本文關(guān)鍵詞： 養(yǎng)老保險基金 投資策略 風(fēng)險控制　出處：《華東師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著社會經(jīng)濟(jì)的持續(xù)發(fā)展和人類壽命的不斷延長,全球不可避免的出現(xiàn)了人口老齡化的趨勢,我國老齡人口數(shù)量的不斷走高已經(jīng)成為我國社會面臨的最嚴(yán)峻挑戰(zhàn)之一。隨著老齡人口比例的不斷攀升,養(yǎng)老保險基金這一關(guān)乎民生,尤其是老年人切身利益的“養(yǎng)命錢”,逐漸暴露出其在收入的可持續(xù)發(fā)展,以及支出的動態(tài)平衡等方面的內(nèi)在矛盾。隨著養(yǎng)老保險基金支付危機(jī)的逐漸顯現(xiàn)、隱性債務(wù)缺口的不斷擴(kuò)大,研究緩解養(yǎng)老保險基金收支不平衡等內(nèi)在矛盾的手段便變得越來越有意義。 本文從緩解養(yǎng)老保險基金內(nèi)在矛盾方法之一的投資運(yùn)營角度出發(fā),以基金投資收益為切入口,分析對比在使用不同投資工具形成投資組合的情況下,養(yǎng)老保險基金投資運(yùn)營收益的各種可能性以及遭受損失的風(fēng)險性,并最終給出養(yǎng)老保險基金投資運(yùn)營的具體建議。文章采用定性分析與定量分析相結(jié)合的方法,以定量分析為主。在定性分析中,介紹了養(yǎng)老保險基金的定義、我國養(yǎng)老保險基金的特點(diǎn)以及投資運(yùn)營的兩大理論基礎(chǔ)。其次,通過對我國養(yǎng)老保險基金投資總額、投資結(jié)構(gòu)以及現(xiàn)下投資收益的剖析,揭示了目前我國養(yǎng)老保險基金投資運(yùn)營中存在的投資工具品種過少、收益偏低,個人儲蓄性養(yǎng)老保險發(fā)展緩慢等問題。針對問題,本文進(jìn)行了樣本及模型選取,在對投資工具及其組合的風(fēng)險收益進(jìn)行比較的基礎(chǔ)上,利用資本資產(chǎn)定價模型對我國養(yǎng)老保險基金的投資運(yùn)營進(jìn)行實(shí)證研究,得出有效的投資運(yùn)營方程,為養(yǎng)老保險基金進(jìn)行投資運(yùn)營提供可供參考的依據(jù)。 在論證提高投資運(yùn)營收益率可行性的過程中,文章還介紹了美國、加拿大、智利及新加坡等國在養(yǎng)老保險基金投資運(yùn)營方面的經(jīng)驗(yàn)及帶給我們的啟示,并最終試圖找出適合我國國情的投資運(yùn)營策略并給到具體的投資建議。首先,拓寬投資渠道,在金融投資領(lǐng)域外考慮引入實(shí)業(yè)投資,尤其是基礎(chǔ)設(shè)施建設(shè)投資等投資渠道,分散金融領(lǐng)域的投資風(fēng)險；借鑒QFⅡ基金等海外基金投資我國資本市場的經(jīng)驗(yàn),適度投資海外市場,分散本國資本市場風(fēng)險；其次,豐富投資工具品種,以流動性較好、安全性較高的貨幣市場基金代替部分銀行存款；引入固定收益類產(chǎn)品,堅持收益類工具,如股票、股票型開放式基金的投資,降低投資組合相關(guān)性；第三,改革現(xiàn)行投資管理模式,由數(shù)量限制規(guī)則投資管理模式逐漸向謹(jǐn)慎人規(guī)則投資管理模式轉(zhuǎn)變；最后,加強(qiáng)基金投資的監(jiān)管力度,確�；鹳Y金安全,從而多方面降低基金投資損失風(fēng)險,提高投資運(yùn)營效率。
[Abstract]:With the sustainable development of social economy and the continuous prolongation of human life, the trend of population aging is inevitable in the world. The increasing number of the aged population in China has become one of the most serious challenges facing our society. With the proportion of the aged population rising, the pension insurance fund is of vital importance to the people's livelihood. In particular, the "life-keeping money" in the vital interests of the elderly has gradually exposed its inherent contradictions in the sustainable development of income and the dynamic balance of expenditure, etc. With the gradual emergence of the pension fund payment crisis, With the widening of implicit debt gap, it becomes more and more meaningful to study the ways to alleviate the inherent contradictions, such as the imbalance of income and expenditure of pension insurance fund. In this paper, from the angle of alleviating the inherent contradiction of the pension fund, and taking the investment income of the fund as the entry point, this paper analyzes and compares the case of using different investment instruments to form a portfolio. Various possibilities of pension fund investment operating income and risk of loss, and finally give the specific suggestions of pension fund investment and operation. This paper adopts the method of combining qualitative analysis and quantitative analysis. In the qualitative analysis, the definition of pension insurance fund, the characteristics of pension insurance fund and the two theoretical bases of investment and operation are introduced. Secondly, the total investment amount of pension insurance fund in China is introduced. The analysis of the investment structure and the present investment income reveals the problems existing in the investment operation of the pension insurance fund in China, such as too few investment instruments, low income and slow development of personal savings endowment insurance, etc. On the basis of comparing the risk returns of investment tools and their combinations, this paper makes an empirical study on the investment and operation of pension funds in China by using the capital asset pricing model. The effective equation of investment and operation is obtained, which can be used as a reference for the investment and operation of pension insurance fund. In the process of demonstrating the feasibility of raising the return on investment and operation, the article also introduces the experience of the United States, Canada, Chile and Singapore in the investment and operation of pension insurance funds and the inspiration to us. And finally try to find out the investment and operation strategy suitable for our country's national conditions and give specific investment suggestion. First, broaden the investment channel, consider introducing the industrial investment, especially the investment channel of infrastructure construction, outside the field of financial investment. To diversify the investment risk in the financial field, to draw lessons from the experience of QF 鈪，

本文編號：1551020