【摘要】：在養(yǎng)老金的管理上,具有積累性質(zhì)的基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金需要通過市場(chǎng)化的投資運(yùn)營(yíng)實(shí)現(xiàn)基金的保值增值。我國(guó)基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金目前面臨困境在于制度轉(zhuǎn)軌留下的空賬問題,個(gè)人賬戶基金做實(shí)困難,而有限的做實(shí)部分按現(xiàn)行政策只能投資于銀行協(xié)議存款和購買國(guó)債,個(gè)人賬戶基金面臨保值增值困難。近年來,我國(guó)的人口老齡化進(jìn)程不斷加快,而未來的基本養(yǎng)老金的支付有可能存在巨額缺口,而目前已經(jīng)積累基本養(yǎng)老保險(xiǎn)基金投資渠道受到限制,面臨著通貨膨脹、基金貶值的壓力,政府和個(gè)人的在未來養(yǎng)老問題上面臨著巨大壓力。為此,屬于積累制度的基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金有必要通過市場(chǎng)化的投資運(yùn)營(yíng)實(shí)現(xiàn)基金的保值增值,這已經(jīng)成為當(dāng)前基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金面臨的亟需得到解決的研究問題,這也是實(shí)施積累性個(gè)人賬戶制度的內(nèi)在要求。同時(shí),隨著我國(guó)社會(huì)經(jīng)濟(jì)的發(fā)展,資本市場(chǎng)也逐步發(fā)展,我國(guó)企業(yè)年金與全國(guó)社會(huì)保障基金在資本市場(chǎng)上的成功投資運(yùn)營(yíng),也為我國(guó)基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金市場(chǎng)化投資運(yùn)營(yíng)提供了良好的經(jīng)驗(yàn)借鑒。但是我國(guó)在基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金投資運(yùn)營(yíng)上尚未有具體投資運(yùn)營(yíng)管理辦法與實(shí)踐,因此我國(guó)在現(xiàn)階段要主動(dòng)調(diào)整個(gè)人賬戶基金的投資運(yùn)營(yíng)政策,構(gòu)建適合我國(guó)國(guó)情的基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金的投資運(yùn)營(yíng)模式,擴(kuò)寬投資渠道,提高基金投資運(yùn)營(yíng)收益率。 本文以我國(guó)基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金的投資運(yùn)營(yíng)模式為探究對(duì)象,在個(gè)人賬戶基金的投資運(yùn)營(yíng)中不僅涉及投資的工具、投資范圍、投資風(fēng)險(xiǎn)、投資策略等,投資運(yùn)營(yíng)的模式也會(huì)影響個(gè)人賬戶基金的投資運(yùn)營(yíng)的安全和效率。文章梳理國(guó)內(nèi)外個(gè)人賬戶基金投資運(yùn)營(yíng)的理論和實(shí)踐,對(duì)比分析了國(guó)內(nèi)外個(gè)人賬戶基金投資運(yùn)營(yíng)模式和實(shí)踐經(jīng)驗(yàn),并根據(jù)我國(guó)現(xiàn)階段的國(guó)情,結(jié)合國(guó)內(nèi)外現(xiàn)有投資運(yùn)營(yíng)模式,提出我國(guó)基本養(yǎng)老保險(xiǎn)個(gè)人賬戶基金投資運(yùn)營(yíng)模式的選擇,探索構(gòu)建適合我國(guó)的投資運(yùn)營(yíng)模式,設(shè)計(jì)省級(jí)政府管理下的法人受托模式框架,厘定個(gè)人賬戶基金投資運(yùn)營(yíng)參與各方的關(guān)系與權(quán)責(zé),并根據(jù)現(xiàn)階段資本市場(chǎng)的條件,提出我國(guó)個(gè)人賬戶基金在投資運(yùn)營(yíng)中投資工具選擇及其資產(chǎn)配置策略,對(duì)基金投資運(yùn)營(yíng)可能遇到的風(fēng)險(xiǎn)進(jìn)行分析。最后探索完善個(gè)人賬戶基金投資運(yùn)營(yíng)模式的配套措施。
[Abstract]:In the management of pension, the accumulation of the basic endowment insurance individual account fund needs to realize the value preservation and increment of the fund through the market-oriented investment operation. At present, the basic old-age insurance personal account fund in our country is faced with the problem of the empty account left by the system transition. It is difficult for the individual account fund to make sure, but the limited solid part can only invest in the bank agreement deposit and purchase the national debt according to the current policy. Personal account funds face difficulties in maintaining and increasing their value. In recent years, the aging process of the population in our country has been speeding up, and there may be a huge gap in the payment of basic pension in the future. At present, the investment channels of the accumulation of basic pension insurance funds have been restricted, and they are faced with inflation. The pressure of devaluing the fund, the government and individuals in the future pension problems are facing great pressure. Therefore, it is necessary for the individual account fund of the basic old-age insurance, which belongs to the accumulation system, to maintain and increase the value of the fund through the market-oriented investment operation. This has become the current basic old-age insurance personal account fund faced with the urgent need to solve the research problem, which is also the implementation of the accumulation of personal accounts system inherent requirements. At the same time, with the development of China's social economy and the gradual development of the capital market, China's enterprise annuity and the national social security fund have successfully invested in the capital market. It also provides a good experience for the market-oriented investment and operation of the personal account fund of basic endowment insurance in China. However, our country has not had the concrete investment operation management method and the practice in the investment operation of the basic endowment insurance personal account fund, so our country should adjust the investment operation policy of the personal account fund actively at the present stage. To construct the investment and operation mode of the basic endowment insurance personal account fund which is suitable for the national conditions of our country, to widen the investment channel and to raise the return rate of investment and operation of the fund. This paper takes the investment and operation mode of the basic old-age insurance personal account fund as the research object. In the investment operation of the personal account fund, it not only involves the investment tools, the investment scope, the investment risk, the investment strategy and so on. The mode of investment and operation will also affect the security and efficiency of the investment and operation of personal account funds. This paper combs the theory and practice of the investment and operation of the personal account fund at home and abroad, compares and analyzes the investment operation mode and practical experience of the personal account fund at home and abroad, and according to the current situation of our country, combines the existing investment operation mode at home and abroad. This paper puts forward the choice of investment and operation mode of individual account fund of basic old-age insurance in China, explores the construction of investment and operation mode suitable for our country, and designs the framework of legal person trust mode under provincial government management. According to the present conditions of the capital market, this paper puts forward the choice of investment tools and the asset allocation strategy of the personal account fund in China in the process of investment and operation, according to the current conditions of the capital market, the relationship and responsibility of the parties involved in the investment and operation of the personal account fund. The risk of fund investment and operation may be analyzed. Finally, the paper explores the necessary measures to perfect the investment and operation mode of personal account fund.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F842.67

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