本文選題：養(yǎng)老保險基金 + 投資工具　； 參考：《陜西師范大學(xué)》2012年碩士論文

【摘要】：進(jìn)入新世紀(jì)后,我國人口老齡化速度加快,這使得養(yǎng)老保險的支出大大增加。近些年,我國的通貨膨脹率水平較高并且波動較大,不僅造成養(yǎng)老保險基金本身的貶值,還導(dǎo)致居民生活費用上漲,而退休待遇的增長存在剛性,依賴養(yǎng)老金生活的退休職工要維持其基本生活水平,必然領(lǐng)取更多的養(yǎng)老金,導(dǎo)致養(yǎng)老保險基金支出增加。當(dāng)前,我國養(yǎng)老保險基金的投資渠道比較狹窄,只能購買國債和存入銀行。數(shù)據(jù)顯示,2000年11月至2001年12月,國家財政撥入的養(yǎng)老保險基金的資金607.26億元投資于銀行存款、國債,其累計投資收益只有9.28億元。從2003年到2008年五年內(nèi),我國養(yǎng)老保險基金的投資收益為2.18%,而同期平均通貨膨脹率為2.2%,實際投資收益率為負(fù)值。如何改變我國養(yǎng)老保險基金在運營方面處于的低收益狀態(tài),減少或消除老齡化帶來的支付壓力以及通貨膨脹帶來的財務(wù)危機(jī),具有重要的理論意義和實踐意義。 私募股權(quán)投資在期限、收益率等方面的特點能夠很好地與目前養(yǎng)老保險基金管理問題匹配起來,在私募股權(quán)基金相對成熟的國家,養(yǎng)老金、保險基金更是成為其首要資金來源。近年來,我國私募股權(quán)基金取得了長足發(fā)展,但是還處于市場化發(fā)展的初級階段,退出渠道、市場準(zhǔn)入、監(jiān)管體系、專業(yè)人才培養(yǎng)等方面都存在不少問題。本文提出發(fā)展養(yǎng)老保險基金在私募股權(quán)領(lǐng)域的投資,以應(yīng)對其財務(wù)危機(jī),并指出運營中的主要問題,提出相應(yīng)的對策,確保養(yǎng)老保險基金在安全的前提下實現(xiàn)高收益,實現(xiàn)保值增值。 本文在分析我國養(yǎng)老保險基金理論和現(xiàn)狀的基礎(chǔ)上,對我國養(yǎng)老保險基金的投資選擇、投資收益目標(biāo)和投資組合進(jìn)行了分析,并對我國養(yǎng)老保險基金的投資風(fēng)險和監(jiān)管等問題進(jìn)行了論述。全文共六章： 第一章為緒論,簡要的闡述選題背景和研究意義,對國內(nèi)外學(xué)者的研究成果進(jìn)行評析,以及本文的文章結(jié)構(gòu)和創(chuàng)新點。 第二章是對養(yǎng)老保險基金投資相關(guān)概念和理論的綜述,主要從養(yǎng)老保險基金投資原則和相關(guān)理論進(jìn)行論述。 第三章研究我國養(yǎng)老保險基金投資運營的相關(guān)問題,論述了我國養(yǎng)老保險的投資運營規(guī)模,對投資運營現(xiàn)狀進(jìn)行詳細(xì)分析,并對面臨的形勢做出了評價。最后對我國養(yǎng)老保險基金投資發(fā)展的制約因素問題及原因進(jìn)行了分析。 第四章對我國養(yǎng)老保險基金的投資模式進(jìn)行比較和分析。對投資工具和投資組合進(jìn)行比較研究,得出結(jié)論：需要加入新的投資工具從而解決現(xiàn)有投資方式收益不足的難題。 第五章提出養(yǎng)老保險基金投資私募股權(quán)基金的可行性,并設(shè)想我國養(yǎng)老保險基金投資優(yōu)化組合的新型模式。 第六章是研究結(jié)論和政策建議,從完善資本市場、健全法律體系和加強(qiáng)對養(yǎng)老保險基金的投資監(jiān)管三個方面對我國養(yǎng)老保險基金發(fā)展提出了建議。
[Abstract]:After entering the new century, the aging of population in our country accelerates, which makes the expenditure of endowment insurance increase greatly. In recent years, the inflation rate of our country is relatively high and fluctuating, which not only causes the depreciation of pension insurance fund itself, but also leads to the increase of residents' living expenses, while the growth of retirement benefits is rigid. The retired workers who depend on the pension to maintain their basic living standard must receive more pension, which leads to the increase of the pension fund expenditure. At present, the investment channel of endowment insurance fund of our country is narrow, can only buy national debt and deposit bank. Data show that from November 2000 to December 2001, 60.726 billion yuan of the funds allocated by the state finance to the pension insurance fund were invested in bank deposits and treasury bonds, with a cumulative investment income of only 928 million yuan. During the five years from 2003 to 2008, the investment income of the pension fund in China is 2.18, while the average inflation rate is 2.2, and the real return on investment is negative. It is of great theoretical and practical significance to change the low income of pension insurance fund in our country, to reduce or eliminate the payment pressure brought by aging and the financial crisis caused by inflation. The characteristics of private equity investment in terms of duration and return rate can be well matched with the current pension fund management problems. In countries where private equity funds are relatively mature, pension and insurance funds have become its primary source of funds. In recent years, China's private equity funds have made great progress, but still in the initial stage of market-oriented development, exit channels, market access, regulatory system, professional training and other aspects of a lot of problems. This paper proposes to develop the investment of pension insurance fund in the field of private equity in order to deal with its financial crisis, and points out the main problems in the operation, and puts forward corresponding countermeasures to ensure that the pension insurance fund can achieve high returns on the premise of safety. To maintain and increase the value of value. On the basis of analyzing the theory and present situation of endowment insurance fund in China, this paper analyzes the investment choice, investment income target and investment portfolio of pension insurance fund in China. It also discusses the investment risk and supervision of endowment insurance fund in China. This paper consists of six chapters: the first chapter is the introduction, which briefly describes the background and significance of the research, comments on the research results of domestic and foreign scholars, as well as the structure and innovation of this article. The second chapter is a summary of the concept and theory of pension fund investment, mainly from the pension fund investment principles and related theories. The third chapter studies the problems related to the investment and operation of the endowment insurance fund in China, discusses the scale of the investment and operation of the pension insurance in China, analyzes the present situation of the investment and operation in detail, and makes an evaluation of the situation facing it. Finally, the paper analyzes the restrictive factors and causes of the investment and development of endowment insurance fund in China. Chapter four compares and analyzes the investment mode of pension fund in China. A comparative study of investment instruments and portfolios shows that it is necessary to add new investment instruments to solve the problem of insufficient returns of existing investment methods. Chapter five puts forward the feasibility of pension fund investment in private equity fund, and conceive a new mode of optimizing the investment combination of endowment insurance fund in our country. The sixth chapter is the conclusion of the study and policy recommendations, from the three aspects of improving the capital market, improving the legal system and strengthening the investment supervision of pension insurance funds, the development of pension insurance funds in China is put forward.
【學(xué)位授予單位】：陜西師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F842.6;F832.5

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