本文選題：養(yǎng)老基金 + 綠色投資　； 參考：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：當(dāng)前全球氣候問題凸顯,能源安全問題突出,如果現(xiàn)在不采取行動(dòng)來緩解氣候能源的問題,那么未來的挑戰(zhàn)將更加嚴(yán)峻。為解決能源危機(jī)和氣候變化的雙重威脅,需要建設(shè)大量新能源基礎(chǔ)設(shè)施,這些需要巨大的資金支持。并且隨著清潔能源技術(shù)成本的降低和政策支持的制定,未來的能源系統(tǒng)形態(tài)正在逐步構(gòu)造中,但是,當(dāng)前的投資需求極大,需要投資者基金參與綠色投資活動(dòng)。 綠色投資是指在低碳、氣候應(yīng)對(duì)方面的投資,包括再生能源、清潔能源、環(huán)境技術(shù)、氣候變化應(yīng)對(duì)以及相關(guān)可持續(xù)發(fā)展方面的投資項(xiàng)目和融資工具,有助于減少溫室氣體排放和空氣污染。 國外主要的養(yǎng)老基金機(jī)構(gòu),包括ATP(丹麥最大的養(yǎng)老基金)、PGGM(荷蘭醫(yī)療行業(yè))的養(yǎng)老基金,加州教師退休基金CalSTRS,加州公務(wù)員退休基金(加州公共部門資金)等,主導(dǎo)了養(yǎng)老基金參與綠色投資的趨勢(shì),其投資的主要類別包括可再生能源技術(shù)、可再生能源基礎(chǔ)設(shè)施、清潔能源技術(shù)等。同時(shí),各大養(yǎng)老基金協(xié)同其他投資機(jī)構(gòu)一起,形成了各種相關(guān)組織,如氣候變化機(jī)構(gòu)投資者集團(tuán)(IIGCC)、P8集團(tuán)。這些組織通過開展對(duì)綠色投資的專項(xiàng)研究,來支持該領(lǐng)域投資的深入,增加同政府就相關(guān)政策談判的籌碼。 我國社�；鹜ㄟ^項(xiàng)目投資和購買股票、投資產(chǎn)業(yè)基金的方式參與了綠色投資。全國社�；鹚顿Y的中比基金,通過幫助風(fēng)電企業(yè)金風(fēng)科技上市,獲得了超額收益。同時(shí),社�；鹜ㄟ^A股市場(chǎng)參與綠色投資。2013年,全國社保基金投資了中國綠色低碳產(chǎn)業(yè)基金。該基金的主要投資標(biāo)的是區(qū)域集中能源供應(yīng)項(xiàng)目,在綠色低碳領(lǐng)域中具有成長性的高新技術(shù)企業(yè),以及城市建設(shè)中優(yōu)秀的綠色低碳項(xiàng)目。 在未來的20年內(nèi),綠色投資規(guī)模需要放量增長,才能滿足預(yù)期。而鑒于當(dāng)前各國政府財(cái)政的狀況,綠色經(jīng)濟(jì)的投資,需要更多的私人資本加入以填補(bǔ)投資資金缺口。全球養(yǎng)老基金的規(guī)模達(dá)28億美元,占據(jù)全球機(jī)構(gòu)投資者投資資金相當(dāng)大的份額,而對(duì)于目前綠色投資缺口巨大的現(xiàn)狀,養(yǎng)老基金由于其特殊的機(jī)構(gòu)投資者身份,需要對(duì)綠色投資進(jìn)行支持,并起到主導(dǎo)作用。除此之外,養(yǎng)老基金處于自身保值增值的要求,以及社會(huì)責(zé)任投資理念、法律法規(guī)監(jiān)管的約束,需要主動(dòng)參與綠色投資活動(dòng)。 當(dāng)前綠色投資活動(dòng)的主要形式大致可以分為債權(quán)型投資、股權(quán)型投資、以及債權(quán)股權(quán)結(jié)合型投資,即傳統(tǒng)投資資產(chǎn)和另類資產(chǎn)實(shí)現(xiàn)綠色投資。而在融資載體上,主要分為資產(chǎn)項(xiàng)目融資,以及股權(quán)融資。 綠色投資,按照投資內(nèi)容分類,主要分為清潔能源生產(chǎn)、新能源技術(shù),以及環(huán)境資源整合。綠色項(xiàng)目,特別是可持續(xù)能源和清潔技術(shù)項(xiàng)目,需要根據(jù)技術(shù)的發(fā)展階段選擇適當(dāng)類型的融資。例如風(fēng)險(xiǎn)資本融資通常是適合未被測(cè)試和驗(yàn)證的技術(shù),而項(xiàng)目融資適用于成熟的技術(shù),例如風(fēng)能和太陽能。項(xiàng)目也有不同的階段——開發(fā)、建設(shè)和運(yùn)營,不同時(shí)期需要對(duì)應(yīng)不同的融資工具。項(xiàng)目初期,由于沒有足夠的資產(chǎn)和收益作為支撐,沒有可預(yù)見的現(xiàn)金流作為還款能力的測(cè)算,不適用于債權(quán)類融資方式,而對(duì)于有前景的項(xiàng)目,投資者通常選擇以股權(quán)方式入場(chǎng)。到了后期,當(dāng)項(xiàng)目已實(shí)現(xiàn)收益,并且有穩(wěn)定現(xiàn)金流來覆蓋債務(wù)時(shí),項(xiàng)目所有者不再以稀釋股權(quán)的方式進(jìn)行融資,而會(huì)采用發(fā)行債券的方法募集資金。 股權(quán)型投資,主要包括投資于股票指數(shù)、共同基金,以及交易所基金。債權(quán)型投資中,養(yǎng)老基金以及其他機(jī)構(gòu)投資者往往更加偏好于固定收益型債權(quán),相較于浮動(dòng)收益?zhèn)鶛?quán),固定收益?zhèn)軌蛱峁┓�(wěn)定的收益回報(bào),風(fēng)險(xiǎn)可控。除了長期參與能源及相關(guān)項(xiàng)目的資產(chǎn)融資,股市被認(rèn)為是具有更好發(fā)展和更快速增長的綠色投資市場(chǎng)。事實(shí)上傳統(tǒng)投資者已經(jīng)通過股權(quán)投資于與環(huán)境主題相關(guān)的公用事業(yè)等公司的股票。并且,通過購買股份的方式,也使得那些不愿意進(jìn)行直接投資的機(jī)構(gòu)參與了綠色投資。綠色債券往往是由政府、銀行、大型跨國公司作為發(fā)行主體的,其籌集資金用于綠色項(xiàng)目的建設(shè)。進(jìn)行綠色投資的機(jī)構(gòu)投資者通常選取的另類投資主要是綠色房地產(chǎn)基金和綠色基礎(chǔ)設(shè)施基金。 為考察綠色投資資產(chǎn)對(duì)投資組合是否有修繕功能,本文進(jìn)行了實(shí)證研究,采取的是Markowitz投資組合理論和風(fēng)險(xiǎn)價(jià)值VaR模型。Markowitz理論模型是投資組合理論的經(jīng)典和先河,通過對(duì)風(fēng)險(xiǎn)收益進(jìn)行量化從而獲得最優(yōu)投資組合。而VaR模型在金融機(jī)構(gòu)進(jìn)行風(fēng)險(xiǎn)分析和風(fēng)險(xiǎn)管理是運(yùn)用最廣泛,能夠?qū)赡艿娘L(fēng)險(xiǎn)進(jìn)行量化判斷。在實(shí)證過程中,通過對(duì)比分析,發(fā)現(xiàn)添加綠色投資資產(chǎn)(綠色型股票)能夠修繕投資組合的投資風(fēng)險(xiǎn)收益,同時(shí),優(yōu)化后的投資組合的風(fēng)險(xiǎn)價(jià)值VaR也明顯低于同等利率水平下的原有投資組合VaR。本文在實(shí)證中選取的綠色投資資產(chǎn)為股票型資產(chǎn),該實(shí)證的結(jié)果可以表明,通過在政策允許的范圍內(nèi)適當(dāng)增加綠色投資資產(chǎn),能夠達(dá)到優(yōu)化投資組合的風(fēng)險(xiǎn)及收益的目的,并且,使得風(fēng)險(xiǎn)發(fā)生時(shí)資產(chǎn)組合的最大損失得以減少。因而,我國應(yīng)重視發(fā)展綠色投資,推動(dòng)養(yǎng)老基金積極參與。 國內(nèi)必須建立起核心的政策框架,來刺激和激勵(lì)私人投資流入綠色投資領(lǐng)域,政府必須出臺(tái)能在一段時(shí)期內(nèi)明晰且穩(wěn)定的相關(guān)促進(jìn)綠色投資的政策,才能堅(jiān)定機(jī)構(gòu)投資者在綠色領(lǐng)域投資的信心。為了確保有效的金融工具能夠正常運(yùn)轉(zhuǎn),并能夠向市場(chǎng)提供適當(dāng)?shù)娘L(fēng)險(xiǎn)調(diào)整機(jī)制,確保有足夠的、大規(guī)模投資級(jí)別項(xiàng)目進(jìn)入市場(chǎng)供養(yǎng)老基金進(jìn)行投資,政府需要通過創(chuàng)新金融工具,引導(dǎo)私人部門和機(jī)構(gòu)投資者為項(xiàng)目投資,或者是進(jìn)行股權(quán)投資。同時(shí),由于綠色基礎(chǔ)設(shè)施具有一些理想的特征,由于它能夠帶來穩(wěn)定的、與通貨膨脹掛鉤的收益率,同時(shí)其波動(dòng)性低于傳統(tǒng)資產(chǎn)類別,能夠吸引長期機(jī)構(gòu)投資者,政府選擇從大力推動(dòng)綠色基礎(chǔ)設(shè)施入手,通過發(fā)行綠色債券,或是成立綠色基礎(chǔ)設(shè)施投資基金,進(jìn)行股權(quán)類的投資,引導(dǎo)資本流入綠色投資領(lǐng)域。最后,養(yǎng)老基金在做投資決策時(shí),需要根據(jù)基金狀況,考慮到未來長期的資產(chǎn)負(fù)債平衡以及滿足償付能力的要求。養(yǎng)老基金在進(jìn)行了投資后,隨著基金規(guī)模的增加,資產(chǎn)持有期在下降,此時(shí),需要調(diào)整資產(chǎn)匹配。對(duì)于養(yǎng)老基金的自身監(jiān)管措施,監(jiān)管機(jī)構(gòu)和行業(yè)組織可以進(jìn)行指導(dǎo),通過對(duì)養(yǎng)老基金進(jìn)行常規(guī)視察來影響?zhàn)B老基金的決策行為,以保證養(yǎng)老基金投資對(duì)綠色投資項(xiàng)目的長效性和穩(wěn)定性,例如考察投資經(jīng)理是否是長期聘用,基金管理的成本安排、運(yùn)營目標(biāo)等。
[Abstract]:The current global climate problem highlights energy security . If no action is taken to mitigate the problem of climate energy , the challenges ahead will be more severe . To address the dual threat of energy crises and climate change , a large number of new energy infrastructure needs to be built , which require substantial financial support . As the cost of clean energy technologies is reduced and policy support is developed , future energy systems are in a step - by - step structure , but today ' s investment needs are enormous , requiring investor funds to participate in green investment activities .

Green investment refers to investments in low - carbon , climate - responsive areas , including renewable energy , clean energy , environmental technologies , climate change responses and related sustainable development investment projects and financing tools , helping to reduce greenhouse gas emissions and air pollution .

The major overseas pension fund institutions , including ATP ( the largest pension fund in Denmark ) , the pension fund of PGGM ( Dutch medical industry ) , CalSTRS of California Teachers ' Retirement Fund , California Public Service Retirement Fund ( California Public Sector Fund ) , have led the pension fund to participate in green investment . At the same time , the major categories of investment include renewable energy technology , renewable energy infrastructure , clean energy technology , etc . Meanwhile , major pension funds , together with other investment institutions , have formed various relevant organizations , such as the Climate Change Institutional Investor Group ( IIGCCs ) , P8 Group . These organizations support the in - depth investment in the field by carrying out special research on green investment , and increase the bargaining chip of government on relevant policy negotiations .

In 2013 , the National Social Security Fund invested in China ' s green low - carbon industrial fund . In 2013 , the National Social Security Fund invested in China ' s green low - carbon industrial fund . In 2013 , the National Social Security Fund invested in China ' s green low - carbon industrial fund . The main investment target of the fund is the regional concentrated energy supply project , a high - tech enterprise in the green low - carbon area , and the excellent green low - carbon project in urban construction .

In the next 20 years , the green investment scale needs to be increased in order to meet the expectations . In view of the current state of the government finances , green economy investment , more private capital is needed to fill the gap of investment funds . The global pension fund has a large share of investment funds and plays a leading role in the current green investment gap . In addition , the pension fund is in its own value - preserving value - added requirement , as well as the constraint of social responsibility investment concept and regulation of laws and regulations , and needs to be actively involved in the green investment activity .

The main form of the current green investment activity can be divided into debt type investment , equity type investment and creditor ' s equity joint type investment , that is , the traditional investment asset and the alternative asset realize the green investment , and on the financing carrier , mainly includes asset project financing and equity financing .

Green investment , according to the investment content classification , is mainly divided into clean energy production , new energy technology and environment resource integration . The green project , especially the sustainable energy and clean technology project , needs to select the appropriate type of financing according to the development stage of technology . For example , venture capital financing is usually suitable for immature technology , such as wind energy and solar energy .

Equity - based investments mainly include investments in stock indices , mutual funds , and exchange funds . In debt - based investments , pension funds and other institutional investors tend to prefer fixed - income claims , which are perceived as a green investment market with better development and faster growth . In addition to long - term participation in energy and related projects , the stock market is considered to be a green investment market with better development and faster growth . In fact , traditional investors have invested in green investments through equity investments in companies that are not willing to invest directly . Green bonds are often used by governments , banks , large multinational corporations as issuers , raising funds for the construction of green projects . Alternative investments usually selected by institutional investors for green investment are mostly green real estate funds and green infrastructure funds .

In this paper , we find out that adding green investment asset ( green stock ) can improve the investment risk benefit of portfolio . In this paper , we find that adding green investment asset ( green stock ) can improve the risk and benefit of portfolio .

At the same time , in order to ensure that the effective financial instruments can operate normally , the government needs to adopt innovative financial instruments to guide private sector and institutional investors to invest in the project , or to make equity investment . At the same time , the pension fund can attract long - term institutional investors through innovative financial instruments .

【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】：2014
【分類號(hào)】：F842.67;F832.51

【共引文獻(xiàn)】

相關(guān)期刊論文 前2條

1 鄒文靜;孫僑僑;王毅;;我國養(yǎng)老金投資市政債:可行性分析與比例測(cè)算[J];金融經(jīng)濟(jì);2014年06期

2 任麗芳;李俊杰;;全國社會(huì)保障基金投資股票市場(chǎng)實(shí)證分析[J];征信;2014年02期

相關(guān)碩士學(xué)位論文 前4條

1 牛耘;政府失靈視角下我國公共養(yǎng)老金管理問題研究[D];湖北大學(xué);2013年

2 郭小麗;我國養(yǎng)老保險(xiǎn)基金投資管理研究[D];廈門大學(xué);2014年

3 王丹;美國養(yǎng)老金入市問題研究[D];吉林大學(xué);2014年

4 何澤莉;我國社會(huì)養(yǎng)老保險(xiǎn)基金的投資運(yùn)營問題研究[D];廣西大學(xué);2014年

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本文編號(hào)：1747350