本文關鍵詞： 養(yǎng)老基金投資 基礎設施債券 投資原則 資產(chǎn)配置　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

【摘要】：我國人口老齡化現(xiàn)象已經(jīng)越來越引起社會的關注,老年人口占據(jù)社會總人口的比例逐年上升,社會撫養(yǎng)老年人的壓力也越來越大。隨著我國人口老年化的不斷加劇,如何確保老年人老有所養(yǎng)、老有所依成了重要問題。我國基本養(yǎng)老保險基金是老年人的重要生活保障,如何促進基本養(yǎng)老保險基金保值增值是我國目前基本養(yǎng)老保險基金管理迫切需要解決的重大問題,解決這一問題的關鍵在于要拓展養(yǎng)老保險基金的投資渠道。 國外養(yǎng)老基金投資范圍比較廣,不僅包括銀行存款、股票、債券等,還包括可選擇性資產(chǎn),基礎設施就是其中之一�；A設施作為新的投資工具越來越受到一些國家養(yǎng)老基金的偏愛,主要是因為基礎設施與養(yǎng)老基金有很多相匹配之處。首先,基礎設施建設時間較長且建設規(guī)模巨大,而養(yǎng)老基金正好可以為基礎設施建設提供長期穩(wěn)定的資金。其次,基礎設施可以形成長期穩(wěn)定的現(xiàn)金流。一方面基礎設施向公眾提供的產(chǎn)品及其基本服務具有剛性需求；另一方面基礎設施的供給具有壟斷性,投資額極其巨大,這就為潛在的競爭者設置了非常高的進入門檻,較多基礎設施不易受商業(yè)周期的影響,能形成穩(wěn)定的現(xiàn)金流。再次,基礎設施產(chǎn)品和服務的使用費定價通常與一國的CPI相關聯(lián),或者其在定價的過程中就考慮了通貨膨脹的影響,投資基礎設施對抵御通貨膨脹會起到一定作用。最后,基礎設施與其他資產(chǎn)之間的相關性較小,有利于分散風險。據(jù)國外研究機構的研究表明,未上市基礎設施與股票、債券及房地產(chǎn)之間具有較低的相關性,因此可以將基礎設施加入到投資組合中來分散組合風險,提高收益穩(wěn)定性。 基礎設施投資是我國經(jīng)濟增長的重要推動力之一,基礎設施的建設能夠縮小東中西部地區(qū)的發(fā)展差距,促進我國國民福利的增加。“十二五”期間,我國基礎設施的需求巨大但供給不足,并且建設所需資金來源單一。而我國的養(yǎng)老基金規(guī)模龐大,并且又需要新的投資渠道來保值增值,基礎設施的特點正好與養(yǎng)老基金相匹配。我國養(yǎng)老基金可以通過投資基礎設施債券進入基礎設施投資領域。 國外一些國家的養(yǎng)老基金投資基礎設施已經(jīng)比較普遍,例如加拿大、美國、澳大利亞以及一些拉美國家,他們都考慮以不同的方式將基礎設施資產(chǎn)放在投資組合中。由于養(yǎng)老基金投資基礎設施的路徑有很多種,本論文選取養(yǎng)老基金投資基礎設施債券這一投資方式進行相對深入的研究,詳細剖析美國和智利兩國養(yǎng)老基金投資基礎設施債券的案例。在比較國際研究的基礎上,結合我國養(yǎng)老基金和基礎設施投資實際,設定我國養(yǎng)老基金投資基礎設施的投資原則,建構我國養(yǎng)老基金投資基礎設施的資產(chǎn)配置框架,對我國養(yǎng)老基金投資基礎設施債券進行一定程度的探析。 論文研究由以下六部分組成： 第一章是緒論,明確論文的研究背景及研究意義,闡述清楚所要表達的思路、擬采用的方法、主要內(nèi)容及創(chuàng)新點。 第二章是文獻綜述。本章首先闡述國外基礎設施以及養(yǎng)老基金投資基礎設施方面的相關研究,再分析國內(nèi)養(yǎng)老基金投資基礎設施的相關文獻。提出國內(nèi)研究養(yǎng)老基金投資于基礎設施的不足,特別是在養(yǎng)老基金投資于基礎設施債券方面的不足。 第三章詳細解釋基礎設施方面的相關內(nèi)容,對基礎設施的概念、類別、作用及特點進行詳細闡述,總結得出基礎設施具有建設期限較長、能產(chǎn)生穩(wěn)定持續(xù)的現(xiàn)金流、抵御通脹、與其他資產(chǎn)相關性低等特點,再分析養(yǎng)老基金與基礎設施之間存在的契合度。 第四章主要介紹美國養(yǎng)老基金投資于基礎設施債券的情況。本章主要對美國的基礎設施市場、養(yǎng)老基金市場以及養(yǎng)老基金投資基礎設施進行詳盡的概述,其中重點討論美國的養(yǎng)老基金投資美國建設債券與私人投資債券的情況,最后對美國養(yǎng)老基金投資基礎設施債券的情況做經(jīng)驗總結。 第五章主要介紹智利的養(yǎng)老基金投資于基礎設施債券的主要情況。本章主要對智利的基礎設施建設情況,智利發(fā)行的基礎設施債券情況以及養(yǎng)老基金投資基礎設施債券的現(xiàn)狀進行詳細分析,并得出最后的經(jīng)驗策略。 第六章主要介紹我國的相關背景,分析我國基礎設施需求龐大但供給不足、建設資金過于依賴銀行貸款等特點。我國養(yǎng)老基金自個人賬戶做實以來,資金規(guī)模逐漸龐大但投資收益卻非常低,為了我國養(yǎng)老基金的保值增值,應該拓展養(yǎng)老基金的投資渠道。本章從養(yǎng)老基金投資的安全性、收益性、流動性、社會性、基礎設施債券的選擇及資產(chǎn)配置等方面分析我國養(yǎng)老基金投資于基礎設施債券的具體路徑。 本論文可能的創(chuàng)新點如下： 第一,對美國和智利兩個養(yǎng)老基金投資基礎設施債券的國際模式進行全面比較與案例分析。美國為了緩解國內(nèi)基礎設施投資的壓力,引入私人部門參與其中的建設,并且通過立法允許符合要求的基礎設施項目通過發(fā)行債券來融資,從而吸引養(yǎng)老金的投入。智利的特許經(jīng)營公司可以發(fā)行基礎設施債券來融資,國際保險公司和政府的擔保極大提升了債券的評級,對養(yǎng)老基金投資基礎設施債券有很大的吸引力。 第二,提出了適合我國養(yǎng)老基金投資基礎設施債券的可行性模式。分別從養(yǎng)老基金投資的安全性、收益性、流動性和社會性四個投資原則分析得出適合我國養(yǎng)老基金投資基礎設施債券的可行性模式。 第三,對我國養(yǎng)老基金投資基礎設施債券的資產(chǎn)配置進行了嘗試性探究,分析養(yǎng)老基金應該投資我國基礎設施債券的選擇和配置比例。 本論文存在的不足之處包括以下兩點： 本文主要研究的是養(yǎng)老基金投資基礎設施債券的國際比較,再分析得出適合我國的養(yǎng)老基金投資基礎設施債券的可行性選擇。本文在獲取相關國外案例和數(shù)據(jù)方面比較有限,未能以具體資產(chǎn)配置形式模擬養(yǎng)老基金投資基礎設施債券以及養(yǎng)老基金投資組合(含基礎設施債券)的風險與收益結果,定程度影響了論文研究的完整性。 由于論文寫作需要掌握相關的金融知識和投資工具,并且對養(yǎng)老基金投資運營方面需要很高的要求,而筆者的分析能力和研究深度有限,仍存在不足之處和需要改進的地方。另外,本文提出在我國目前國內(nèi)制度下所適用的養(yǎng)老基金投資基礎設施債券的方案不一定能夠具有可行性,本人以后會在這方面多加學習,得以能夠繼續(xù)在這方面走下去。
[Abstract]:The phenomenon of population ageing in our country has become more and more concerned , the proportion of the elderly population to occupy the total population of the society increases year by year , and the pressure of the elderly has become more and more important . With the increasing of the aging of the population in our country , how to ensure the old age of the old people has become an important problem . The basic endowment insurance fund in China is an important problem to be solved urgently in the management of the basic endowment insurance fund . The key to solve this problem lies in the development of the investment channel of the endowment insurance fund . The investment scope of overseas pension funds is relatively wide , including bank deposits , shares , bonds and so on , but also includes alternative assets . The infrastructure is one of them . Infrastructure as a new investment tool is more and more affected by some countries ' pension funds . At the same time , infrastructure can provide long - term stable cash flow for infrastructure construction . Infrastructure investment is one of the important driving forces of our country ' s economic growth . The construction of infrastructure can reduce the development gap in the central and western regions and promote the increase of our national welfare . During the 12th Five - Year Plan period , the demand of our country ' s infrastructure is huge , but the supply is insufficient , and the funds needed for construction are single . However , our country ' s pension fund is large , and new investment channels are needed to preserve the value - added . The characteristics of the infrastructure are exactly matched with the pension fund . Our pension funds can enter the field of infrastructure investment through investment infrastructure bonds . The investment infrastructure of pension funds in some countries has been more common , such as Canada , the United States , Australia and some Latin American countries . The thesis consists of the following six parts : The first chapter is the introduction , the research background and the research significance of the paper , and expounds the ideas , methods , main contents and innovation points to be expressed clearly . The second chapter is a review of the literature review . Firstly , this chapter expounds the relevant research on the infrastructure of the foreign countries and the investment infrastructure of the pension fund , then analyses the relevant literatures about the investment infrastructure of the domestic pension fund , and puts forward that the domestic research pension fund is not enough to invest in the infrastructure , especially in the investment of pension funds in infrastructure bonds . In chapter 3 , the relevant contents of the infrastructure are explained in detail , the concept , type , function and characteristics of the infrastructure are explained in detail , and the conclusion is drawn that the infrastructure has the characteristics of long construction period , stable and sustained cash flow , low correlation with other assets and the like , and then analyzes the fit between the pension fund and the infrastructure . The fourth chapter mainly introduces the situation of American pension funds invested in infrastructure bonds . This chapter provides a detailed overview of American infrastructure market , pension fund market and investment infrastructure of pension fund , in which the situation of American pension fund investment in U.S . construction bond and private investment bond is discussed , and finally , the situation of American pension fund investment infrastructure bond is summarized . The fifth chapter mainly introduces the investment of Chile ' s pension fund in infrastructure bonds . This chapter mainly analyzes the infrastructure construction of Chile , the infrastructure bonds issued by Chile and the current situation of pension fund investment infrastructure bonds , and obtains the last empirical strategy . Chapter 6 mainly introduces the relevant background of our country , analyses the characteristics of huge demand of our country ' s infrastructure , insufficient supply and overreliance on bank loans . Possible innovations in this paper are as follows : First , an overall comparison and case analysis of the international model of investment infrastructure bonds between the two pension funds in the United States and Chile . In order to ease the pressure on domestic infrastructure investment , the United States has introduced private sector participation in the construction , and through legislation that allows satisfactory infrastructure projects to finance through the issuance of bonds , thereby attracting investment in pensions . Chilean franchise companies can issue infrastructure bonds to finance , and international insurance companies and government guarantees have greatly improved the rating of bonds and have a great attraction to pension fund investment infrastructure bonds . Secondly , this paper puts forward the feasibility model suitable for the investment infrastructure bonds of our country ' s pension funds . The feasibility model for the investment infrastructure bonds of our country ' s pension funds is drawn from the analysis of the security , profitability , liquidity and social four investment principles of the pension fund investment . Thirdly , the asset allocation of the investment infrastructure bonds in our country ' s pension funds is explored , and the choice and proportion of the infrastructure bonds should be invested in the pension fund . The deficiencies in this paper include the following two points : This paper mainly focuses on the international comparison of pension fund investment infrastructure bonds , and then analyzes the feasibility choice of the investment infrastructure bonds suitable for our country ' s pension fund . In this paper , we have limited the relevant foreign cases and data , and fail to simulate the risk and earnings results of pension fund investment infrastructure bonds and pension fund investment portfolio ( including infrastructure bonds ) in the form of specific asset allocation , which affects the integrity of the thesis research . Because the paper needs to master the relevant financial knowledge and investment tools , and needs high requirements for the investment and operation of the pension fund , the author ' s analysis capability and the research depth are limited , there is still a shortage and need to be improved . In addition , the paper puts forward that the scheme of the pension fund investment infrastructure bond which is applied in our country ' s current domestic system is not necessarily feasible , and I can continue to learn more in this respect to continue in this regard .

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842.67;F841.67

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本文編號：1478748