本文關(guān)鍵詞： 基本養(yǎng)老保險(xiǎn)基金 投資管理體制 激勵(lì)約束機(jī)制 風(fēng)險(xiǎn)監(jiān)管　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：養(yǎng)老保險(xiǎn)基金是養(yǎng)老保險(xiǎn)制度的財(cái)務(wù)基礎(chǔ),是養(yǎng)老保險(xiǎn)制度得以穩(wěn)定運(yùn)行的基石,養(yǎng)老保險(xiǎn)基金的投資管理成敗關(guān)系到養(yǎng)老保險(xiǎn)制度目標(biāo)的實(shí)現(xiàn),關(guān)系到整個(gè)社會(huì)的穩(wěn)定。國際上許多國家對(duì)養(yǎng)老保險(xiǎn)基金的投資管理都采取了較為審慎的態(tài)度,或由政府部門直接投資運(yùn)營(yíng),或采用委托代理方式,選取專業(yè)的金融投資機(jī)構(gòu)代為負(fù)責(zé)基金投資運(yùn)營(yíng),并建立了嚴(yán)格的風(fēng)險(xiǎn)預(yù)防機(jī)制和投資限制,確�；鹪诎踩�(wěn)定前提下的收益。 現(xiàn)在,我國已經(jīng)建立了覆蓋全民的基本養(yǎng)老保險(xiǎn)制度,基金規(guī)模日漸龐大,但是都由地方政府負(fù)責(zé)管理,投資管理體制混亂。而與此同時(shí),我國人口結(jié)構(gòu)也發(fā)生了巨大變化,人口老齡化銀色浪潮席卷而來,養(yǎng)老金正面臨著巨大的支付危機(jī)。此外,基本養(yǎng)老保險(xiǎn)基金在投資管理過程中還存在諸多難題,嚴(yán)重影響了參保人未來老年生活基本保障目標(biāo)的實(shí)現(xiàn),我國基本養(yǎng)老保險(xiǎn)制度的發(fā)展正面臨前所未有的挑戰(zhàn)。而作為制度關(guān)鍵組成部分的基本養(yǎng)老保險(xiǎn)基金,其投資管理體制的選取,更是引起社會(huì)各界廣泛關(guān)注。 論文從基本養(yǎng)老保險(xiǎn)基金投資管理的一般理論分析出發(fā),探析了目前我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金地方投資管理存在的問題,并以國際視角對(duì)比研究了國外幾個(gè)典型的國家政府舉辦的養(yǎng)老保險(xiǎn)基金投資管理模式的特點(diǎn)；在此基礎(chǔ)上,確定了我國地方政府選擇基本養(yǎng)老保險(xiǎn)基金投資管理模式的一般原則和標(biāo)準(zhǔn),重點(diǎn)對(duì)可供我國地方政府選擇的幾種基本養(yǎng)老保險(xiǎn)基金投資管理模式進(jìn)行了比較分析；最后結(jié)合我國現(xiàn)階段國情,提出了選擇適于我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理體制的建議及政策思路。 論文共分為五個(gè)部分,各部分主要內(nèi)容及觀點(diǎn)如下。 第一部分,導(dǎo)論。這部分主要交代了論文的選題背景、研究目的和意義以及研究思路和方法,并對(duì)國內(nèi)外研究現(xiàn)狀及發(fā)展趨勢(shì)進(jìn)行了簡(jiǎn)要總結(jié)。 第二部分,基本養(yǎng)老保險(xiǎn)基金投資管理的一般理論。首先,對(duì)基本養(yǎng)老保險(xiǎn)基金的含義進(jìn)行了界定；其次,總結(jié)了基本養(yǎng)老保險(xiǎn)基金投資管理應(yīng)遵循的一般理論,為基金投資管理體制的設(shè)計(jì)及選擇提供理論方面的指導(dǎo)；最后,指出基本養(yǎng)老保險(xiǎn)基金投資管理應(yīng)遵循的一般原則,以確保基金的安全并獲取收益。 第三部分,我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理存在的問題及國外經(jīng)驗(yàn)研究。這部分首先是對(duì)我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金近幾年的收支結(jié)余狀況進(jìn)行了簡(jiǎn)要概述；其次,對(duì)基本養(yǎng)老保險(xiǎn)基金投資管理過程中存在的問題進(jìn)行了總結(jié),進(jìn)而為尋求改進(jìn)措施提供鋪墊：最后,研究了國外四個(gè)典型的國家政府舉辦的養(yǎng)老保險(xiǎn)基金投資管理模式的特點(diǎn),即美國的信托基金管理模式、新加坡的基金會(huì)管理模式、智利的商業(yè)化經(jīng)營(yíng)管理模式以及瑞典的清算所模式,深入分析了其投資管理特點(diǎn),政府在制度運(yùn)行中的監(jiān)管責(zé)任等。以國際視角切入,進(jìn)而得出投資管理模式選取的一般經(jīng)驗(yàn)啟示,為我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理模式的選擇提供經(jīng)驗(yàn)借鑒。 第四部分,地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理模式的比較研究。這部分首先借鑒國際經(jīng)驗(yàn),并結(jié)合我國實(shí)際情況,確定了我國地方政府選取基本養(yǎng)老保險(xiǎn)基金投資管理模式應(yīng)遵循的一般原則和標(biāo)準(zhǔn),并簡(jiǎn)要概述了幾個(gè)可供選擇的投資管理模式；然后,重點(diǎn)對(duì)三種可供選擇的基本養(yǎng)老保險(xiǎn)基金投資管理模式進(jìn)行了對(duì)比分析,即地方政府自行投資模式、地方政府委托全國社會(huì)保障基金理事會(huì)代為投資模式和地方政府直接委托專業(yè)投資機(jī)構(gòu)代為投資模式,仔細(xì)探尋了各投資管理模式的優(yōu)缺點(diǎn)等。需要特別說明的是,在地方政府委托全國社會(huì)保障基金理事會(huì)代為投資模式中,首先對(duì)全國社會(huì)保障基金理事會(huì)的投資管理制度進(jìn)行了論述,包含其風(fēng)險(xiǎn)預(yù)防機(jī)制和激勵(lì)約束機(jī)制等,然后以廣東省政府委托全國社會(huì)保障基金理事會(huì)代為投資管理為例,進(jìn)行了簡(jiǎn)要分析�？傮w來說,這部分詳細(xì)梳理了三種可供我國地方政府選擇的基本養(yǎng)老保險(xiǎn)基金投資管理模式的優(yōu)缺點(diǎn),以為論文最后觀點(diǎn)的形成提供支撐。 第五部分,地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理體制的選擇及建議。這部分在借鑒國外政府舉辦的養(yǎng)老保險(xiǎn)基金投資管理經(jīng)驗(yàn)的基礎(chǔ)上,進(jìn)一步考慮前文對(duì)三種可供選擇的投資管理模式的分析,并結(jié)合我國基本養(yǎng)老保險(xiǎn)基金地方管理的特殊性,認(rèn)為采取委托代理方式是比較可取的方式,但要根據(jù)各地方實(shí)際情況靈活選取基本養(yǎng)老保險(xiǎn)基金投資管理主體。論文認(rèn)為,長(zhǎng)遠(yuǎn)來看,基本養(yǎng)老保險(xiǎn)基金投資管理的信托模式、市場(chǎng)化運(yùn)營(yíng)和專業(yè)化是必然趨勢(shì)。論文最后對(duì)基本養(yǎng)老保險(xiǎn)基金投資管理體制的完善提出了幾點(diǎn)建議,以期待盡快建立與中國本土較為適宜的投資管理體制,實(shí)現(xiàn)養(yǎng)老保險(xiǎn)制度的穩(wěn)定與可持續(xù)發(fā)展。 論文的主要研究特色及創(chuàng)新之處在于：①論文從投資管理體制角度切入,研究視角具有一定的創(chuàng)新性。論文較全面的分析了我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資管理存在的問題及國際上典型的政府養(yǎng)老保險(xiǎn)基金投資管理的經(jīng)驗(yàn),認(rèn)為投資管理體制的選擇是當(dāng)前影響我國地方政府管理的基本養(yǎng)老保險(xiǎn)基金投資成敗的關(guān)鍵。②研究?jī)?nèi)容具有新意,提出的對(duì)策具有一定的前瞻性、針對(duì)性和應(yīng)用性�；攫B(yǎng)老保險(xiǎn)基金投資管理模式的選擇一直存在爭(zhēng)議,論文比較分析了當(dāng)前可供我國地方政府選擇的三種基本養(yǎng)老保險(xiǎn)基金投資管理模式的特點(diǎn)、各自優(yōu)勢(shì)與不足,指出信托模式、市場(chǎng)化投資及專業(yè)化運(yùn)營(yíng)是基本養(yǎng)老保險(xiǎn)基金投資管理體制發(fā)展的共同趨勢(shì),并從立法、激勵(lì)約束機(jī)制的建立及風(fēng)險(xiǎn)監(jiān)管等方面提出了完善基本養(yǎng)老保險(xiǎn)基金投資管理體制的具體建議,對(duì)策思路具有一定的針對(duì)性和應(yīng)用價(jià)值。
[Abstract]:The pension insurance fund is the financial basis of the endowment insurance system, the old-age insurance system is the cornerstone of the stable operation of the pension fund investment management is closely related to the endowment insurance system to achieve the goal, related to the stability of the whole society. Many countries in the world for the endowment insurance fund investment management has taken a more cautious attitude, or by government departments direct investment operations, or by proxy mode, select financial professional investment institutions is responsible for investment fund operations, and establish a strict risk prevention mechanism and investment restrictions, to ensure security and stability under the premise of the fund in return.
Now, our country has established the basic old-age insurance system of universal coverage, fund size is huge, but the local government is responsible for the management, investment management system chaos. At the same time, China's population structure has undergone tremendous changes, population aging silver wave swept, Nintaus is facing a huge pension payment crisis. In addition, the basic old-age insurance fund investment management process still exist in many problems, serious impact on the future life of the elderly insured basic guarantee the realization of the goal, the development of China's basic pension insurance system is facing a hitherto unknown challenge. As a key part of the system of basic old-age insurance fund, the investment management system, more is aroused widespread concern.
The general theory of the investment from the basic old-age insurance fund management based on the analysis of the existing local investment in basic old-age insurance fund management of our local government management problems, and to the international perspective on the comparison of the characteristics of management pattern of pension insurance fund investment in government held several typical foreign countries; on this basis, determine China's local government choose the general principles and standards of the investment management mode of basic old-age insurance fund, focusing on the basic old-age insurance fund for several investment management mode selection of local governments in China are compared and analyzed; finally, the present stage of our country, puts forward suggestions and policies for the basic old-age insurance fund investment management our system of local government management.
The paper is divided into five parts, and the main contents and views of each part are as follows.
The first part is introduction. This part mainly explains the background, purpose and significance of the research, as well as research ideas and methods, and summarizes the research status and development trend at home and abroad.
The second part, the general theory of the basic old-age insurance fund investment management. Firstly, defines the meaning of the basic endowment insurance fund; secondly, summarizes the general theory of the basic old-age insurance fund investment management should follow, provide theoretical guidance for the design and selection of the fund investment management system; finally, points out the basic principles the pension insurance fund investment management should follow, in order to ensure the safety of fund income and access.
The third part, study on the problems and experience of foreign investment management of China's basic old-age insurance fund management of local government. This part firstly gives a brief overview of China's basic old-age insurance fund management of the local government in recent years, the balance of payments situation; secondly, the existence of the basic old-age insurance fund investment management problems in the process of are summarized, so as to seek improvement measures to pave the way. Finally, the characteristics of endowment insurance fund investment management pattern of four foreign typical countries organized by the government, the trust fund management mode, the management mode of Singapore fund liquidation, the commercial management model in Chile and Sweden are mode. An in-depth analysis of the characteristics of government investment management, system operation supervision responsibility. With an international perspective, then obtains the investment management mode selection The general experience can provide experience for the choice of the investment management model of the basic endowment insurance fund management in our local government.
The fourth part, a comparative study of the basic old-age insurance fund investment management pattern of local government management. This part of the first international experience, combined with China's actual situation, determine the general principles and standards of our local government selected the basic old-age insurance fund investment management pattern should be followed, and a brief overview of the investment management mode for several choose; then, the paper focuses on the comparison analysis of three kinds of basic old-age insurance fund investment management pattern choice, namely the local government to the local government investment mode, commissioned by the National Council for social security fund for the investment model and the direct government commissioned a professional investment institutions to invest mode, carefully explore the investment management mode the advantages and disadvantages. In particular, the local government commissioned by the National Council for social security fund for the investment mode, the first Discusses on the National Council for social security fund investment management system, including the risk prevention mechanism and incentive mechanism, and then to the Guangdong provincial government commissioned by the National Council for social security fund for investment management as an example, briefly analyzed. Overall, this part analyzes the advantages and disadvantages of the three available selection of local government of our country basic old-age insurance fund investment management mode, support the formation that finally views.
The fifth part, advice on the selection of basic old-age insurance fund investment management system of local government management. This part on the basis of the endowment insurance fund investment and management experience of foreign government held on to further consider the above analysis of three kinds of investment management mode selection, and combining the particularity of China's basic old-age insurance fund. Management, think take principal-agent way is desirable, but the basic old-age insurance fund according to the local actual situation of flexible selection of investment management body. The long term, the basic old-age insurance fund investment trust management mode, market operation and specialization is the inevitable trend. The paper finally puts forward several suggestions to improve the basic old-age insurance fund investment management system, in order to establish and China local suitable investment management system to achieve as soon as possible. The stability and sustainable development of the pension insurance system.
The main research characteristic and innovation lies in: firstly, this dissertation starts from the angle of investment management system, the research perspective is innovative. The paper comprehensively analyzes the investment management of the government pension fund investment management of China's basic old-age insurance fund management of local government problems and international typical experience, think the choice of investment management system is the key success of the investment of China's basic old-age insurance fund management of local government. The research content is new, the proposed measures is a forward-looking, targeted and applied. The investment management mode of basic old-age insurance fund selection has been controversial, the comparative analysis of the characteristics of the current for the choice of our local government three basic old-age insurance fund investment management pattern, their respective advantages and disadvantages, and points out that the trust market model. Of investment and professional operation is the common trend of the development of the basic old-age insurance fund investment management system, and from the legislation, put forward specific proposals to improve the basic old-age insurance fund investment management system to establish incentive mechanism and risk supervision, countermeasures have certain pertinence and application value.

【學(xué)位授予單位】：西南財(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;F832.51

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