臨的主要問題。從總體上來說，我國的養(yǎng)老金投資對(duì)資本市場(chǎng)，特別是股票市場(chǎng)的參與程度和影響深度都還比較有限，這主要表現(xiàn)在三個(gè)方面：第一，養(yǎng)老金的投資規(guī)模小，總體收益率低；第二，養(yǎng)老金的持股期限短，交易較為頻繁；第三，養(yǎng)老金投資監(jiān)管制度缺位。通過與OECD和非OECD主要國家養(yǎng)老金的投資規(guī)模、投資結(jié)構(gòu)和投資收益率的對(duì)比，發(fā)現(xiàn)我國養(yǎng)老金在投資方面面臨諸多問題。論文對(duì)智利和韓國的養(yǎng)老金投資管理模式進(jìn)行了特別分析，發(fā)現(xiàn)韓國在養(yǎng)老金委托經(jīng)營和“走出去”戰(zhàn)略上做得很到位，而智利在五種基金計(jì)劃模式推行和投資監(jiān)管體系的優(yōu)化方面效果顯著。這樣對(duì)比性的分析旨在對(duì)我國養(yǎng)老金投資現(xiàn)狀與資本市場(chǎng)的關(guān)系有個(gè)全面的認(rèn)識(shí)。同時(shí)，本文借助SPSS分析工具對(duì)養(yǎng)老金投資股票進(jìn)行了實(shí)證分析，旨在找到適合我國的股票投資比例。實(shí)證發(fā)現(xiàn)我國股票投資比例不宜超過40%，30%-40%為合理緩釋比例區(qū)段。此外，借助馬科維茨投資組合理論對(duì)我國養(yǎng)老金投資股票的可行性進(jìn)行了分析，并對(duì)我國養(yǎng)老金投資提出政策建議：第一，，做實(shí)個(gè)人賬戶，充實(shí)投資資金，這是養(yǎng)老金個(gè)人賬戶資本化的前提，否則“空賬”運(yùn)行和“養(yǎng)老金隱形債務(wù)”的現(xiàn)象將難以避免；第二，建立多種基金投資計(jì)劃，將市場(chǎng)機(jī)制引入到基本養(yǎng)老保險(xiǎn)基金投資管理之中；第三，積極推動(dòng)基本養(yǎng)老金基金入市，拓寬養(yǎng)老金投資渠道；第四，結(jié)合中國國情，借鑒智利Marcel委員會(huì)關(guān)于多種基金計(jì)劃模式的養(yǎng)老金投資監(jiān)管政策；第五，進(jìn)一步優(yōu)化企業(yè)年金投資管理費(fèi)設(shè)計(jì)；第六，優(yōu)化養(yǎng)老金監(jiān)管機(jī)構(gòu)和監(jiān)管職能的設(shè)計(jì)與協(xié)調(diào)；第七，細(xì)化和優(yōu)化養(yǎng)老金數(shù)據(jù)庫；第八，積極探索、創(chuàng)新和豐富養(yǎng)老金投資工具，優(yōu)化養(yǎng)老金投資管理結(jié)構(gòu)。同時(shí)，政府應(yīng)該積極優(yōu)化和適時(shí)調(diào)整制度參數(shù)，強(qiáng)化制度里的激勵(lì)機(jī)制，調(diào)節(jié)制度里的再分配因素，建立養(yǎng)老金債務(wù)危機(jī)“防火墻”。這些將是我國養(yǎng)老金投資制度設(shè)計(jì)者們必須重視的方面。 在結(jié)論部分，論文指出我國現(xiàn)階段應(yīng)該適當(dāng)放開“數(shù)量限制”模式的養(yǎng)老金投資管理方式，拓寬養(yǎng)老金的投資渠道，并逐步和漸進(jìn)地放松對(duì)投資于固定收益之外的金融工具的限制，可以在經(jīng)濟(jì)低迷時(shí)，探索使用集合投資計(jì)劃（CIS）的養(yǎng)老金投資模式。我國養(yǎng)老金對(duì)股票投資比例的設(shè)置標(biāo)準(zhǔn)可以借鑒和參考智利或者我國社�；鸷推髽I(yè)年金成功的投資管理模式，并積極推動(dòng)我國基本養(yǎng)老金入駐資本市場(chǎng)，特別是股票市場(chǎng)。此外，我國可以借鑒韓國的養(yǎng)老金投資模式，積極研究和涉足養(yǎng)老金對(duì)衍生工具的投資嘗試，委托專業(yè)的投資管理公司積極探索養(yǎng)老金“走出去”的投資戰(zhàn)略，分享海外資本市場(chǎng)發(fā)展帶來的好處，待條件成熟后，逐步過渡到“謹(jǐn)慎人”的監(jiān)管模式。
[Abstract]:With the acceleration of the aging of the population and the continuous accumulation of endowment insurance funds, the problem of increasing and increasing the value of the endowment insurance fund has increasingly aroused the attention of the people. The pension investment in the capital market is an important channel to preserve and increase the value, but it is also full of risks. Under the dual influence of the financial crisis and the European debt crisis, the pension in China is in the country. The investment in the capital market is facing unprecedented challenges. How to maintain and increase the value of the pension, and maintain the basic security of the pension and reduce the risk of investment is a problem that we must face and need to solve. The main problem of this paper is the research on the capital market of pension investment in China.
The paper first expounds the theory of investment asset allocation decision and the theory of pension investment performance, then makes a profound analysis of the current investment status of China's pension in the capital market, and deeply analyzes the main problems facing the investment capital market of China's pension. The capital market, especially the stock market participation degree and the influence depth are still relatively limited, this is mainly manifested in three aspects: first, the pension investment scale is small, the overall return rate is low; second, the pension is short, the transaction is more frequent; third, the pension investment supervision system is absent. Through the OECD and non OECD main. The investment scale of the state pension, the investment structure and the comparison of the rate of return on investment have found many problems in the investment of China's pension. This paper makes a special analysis on the pension investment management model of Chile and South Korea, and finds that South Korea has done very well in the strategy of entrusting the pension and "going out", while Chile has five kinds. The effect of the implementation of the fund plan model and the optimization of the investment supervision system is remarkable. This contrastive analysis aims at a comprehensive understanding of the relationship between the state pension investment status and the capital market. At the same time, this paper makes an empirical analysis of the pension investment stock with the help of the SPSS analysis tool to find the stock investment suitable for our country. It is found that the proportion of stock investment in China should not exceed 40%, 30%-40% is a reasonable slow-release proportion section. In addition, the feasibility of pension investment stock in China is analyzed with the help of Markowitz investment portfolio theory, and the policy suggestions are put forward for China's Pension Investment: first, make a real personal account and enrich the investment funds, which is the support of the pension investment. The premise of capitalization of old gold personal account, otherwise the phenomenon of "empty account" operation and "pension invisible debt" will be difficult to avoid. Second, establish a variety of fund investment plans, introduce market mechanism into the investment management of basic endowment insurance fund; third, actively promote the basic pension fund into the market and broaden the investment channel of pension. Fourth, combined with the national conditions of China, draw on the pension investment supervision policy of the Chilean Marcel Committee on the multi fund plan model; fifth, optimize the design of the investment management fee for the enterprise annuity; sixth, optimize the design and coordination of the pension regulatory and regulatory functions; seventh, refine and optimize the pension database; Eighth, We should actively explore, innovate and enrich the pension investment tools and optimize the management structure of pension investment. At the same time, the government should actively optimize and adjust the system parameters, strengthen the incentive mechanism in the system, adjust the redistribution factors in the system and establish the "anti firewall" of the pension debt crisis. These will be the designer of the pension investment system in China. What we must pay attention to.
In the conclusion part, the paper points out that the pension investment management mode of "quantity restriction" should be loosened properly at the present stage, widening the investment channels of pension, gradually and gradually relaxing the restrictions on financial instruments that invest in the fixed income, and explore the use of CIS for the elderly. We can learn from and refer to the successful investment management model of Chilean or China's social security fund and enterprise annuity, and actively promote the capital market of China's basic pension into the capital market, especially the stock market. In addition, China can draw on the model of Korean pension investment. We have studied and dabbled in the investment attempt of pension to derivatives, and commissioned a professional investment management company to actively explore the investment strategy of "going out" and share the benefits of the development of the overseas capital market. After the conditions are ripe, it is gradually transferred to the "prudent" supervision model.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F842.67;F224

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