本文選題：養(yǎng)老基金　切入點：基礎(chǔ)設(shè)施　出處：《西南財經(jīng)大學》2014年碩士論文

【摘要】：基礎(chǔ)設(shè)施是為居民提供公共服務(wù)的公共設(shè)施和公共工程,是社會賴以生存和發(fā)展的條件�；A(chǔ)設(shè)施主要包括交通設(shè)施、水利設(shè)施、通訊設(shè)施等公共設(shè)施,也包含學校、醫(yī)院、保障住房等社會福利設(shè)施。在城市化建設(shè)不斷推進的過程中,我國對基礎(chǔ)設(shè)施的需求量也在不斷的增大。然而在對基礎(chǔ)設(shè)施傳統(tǒng)的投資中,政府公共部門占據(jù)了主導地位,是基礎(chǔ)設(shè)施的主要投資者。伴隨著人口老齡化的加劇,政府部門面臨著養(yǎng)老金支付的壓力。在基礎(chǔ)設(shè)施投資和支付養(yǎng)老金的雙重壓力下,政府部門開始尋求財政減壓,并嘗試著對基礎(chǔ)設(shè)施的融資模式進行新的探索。 由于基礎(chǔ)設(shè)施投資收益與通貨膨脹率掛鉤,從而投資基礎(chǔ)設(shè)施可以有效的抵制通貨膨脹,實現(xiàn)資產(chǎn)的保值增值。這一特點極大的吸引了養(yǎng)老基金的進入。除此之外,基礎(chǔ)設(shè)施還具有投資期限長的特點,這正好與養(yǎng)老基金長期投資的特性相匹配。因此對于養(yǎng)老基金投資基礎(chǔ)設(shè)施來說,是一個可行的且對養(yǎng)老基金、政府公共部門以及基礎(chǔ)設(shè)施來說是一個多贏的方案。 從國際經(jīng)驗上來看,養(yǎng)老基金投資基礎(chǔ)設(shè)施的模式包括了直接投資、公私合作投資、信托投資等,但是由于我國養(yǎng)老基金涉足基礎(chǔ)設(shè)施時間較短,缺乏相關(guān)的經(jīng)驗,因此需要借鑒國際上成功的案例來設(shè)計我國的養(yǎng)老基金尤其是企業(yè)年金基金投資基礎(chǔ)設(shè)施市場的方式。 通過對澳大利亞超級年金基金的研究發(fā)現(xiàn),澳大利亞超級年金在性質(zhì)上與我國的企業(yè)年金類似,均是繳費確定型年金,關(guān)注投資的流動性；同時澳大利亞養(yǎng)老基金在20世紀90年代就開始了對基礎(chǔ)設(shè)施的投資并形成了成熟的投資模式。本文選取澳大利亞養(yǎng)老基金投資基礎(chǔ)設(shè)施為研究案例,通過進行深入的分析提出對中國養(yǎng)老基金尤其是企業(yè)年金基金投資基礎(chǔ)設(shè)施的啟示：在現(xiàn)階段我國的養(yǎng)老基金尤其是企業(yè)年金基金對基礎(chǔ)設(shè)施的投資適合信托投資,以信托模式為基準,委托獨立的基金管理公司,通過開放式信托投資基金投資基礎(chǔ)設(shè)施,并且主要投資非上市基礎(chǔ)設(shè)施。 本文具體研究的內(nèi)容包括以下幾部分： 第一部分緒論。簡要說明了該選題的背景和意義、內(nèi)容和方法以及創(chuàng)新之處,并對已有的養(yǎng)老基金投資基礎(chǔ)設(shè)施的文獻進行梳理和總結(jié)。 第二部分基礎(chǔ)設(shè)施概述。主要對基礎(chǔ)設(shè)施相關(guān)知識進行簡要的概述。本章首先從基礎(chǔ)設(shè)施角度出發(fā),介紹了基礎(chǔ)設(shè)施的特點及其重要性、基礎(chǔ)設(shè)施分類、以及現(xiàn)階段基礎(chǔ)設(shè)施的缺口。接著引出養(yǎng)老基金投資基礎(chǔ)設(shè)施的重要性以及基礎(chǔ)設(shè)施項目的融資方式。本章所涉及的基礎(chǔ)設(shè)施融資方式包括了政府直接融資、完全私有化以及公私合作這三種。 第三部分澳大利亞養(yǎng)老基金對基礎(chǔ)設(shè)施的投資。本章的重點是從理論上介紹澳大利亞養(yǎng)老基金對基礎(chǔ)設(shè)施的投資,其中包括了投資規(guī)模和投資方式。在介紹澳大利亞養(yǎng)老基金投資基礎(chǔ)設(shè)施之前,本章首先介紹了澳大利亞基礎(chǔ)設(shè)施市場的發(fā)展以及現(xiàn)階段面臨的基礎(chǔ)設(shè)施缺口,之后對澳大利亞的養(yǎng)老保險體系和養(yǎng)老基金規(guī)模進行了介紹。 第四部分是澳大利亞養(yǎng)老基金基礎(chǔ)設(shè)施投資的具體案例分析。主要是結(jié)合了澳大利亞的具有代表性的幾只超級年金基金的基礎(chǔ)設(shè)施投資現(xiàn)狀來分析現(xiàn)階段澳大利亞養(yǎng)老基金對基礎(chǔ)設(shè)施的投資方式等。本章首先從年金基金和主權(quán)養(yǎng)老基金兩個角度進行實例分析,在年金基金中選取了CBUS基金、HESTA基金等幾只具有代表性的行業(yè)超級年金基金,分析各只基金的基礎(chǔ)設(shè)施投資方式及資產(chǎn)配置；在主權(quán)養(yǎng)老基金中主要介紹了澳大利亞國家主權(quán)養(yǎng)老基金即未來基金在基礎(chǔ)設(shè)施投資方面的資產(chǎn)配置、投資方式等。接著通過對超級年金基金的基礎(chǔ)設(shè)施投資進行分析總結(jié)出現(xiàn)階段澳大利亞養(yǎng)老基金對基礎(chǔ)設(shè)施投資的四種方式即開放型信托投資基金投資、證券市場投資、公私合作投資以及直接投資。同時也從投資地區(qū)和行業(yè)、投資比例以及投資收益三個角度分析了澳大利亞養(yǎng)老基金在投資基礎(chǔ)設(shè)施時候的資產(chǎn)配置情況。 第五部分澳大利亞養(yǎng)老基金基礎(chǔ)設(shè)施投資的效果評價。本章是在第四章的基礎(chǔ)上,先對各種投資方式尤其是證券市場投資和信托投資進行了評價,之后引入了一些基礎(chǔ)設(shè)施投資常用績效考察指標,主要包括絕對收益率指標和四個內(nèi)含風險溢價的指標,最后結(jié)合澳大利亞養(yǎng)老基金的實際操作,介紹澳大利亞養(yǎng)老基金基礎(chǔ)設(shè)施投資的績效考核指標。 第六部分澳大利亞養(yǎng)老基金基礎(chǔ)設(shè)施投資對中國的啟示。本章首先介紹我國養(yǎng)老基金基礎(chǔ)設(shè)施投資現(xiàn)狀,主要包括企業(yè)年金基金的投資情況和全國社會保障基金的基礎(chǔ)設(shè)施投資情況；之后在分析投資現(xiàn)狀的基礎(chǔ)上總結(jié)出我國養(yǎng)老基金的基礎(chǔ)設(shè)施投資所面臨的問題；最后結(jié)合前面幾部分對澳大利亞養(yǎng)老基金基礎(chǔ)設(shè)施投資的分析,總結(jié)出一些適合現(xiàn)階段我國養(yǎng)老基金投資基礎(chǔ)設(shè)施的經(jīng)驗,其中包括投資方式的選擇、投資行業(yè)和地區(qū)的選擇、資產(chǎn)的配置以及一些其他的配套策略。 本文可能的創(chuàng)新之處有以下幾點： 第一,本文采用案例分析法,以澳大利亞養(yǎng)老基金為研究主題,以其投資基礎(chǔ)設(shè)施的方式為研究案例。在了解了澳大利亞養(yǎng)老體系、養(yǎng)老基金的種類及規(guī)模、基礎(chǔ)設(shè)施市場等相關(guān)知識的基礎(chǔ)之上,分析養(yǎng)老基金尤其是超級年金對基礎(chǔ)設(shè)施的投資方式、資產(chǎn)配置以及投資收益。本文深入的分析了澳大利亞養(yǎng)老基金投資基礎(chǔ)設(shè)施所選用的具體方式,并因此將其作為我國養(yǎng)老基金尤其是企業(yè)年金基金進行基礎(chǔ)設(shè)施投資的可借鑒案例。 第二,本文根據(jù)澳大利亞養(yǎng)老基金中超級年金的形成方式以及其對基礎(chǔ)設(shè)施的投資方式的選擇,創(chuàng)新性地提出將我國企業(yè)年金基金逐漸依據(jù)行業(yè)的不同來進行重新整合形成基金規(guī)模更大的行業(yè)超級年金基金,并由幾個或者多個投資策略相似的行業(yè)年金基金組成專業(yè)性的基礎(chǔ)設(shè)施投資基金來進行專項投資,從而來更有效的參與基礎(chǔ)設(shè)施投資,享受更高的投資收益。 但由于目前相關(guān)數(shù)據(jù)的收集受到制約從而缺少實證分析,因此希望隨著制度的完善、法律的完善、市場的完善,我國養(yǎng)老基金投資基礎(chǔ)設(shè)施的這一模式也得到更加具體的完善。
[Abstract]:The infrastructure is the public facilities and public works for the residents to provide public services , which is the condition for the survival and development of the society . The infrastructure mainly includes public facilities such as transportation facilities , water conservancy facilities , communication facilities and other social welfare facilities , such as schools , hospitals , and housing . However , in the process of continuous urbanization , government departments face the pressure of pension payments . Under the double pressure of investment in infrastructure and payment of pensions , government departments are beginning to seek financial decompression , and try to explore new financing modes of infrastructure .

Since infrastructure investment income is linked to inflation rate , the investment infrastructure can effectively resist inflation and realize the value - preserving and appreciation of assets . This feature greatly attracts the entry of pension funds . In addition , the infrastructure has the characteristics of long term of investment , which is exactly matched with the long - term investment of pension funds . Therefore , it is a viable and multi - win program for pension funds , public sector and infrastructure .

From the international experience , the mode of pension fund investment infrastructure includes direct investment , public - private partnership investment , trust investment , etc . However , because of the short - term infrastructure time of our country ' s pension fund , and the lack of relevant experience , it is necessary to design our country ' s pension fund , especially the investment infrastructure market of the enterprise annuity fund .

Through the study of Australia ' s super annuities fund , Australia ' s super annuities are similar in nature to the enterprise annuity of our country , which is the payment determination type annuity and pay close attention to the liquidity of investment ;
At the same time , in the 1990s , the Australian pension fund began to invest in infrastructure and formed mature investment model . The paper selects the investment infrastructure of pension fund in Australia as the research case , and puts forward the enlightenment to the investment infrastructure of China ' s pension fund , especially the enterprise annuity fund . At the present stage , the investment of the pension fund , especially the enterprise annuity fund , is suitable for trust investment , based on the trust model , the independent fund management company is entrusted to invest the infrastructure through the open trust investment fund , and mainly invest in the non - listed infrastructure .

The contents of the study are as follows :

The first part introduces the background , meaning , content and method of the topic , and the innovations , and sorts out and summarizes the existing literatures of pension fund investment infrastructure .

Chapter II provides an overview of infrastructure related knowledge . This chapter begins with the infrastructure perspective , introduces the characteristics of the infrastructure and its importance , the classification of infrastructure , and the gap in the infrastructure at this stage . The importance of the investment infrastructure of the pension fund and the financing way of the infrastructure project are introduced . The infrastructure financing modes involved in this chapter include the direct financing of the government , complete privatization and public - private partnership .

The third part focuses on the investment of Australian pension fund in infrastructure . This chapter focuses on the investment of Australian pension fund in infrastructure , including investment scale and investment . Before introducing the investment infrastructure of Australian pension fund , this chapter introduces the development of Australian infrastructure market and the infrastructure gap at present , and then introduces the pension insurance system of Australia and the scale of pension fund .

The fourth part is the concrete case analysis of the investment of the pension fund in Australia .
This paper mainly introduces the asset allocation , investment mode and so on of the future fund in infrastructure investment in the pension fund of the sovereign pension fund of Australia . Then , through the analysis and summary of the infrastructure investment of the super annuities fund , the four modes of investment , investment of securities market , public - private cooperative investment and direct investment are analyzed and summarized . Meanwhile , the asset allocation of the Australian pension fund in the investment infrastructure is analyzed from three angles of investment region and industry , investment proportion and investment income .

The fifth part is the evaluation of the effect of the investment in the infrastructure of the pension fund in Australia . This chapter is based on the fourth chapter , firstly evaluates the investment and trust investment of various kinds of investment methods , especially the investment and trust investment of the securities market , then introduces some common performance inspection indexes of infrastructure investment , mainly including the absolute yield index and four index of risk premium , and finally combines the actual operation of the Australian pension fund , and introduces the performance appraisal index of the pension fund infrastructure investment in Australia .

This chapter introduces the investment situation of pension fund in China , including the investment of pension fund and the infrastructure investment of the National Social Security Fund .
Then , on the basis of analyzing the present situation of investment , this paper sums up the problems faced by China ' s pension fund infrastructure investment .
At last , combining with the previous analysis of the investment of the pension fund infrastructure in Australia , this paper sums up some experiences which are suitable for the investment infrastructure of the pension fund in our country , including the choice of investment mode , the choice of investment industry and region , the allocation of assets and some other supporting strategies .

Possible innovations of this article are as follows :

First , in this paper , a case analysis method is used to study the investment modes , asset allocation and investment income of pension funds , especially the super annuities , on the basis of the study of Australian old - age pension funds .

Second , according to the formation of super annuities in the pension fund of Australia and its choice of the investment mode of infrastructure , this paper proposes to reunify the fund of industry super annuities with larger scale according to different industries , and make a special investment by a few or more industry annuity funds similar to investment strategy to make special investment , so as to participate more effectively in infrastructure investment and enjoy higher investment income .

However , because the collection of relevant data is restricted to the lack of empirical analysis , it is hoped that with the perfection of the system , the perfection of the law and the improvement of the market , this model of the investment infrastructure of the pension fund in our country is more detailed .

【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】：2014
【分類號】：F846.11;F842.67

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