本文選題：基本養(yǎng)老保險基金　切入點：股票市場　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國基本養(yǎng)老保險基金的投資管理目前存在兩大難題：一是養(yǎng)老基金投資渠道狹窄,收益率過低,收不抵支情況嚴重；二是養(yǎng)老基金在運營管理上存在著管理主體不明,效率低下等問題。近10年來,由于通貨膨脹因素始終存在,我國養(yǎng)老基金的實際金額縮水問題嚴重,養(yǎng)老基金實際規(guī)模與潛在需求存在巨大缺口,這對我國統(tǒng)賬結(jié)合的養(yǎng)老保險制度長期穩(wěn)定發(fā)展是相當不利的。如果再考慮人口老齡化加劇的趨勢和財政轉(zhuǎn)移支付力度不足等因素,養(yǎng)老基金未來支付的壓力會更加巨大。因此,我國基本養(yǎng)老保險基金必須改革現(xiàn)行投資策略,逐步實行市場化的運作,尋找一個能夠提供長期穩(wěn)定收益的渠道至關(guān)重要。股票市場可能不是唯一的途徑,但的確是一個合適的選擇,完善的股票市場可以讓投保人在承受一定風險的情況下,獲得較為可觀的長期收益。本文主要對我國基本養(yǎng)老保險基金進入高收益同時也是高風險的股票市場的可行性及其約束條件進行探討。當然本文所指的投資股市并非全部進入股市,只是養(yǎng)老基金的一定比例,在保證養(yǎng)老基金安全的同時也能獲得較為可觀的長期收益,從而提高養(yǎng)老基金的收益率,達到保值增值的目的,減輕通貨膨脹的不利影響,應(yīng)對人口老齡化的沖擊。 本文主要是從養(yǎng)老保險基金體系及其籌資模式的分析入手,結(jié)合我國養(yǎng)老保險制度的改革實際,探討了我國基本養(yǎng)老保險基金投資管理存在的主要問題；在此基礎(chǔ)上,重點研究了我國養(yǎng)老保險基金投資股市的必要性、可行性及其約束條件,并提出了相關(guān)對策建議,以期對我國基本養(yǎng)老保險基金投資股市創(chuàng)造一個良好的制度環(huán)境,實現(xiàn)我國養(yǎng)老基金的可持續(xù)和健康發(fā)展。 本文一共分為六章,各章基本研究思路及觀點如下： 第一章是導(dǎo)論。首先概述了論文的研究背景和意義,引出本文要論述的問題；其次整理了相關(guān)文獻綜述,陳述和比較了國內(nèi)外的相關(guān)理論研究現(xiàn)狀及發(fā)展趨勢。 第二章主要從理論上對基本養(yǎng)老保險基金及其體系做了概述。首先是從國際視角出發(fā)對基本養(yǎng)老保險基金體系,基本養(yǎng)老保險基金的性質(zhì)及特征,基本養(yǎng)老保險基金的三種國際上流行的籌資模式(現(xiàn)收現(xiàn)付制,完全積累制,部分積累制)以及三支柱養(yǎng)老保險體系做了一些介紹,同時還講述了我國基本養(yǎng)老保險基金的性質(zhì)及構(gòu)成,回顧了我國養(yǎng)老保險制度改革的歷程。在這些理論基礎(chǔ)上得出我國現(xiàn)行的養(yǎng)老保險制度已經(jīng)不適應(yīng)我國經(jīng)濟的發(fā)展以及人口老齡化加劇的現(xiàn)狀,到了另一個改革的重要時期。 第三章是我國基本養(yǎng)老保險基金投資股市的必要性研究。首先從我國基本養(yǎng)老保險基金運行機制的現(xiàn)狀出發(fā),提出我國現(xiàn)行的養(yǎng)老基金籌資模式和投資模式不僅造成我國基本養(yǎng)老保險基金的巨額缺口,同時養(yǎng)老基金投資渠道狹窄,投資收益率過低等問題也不利于養(yǎng)老基金的保值增值；其次,對我國人口老齡化趨勢加劇的現(xiàn)狀進行了論述,人口老齡化加劇的趨勢使得養(yǎng)老基金收支缺口持續(xù)擴大,得出要繼續(xù)實行基金積累制并且加大基金投資力度；第三,以“費雪效應(yīng)”為理論依據(jù),闡述了股票資產(chǎn)從長期來看是應(yīng)對通貨膨脹的保值資產(chǎn),再加上我國股票市場正在逐步走向完善,養(yǎng)老基金與股票市場存在互動關(guān)系等,這樣我國基本養(yǎng)老保險基金投資股市可以實現(xiàn)保值增值,應(yīng)對通脹壓力。因此,我國基本養(yǎng)老保險基金要想保值增值必須改變現(xiàn)在的運行機制,進入股票市場,進而論證了我國基本養(yǎng)老保險基金投資股市的必要性。 第四章是我國基本養(yǎng)老保險基金投資股市的可行性分析。本章首先介紹了現(xiàn)行國際上比較流行的幾種養(yǎng)老基金的管理模式、投資模式和監(jiān)管模式,其間也介紹了智利,新加坡和美國等幾個比較有代表性的國家的養(yǎng)老基金運行模式,以供我國養(yǎng)老基金運行模式提供一些啟示和借鑒；之后以全國社會保障基金為切入點,通過分析全國社會保障基金成立以來的投資收益狀況以及與通貨膨脹率的對比,得出其入市還是比較成功和積極的,給我國基本養(yǎng)老保險基金入市帶來了一些積極的啟示和借鑒；再次,分析了我國股票市場在遏制投機行為,提高上市公司治理水平和增強市場透明度,強化保護中小投資者利益,嚴厲打擊內(nèi)幕交易等方面都做出了很多努力,也取得了很大的成果,這些都為基本養(yǎng)老保險基金入市創(chuàng)造了良好的制度環(huán)境和條件,只要對其進行一定的風險控制,目前是可以積極入市的；最后,在前文的基礎(chǔ)上探析我國基本養(yǎng)老保險基金入市的可行性,并提出我國基本養(yǎng)老保險基金投資股市的管理模式、投資模式和監(jiān)管模式。 第五章是我國基本養(yǎng)老保險基金投資股市的約束條件研究。從養(yǎng)老基金現(xiàn)行體制,股票市場結(jié)構(gòu)及運行效率等,專業(yè)投資管理人才,現(xiàn)行相關(guān)法律法規(guī)等法律和制度層面對我國基本養(yǎng)老保險基金投資股市的約束條件進行分析,得出我國基本養(yǎng)老保險基金存在嚴重的空賬問題,我國現(xiàn)行的養(yǎng)老基金投資股市的法律法規(guī)體系,不夠成熟和完善的股票市場,專業(yè)投資機構(gòu)和人才的缺乏,以及不明晰的投資運作體制等都構(gòu)成了我國基本養(yǎng)老保險基金投資股市的約束條件。 第六章是構(gòu)建我國基本養(yǎng)老保險基金投資股市的制度環(huán)境的對策研究。主要針對第五章提出的投資股市的約束條件,從完善資本市場、制定相關(guān)政策、法律規(guī)章和制度、建立健全監(jiān)督管理體系以及培養(yǎng)專業(yè)機構(gòu)和專業(yè)人才等方面,提出了盡快完成全國性的社會統(tǒng)籌與個人賬戶的分賬管理,做實個人賬戶;健全基本養(yǎng)老保險基金投資運營方面的法律法規(guī)體系：進一步規(guī)范股票市場制度建設(shè),提高上市公司質(zhì)量；建立健全投資監(jiān)管體系,加強對基本養(yǎng)老保險基金的監(jiān)管；加強養(yǎng)老基金治理結(jié)構(gòu)及內(nèi)控制度建設(shè),培養(yǎng)基金管理人才等政策建議。 本文的主要研究特色和創(chuàng)新點是：第一,選題新穎。目前文獻較多的是研究整個養(yǎng)老基金和資本市場的關(guān)系,而較少研究地方政府管理的基本養(yǎng)老保險基金投資股市的可行性及約束條件問題。論文運用制度分析方法,從法律制度環(huán)境、養(yǎng)老基金與股票市場自身的制度環(huán)境、監(jiān)管平臺等更深層次的層面來分析基本養(yǎng)老保險基金投資股票市場的約束條件及完善對策。第二,分析視角新穎。很多學(xué)者都是通過對國外養(yǎng)老基金和資本市場的實證分析,以此證明養(yǎng)老基金投資資本市場的可行性,進而把此結(jié)論套用我國。而本文在借鑒國外經(jīng)驗的同時,立足于本國國情,以全國社會保障基金的投資運作為切入點,對我國基本養(yǎng)老保險基金投資股市的運作模式做了一些設(shè)想,這一分析視角,在國內(nèi)研究中尚不多見。
[Abstract]:The investment management of pension insurance fund in China at present there are two major problems: pension fund investment channel is narrow, low yields, revenue and expenditure situation is serious; two pension funds in the operation and management problems exist in the management of the body is unknown, the efficiency is low. In the past 10 years, because of inflation always exists. The actual amount of pension fund in China has a serious problem, there is a huge gap in pension fund scale actual and potential demand, this to our account with the old-age insurance system for long-term stable development is very unfavorable. If we consider the aging population trends and factors such as lack of financial transfer payments, payment of pension funds in the future the pressure will be greater. Therefore, the basic old-age insurance fund in our country must reform the current investment strategy, gradually implement the operation of the market, seeking to provide a long-term stability Essential fixed income channels. The stock market is not the only way possible, but it is an appropriate choice of the perfect stock market allows the insured under certain risk, long-term income is considerable. This paper focuses on the feasibility and constraints of China's basic old-age insurance fund into high yield at the same time is the high risk of the stock market are discussed. Of course, this paper refers to the investment in the stock market is not all of the stock market, only a certain proportion of the pension fund, also can obtain long-term gains more substantial pension funds to ensure safety at the same time, so as to improve the profit rate of the pension funds, to achieve the purpose of increasing the value, reduce the negative impact of inflation to deal with, the impact of the aging population.
This paper starts from the analysis of endowment insurance fund system and financing mode, combined with China's endowment insurance system reform, discusses the main problems of China's basic old-age insurance fund investment management; on this basis, the necessity of gold investment in the stock market of China's endowment insurance group, feasibility and constraints. And put forward relevant countermeasures and suggestions, with a view to China's basic old-age insurance fund investment in the stock market to create a good institutional environment, realize the sustainable and healthy development of China's pension fund.
This article is divided into six chapters, and the basic research ideas and views of each chapter are as follows:
The first chapter is the introduction. First, it summarizes the research background and significance of the paper, and points out the problems discussed in this paper. Secondly, it collate the relevant literature review, and present and compare the related theoretical research status and development trend at home and abroad.
The second chapter mainly from the theory of the basic endowment insurance fund and its system are summarized. The first is based on the international perspective of the basic endowment insurance fund system, the nature and characteristics of the basic endowment insurance fund, three kinds of international popular mode of financing the basic pension insurance fund (PAYG system, system of accumulation, accumulation system) and three pillar pension system were introduced, and also describes the nature of the basic endowment insurance fund in China and a review of the reform of endowment insurance system in China. Based on these theories that the current pension insurance system in our country has not adapt to the development of China's economy and the present situation of population aging the intensification, to another important period of reform.
The third chapter is the research on the necessity of China's basic old-age insurance fund investment in the stock market. Firstly, from the present situation of the operation mechanism of the basic pension insurance fund of our country, put forward China's current pension fund financing mode and investment mode not only caused a huge gap of China's basic old-age insurance fund, and pension fund investment channels, investment income rate too low is not conducive to increasing the value of pension funds; secondly, the status quo of intensified aging population trend in China are discussed, the aging population trend makes pension fund income gap continued to expand, it will continue to implement the fund accumulation system and increase the fund investment; third, "Fisher Effect" the theoretical basis, elaborated the stock assets in the long term is to deal with inflation hedge assets, coupled with China's stock market is gradually improving, raise There is an interaction between the old fund and the stock market, so China's basic old-age insurance fund investment in the stock market can increase the value of inflation pressure. Therefore, the basic old-age insurance fund in China to increase the value of the operating mechanism must be changed now, enter the stock market, and then demonstrates the necessity of China's basic old-age insurance fund investment in the stock market.
The fourth chapter is the feasibility analysis of China's basic old-age insurance fund investment in the stock market. This chapter first introduces the current international popular several kinds of pension fund management, investment management and supervision mode, it also introduces several Chile, Singapore and the United States have pension fund operation mode of representative countries, for the operation mode of China's pension fund to provide some inspiration and reference; after the national social security fund as the breakthrough point, through the analysis of the national social security fund since the establishment of the investment income status and compared with the inflation rate, the market is still relatively successful and positive, to the basic old-age insurance funds into the market in our country has brought some positive enlightenment and reference; thirdly, analysis of China's stock market to curb speculation, improve corporate governance and enhance market transparency, strong The protection of the interests of small investors, to crack down on insider trading and other aspects have made a lot of efforts, has made great achievements, these are the basic old-age insurance fund into the city, creating a favorable environment and conditions, as long as some of its risk control, at present can be in the market actively; finally, the feasibility of the on the basis of the above analysis of the basic old-age insurance funds into the market in our country, and put forward the basic endowment insurance fund in China stock market investment management mode, investment mode and supervision mode.
The fifth chapter is to study the constraints of China's basic old-age insurance fund investment in the stock market. From the current system of pension funds, the stock market structure and efficiency of investment, professional management personnel, analyze the constraints of current relevant laws and regulations, legal and institutional aspects of China's basic old-age insurance fund investment in the stock market, the basic pension insurance fund our country has empty account serious problems, China's current pension fund investment in the stock market legal system, immature and mature stock market, the lack of professional investment institutions and personnel, as well as the investment operation system is not clear and so constitute a constraint condition of China's basic old-age insurance fund investment in the stock market.
The sixth chapter is the research on Countermeasures of institutional environment construction in China's basic old-age insurance fund investment in the stock market. In the fifth chapter of the investment in the stock market constraints, from the improvement of capital market, formulate relevant policies, laws and regulations system, establish and improve the supervision and management system and professional training institutions and professional personnel, put forward account the completion of the national management as soon as possible the social pooling and individual accounts, personal accounts; improve the basic old-age insurance fund investment operation of the legal system, to further standardize the stock market system construction, improve the quality of listed companies; to establish and perfect the investment supervision system, strengthen the basic pension insurance fund supervision; strengthen the construction of governance structure and the internal control system of pension fund, raising fund managers and other policy recommendations.
In this paper, the main research characteristic and innovation is: first, the topic is novel. The current literature is more research on the relationship between the pension fund and the capital market, and the feasibility and constraints of the basic old-age insurance fund investment in the stock market of local government management problems. This thesis uses system analysis method, from the legal system environment, system environment of pension the fund and the stock market itself, the constraints supervision platform and deeper level analysis of the basic old-age insurance fund investment in the stock market and countermeasures. Second, analysis from the perspective of novel. Many scholars are through empirical analysis of foreign pension funds and capital market analysis, in order to prove the feasibility of pension fund investment in the capital market, and the this conclusion is applied in our country. And based on the experiences of foreign countries at the same time, based on national conditions, to the national social security fund investment As a breakthrough point, we have made some assumptions about the operation mode of China's basic endowment insurance fund investing in the stock market, which is seldom seen in domestic research.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F842.67;F832.51

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