本文選題：新農(nóng)保 + 個人賬戶　； 參考：《云南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：當(dāng)前，我國的養(yǎng)老保險體系正受到人口老齡化的嚴重沖擊，長壽風(fēng)險帶來的養(yǎng)老金支付壓力日益凸顯。本文的研究對象主要是新型農(nóng)村社會養(yǎng)老保險（簡稱新農(nóng)保）應(yīng)采取怎樣的投資組合策略才能使其在保證安全性和流動性的前提下取得良好的投資收益。研究通過實證分析與理論分析相結(jié)合的方式，從我國現(xiàn)實情況出發(fā)，對我國新農(nóng)保個人賬戶的投資組合策略以及完善投資運營提出建議�；陴B(yǎng)老基金的特殊性，新農(nóng)保個人賬戶基金投資于資本市場需要考慮的最重要的問題是:以何種投資工具構(gòu)建怎樣的投資組合，從而實現(xiàn)既定風(fēng)險下的收益最大化。本文以銀行存款、國債、股票基金、滬深指數(shù)和貨幣基金作為養(yǎng)老保險基金投資組合的選擇工具，在我國資本市場2005-2012年數(shù)據(jù)的基礎(chǔ)上構(gòu)建投資組合并進行實證分析，結(jié)合我國資本市場的投資環(huán)境提出對個人賬戶基金的投資應(yīng)實行的投資組合比例為：固定收益類資產(chǎn)比例在20.0%-64.0%之間，流動性資產(chǎn)比例在10.0%-47.5%之間，高收益資產(chǎn)比例在1.0%-30%之間�；趩栴}導(dǎo)向的原則，本文主要采用馬克維茲均值—方差模型為基礎(chǔ)，結(jié)合中國新農(nóng)保個人賬戶的實際運行以及資本市場發(fā)展現(xiàn)狀，計算和分析新農(nóng)保個人賬戶的投資組合改良問題。本文還采用了比較分析法，運用超效率DEA方法對新農(nóng)保個人賬戶的投資組合情況進行比較分析和解釋。由于本文的研究對象是一個實踐性較強的問題，為了彌補該研究領(lǐng)域定量分析較為缺乏的缺陷，本文較多地采用了定量分析的方法。 本研究的主要創(chuàng)新之處表現(xiàn)在于：在實際運用方面，本研究為新農(nóng)保個人賬戶問題的解決及其可持續(xù)發(fā)展提供了一種全新的思路，，是對新農(nóng)保個人賬戶投資運營的一種前瞻性探索。筆者所提出的個人賬戶投資組合具體策略以及實施方法，可以在有效保障安全性與流動性的前提下提高個人賬戶收益率，從而提高參保人的養(yǎng)老保險福利水平。
[Abstract]:At present, the old-age insurance system of our country is being seriously impacted by the aging of the population, and the pressure of pension payment brought by the risk of longevity is becoming more and more prominent. The research object of this paper is what kind of investment portfolio strategy should be adopted by the new rural social old-age insurance (abbreviated as New Rural Insurance) in order to obtain good investment returns on the premise of ensuring security and liquidity. Through the combination of empirical analysis and theoretical analysis, this paper puts forward some suggestions on the investment portfolio strategy and the improvement of the investment operation of the new rural insurance personal account in China from the point of view of the actual situation in China. Based on the particularity of pension fund, the most important problem that the New Rural Insurance personal account Fund needs to consider in the capital market is what kind of investment portfolio to construct, so as to maximize the income under the given risk. This paper uses bank deposits, treasury bonds, stock funds, Shanghai and Shenzhen indices and monetary funds as the choice tool of pension fund portfolio, and constructs the investment portfolio based on the data of China's capital market from 2005 to 2012 and carries on the empirical analysis. According to the investment environment of our country's capital market, the proportion of investment portfolio of personal account fund should be put into practice as follows: the proportion of fixed income assets is between 20.0-64.0%, the proportion of liquid assets is between 10.0-47.5%, and the proportion of high income assets is between 1.0% and 30%. Based on the problem-oriented principle, this paper mainly adopts the Markowitz mean-variance model, combined with the actual operation of the personal account of New Rural Insurance in China and the current situation of the development of the capital market. To calculate and analyze the portfolio improvement problem of the new rural insurance personal account. This paper also uses the comparative analysis method and the super-efficiency DEA method to compare and explain the portfolio of the new rural insurance personal account. Because the research object of this paper is a practical problem, in order to make up for the deficiency of quantitative analysis in this research field, the quantitative analysis method is mostly used in this paper. The main innovation of this study lies in: in the practical application, this study provides a new way of thinking for the solution and sustainable development of the personal account problem of the new rural insurance. It is a forward-looking exploration of the investment and operation of the personal account of the new rural insurance. The specific strategies and implementation methods of the personal account portfolio proposed by the author can effectively guarantee the security and liquidity of the personal account under the premise of raising the rate of return of personal accounts, thereby improving the level of pension insurance benefits of the insured.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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