本文選題：養(yǎng)老保險(xiǎn)基金 + 風(fēng)險(xiǎn)控制　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：如何改革、完善養(yǎng)老保險(xiǎn)制度是各國政府關(guān)心的重大民生問題。而養(yǎng)老保險(xiǎn)基金作為養(yǎng)老保險(xiǎn)制度存續(xù)的物質(zhì)基礎(chǔ),保值增值當(dāng)是其投資運(yùn)營管理首要達(dá)到的目標(biāo)。近年來我國人口老齡化趨勢加重,存量龐大的養(yǎng)老保險(xiǎn)基金面臨著巨大的增值壓力。而要達(dá)到基金安全投資運(yùn)營的目的,其中風(fēng)險(xiǎn)控制機(jī)制顯得尤為關(guān)鍵,必須引起相當(dāng)?shù)闹匾暋?養(yǎng)老保險(xiǎn)基金多元化投資所面臨的風(fēng)險(xiǎn)是多樣性的,有系統(tǒng)性風(fēng)險(xiǎn)如政策風(fēng)險(xiǎn)、市場風(fēng)險(xiǎn)、通貨膨脹風(fēng)險(xiǎn)；亦有非系統(tǒng)改性風(fēng)險(xiǎn)如金融風(fēng)險(xiǎn)、流動性風(fēng)險(xiǎn)、操作性風(fēng)險(xiǎn)等等。考慮到金融市場的動態(tài)性,以及養(yǎng)老保險(xiǎn)基金投資人、管理人和監(jiān)管人之間的復(fù)雜關(guān)系,養(yǎng)老保險(xiǎn)基金風(fēng)險(xiǎn)控制之路顯得荊棘重重。從成熟的養(yǎng)老保險(xiǎn)基金投資發(fā)展道路看,為了降低風(fēng)險(xiǎn),其投資基本遵循了從單一到多元的發(fā)展軌跡。但需要注意的是,投資多元化又引發(fā)了新的投資風(fēng)險(xiǎn),從而需要我們從整體角度對其進(jìn)行綜合控制與管理。因此,完善養(yǎng)老保險(xiǎn)基金的風(fēng)險(xiǎn)控制機(jī)制,有效化解投資風(fēng)險(xiǎn),擴(kuò)大投資收益,對我國養(yǎng)老保險(xiǎn)基金的存續(xù)和發(fā)展而言意義重大。 近年來,海外投資成為各國養(yǎng)老保險(xiǎn)基金投資的一大趨勢,其國資產(chǎn)組合中外國金融資產(chǎn)的比重呈現(xiàn)逐步上升的趨勢。這些國家的政府通過對養(yǎng)老基金資產(chǎn)種類以及資產(chǎn)比例的控制,保證養(yǎng)老基金投資營運(yùn)的安全與有效,維護(hù)養(yǎng)老基金所有者的權(quán)益。2007年金融危機(jī)到來后仍有部分國家保證該國養(yǎng)老保險(xiǎn)基金實(shí)現(xiàn)了正收益率。而反觀國內(nèi),雖然許多養(yǎng)老基金總額十分龐大,但由于投資委托代理機(jī)制不完善,資本市場不成熟等等因素,導(dǎo)致國內(nèi)投資掣肘而不得不轉(zhuǎn)戰(zhàn)國外；然而可能是由于我國養(yǎng)老基金投資機(jī)構(gòu)不善于進(jìn)行資產(chǎn)組合避險(xiǎn),亦未制定合適的投資策略,近十年來海外投資收益都不甚理想。因此本文希望從分析他國經(jīng)驗(yàn)中得到有益借鑒,對我國的養(yǎng)老保險(xiǎn)基金風(fēng)險(xiǎn)控制機(jī)制構(gòu)建和發(fā)展有所啟示。 本文結(jié)合養(yǎng)老保險(xiǎn)基金投資的背景和我國養(yǎng)老保險(xiǎn)基金投資現(xiàn)狀,分析了基金投資時(shí)面臨的流程風(fēng)險(xiǎn)、委托代理、監(jiān)管風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)和政策風(fēng)險(xiǎn)。在此基礎(chǔ)上借鑒了美國和智利兩國的避險(xiǎn)經(jīng)驗(yàn),得出對我國養(yǎng)老保險(xiǎn)基金投資的經(jīng)驗(yàn)啟示,提出構(gòu)建我國養(yǎng)老保險(xiǎn)基金投資風(fēng)險(xiǎn)控制機(jī)制的思路與建議。全文以提出問題、分析問題、解決問題為主要寫作思路。 本文綜合運(yùn)用系統(tǒng)分析與層次分析法,對養(yǎng)老保險(xiǎn)基金投資的風(fēng)險(xiǎn)管理問題進(jìn)行了深入剖析和創(chuàng)新研究。文章共分為五個(gè)章節(jié)：第一章為引言,對養(yǎng)老保險(xiǎn)基金風(fēng)險(xiǎn)管理的制度、方式、分析模型等做了國內(nèi)外研究成果的梳理,并對本文的寫作思路、框架、內(nèi)容作了概括,另外也就研究方法和文章的創(chuàng)新性進(jìn)行了簡要介紹。第二章介紹我國養(yǎng)老保險(xiǎn)基金投資的制度背景以及金融危機(jī)、老齡化加重對基金投資的影響,并在此基礎(chǔ)上提出養(yǎng)老保險(xiǎn)基金實(shí)行多元化投資的必要性和可預(yù)見的經(jīng)濟(jì)效應(yīng)。第三章分析了養(yǎng)老保險(xiǎn)基金多元化投資所面臨的風(fēng)險(xiǎn)：流程風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)、政策風(fēng)險(xiǎn)、監(jiān)管風(fēng)險(xiǎn)、委托—代理風(fēng)險(xiǎn)。并結(jié)合國情進(jìn)行分析風(fēng)險(xiǎn)的農(nóng)現(xiàn)和產(chǎn)生原因。第四章通過對智利和美國養(yǎng)老基金投資的風(fēng)險(xiǎn)控制機(jī)制的深入介紹,總結(jié)了其各自的優(yōu)勢,如美國基金投資治理結(jié)構(gòu)中的委托-代理機(jī)制以及智利的多元化投資風(fēng)險(xiǎn)分散機(jī)制等,最終總結(jié)出適用于我國的可借鑒之處。第五章是在前幾章基礎(chǔ)上對構(gòu)建我國養(yǎng)老保險(xiǎn)基金多元化投資的風(fēng)險(xiǎn)控制機(jī)制做出一定的建言和展望。主要從構(gòu)建多元化投資風(fēng)險(xiǎn)管理機(jī)制,明確政府職責(zé)、建立規(guī)范的委托——代理機(jī)制,加強(qiáng)養(yǎng)老保險(xiǎn)基金監(jiān)管以及配套制度建設(shè)這幾方面提出建議。 本文的創(chuàng)新點(diǎn)在于：一是在結(jié)合國情的基礎(chǔ)上,借鑒了金融危機(jī)下養(yǎng)老基金投資風(fēng)險(xiǎn)控制較得當(dāng)?shù)膰遥好绹椭抢慕?jīng)驗(yàn),介紹其投資策略和投資組合、養(yǎng)老金治理的委托代理機(jī)制等方面的創(chuàng)新之處。強(qiáng)調(diào)多元化投資不僅限于渠道的多元化,也應(yīng)重視主體多元化和監(jiān)管多元化的問題。二是對于構(gòu)建我國特色的養(yǎng)老基金投資風(fēng)險(xiǎn)控制方面,提出了委托代理機(jī)制構(gòu)建應(yīng)限制政府權(quán)力,減少政府對市場的干涉,促進(jìn)基金和資本市場的互動。三是本文根據(jù)養(yǎng)老保險(xiǎn)基金投資應(yīng)遵循的原則和資產(chǎn)組合理論,結(jié)合我國目前的實(shí)際情況,提出投資組合的策略和可能的組合模式,具有較大的理論意義和實(shí)用價(jià)值。本文的不足之處在于盡管從風(fēng)險(xiǎn)管理機(jī)制、養(yǎng)老基金治理模式和監(jiān)管模式等方面對構(gòu)建我國養(yǎng)老基金多元化投資模式提出了一些創(chuàng)新性建議,但局限于參考案例的有限性,分析結(jié)果無法做到非常全面,另外未就養(yǎng)老基金投資風(fēng)險(xiǎn)進(jìn)行量化分析,僅在定性層面作出討論。
[Abstract]:How to reform and improve the old-age insurance system is a major concern for the government of all countries, and the endowment insurance fund is the material basis of the endowment insurance system, which is the primary goal for its investment management. In recent years, the trend of population aging is increasing, and the huge endowment insurance fund is faced with a huge amount. In order to achieve the purpose of fund safety investment and operation, the risk control mechanism is particularly critical, which must attract considerable attention.
The risk of diversified investment in endowment insurance funds is diverse, with systematic risks such as policy risk, market risk, inflation risk, and non systematic modified risks such as financial risk, liquidity risk, operational risk and so on. Considering the dynamic state of the financial market, as well as pension fund investors, managers and supervisors In order to reduce the risk, the investment in the endowment insurance fund has basically followed the development path from single to multiple. However, it is necessary to note that the diversification of investment also leads to new investment risks, which requires us. Therefore, it is of great significance to improve the risk control mechanism of the endowment insurance fund, to effectively resolve the investment risk and to expand the investment income, for the survival and development of the endowment insurance fund in China.
In recent years, overseas investment has become a major trend in the investment of endowment insurance funds in various countries. The proportion of foreign financial assets in the country's assets portfolio is increasing gradually. Through the control of the types of endowment funds and the proportion of assets, the governments of these countries ensure the safety and effectiveness of the pension fund investment operation and maintain the pension fund. After the arrival of the.2007 financial crisis, there are still some countries ensuring that the pension fund has achieved positive rate of return. However, although many of the pension funds are very large in China, the investment principal-agent mechanism is not perfect, the capital market is not mature and so on. However, it may be due to the fact that the pension fund investment institutions in our country are not good at carrying out the combination of asset portfolios and not making appropriate investment strategies, and the overseas investment returns are not ideal for the last ten years. Therefore, this paper hopes to learn from the experience of other countries and to build and develop the risk control mechanism of the old insurance fund in China. Apocalypse.
Based on the background of endowment insurance fund investment and the current situation of pension fund investment in China, this paper analyzes the process risk, principal-agent, supervision risk, operation risk and policy risk. On this basis, it draws lessons from the experience of the United States and Chile and draws the experience of the investment of endowment insurance fund in China. The paper puts forward the ideas and suggestions to construct the risk control mechanism of the pension fund investment in China. The full text is to put forward the problems, analyze the problems and solve the problems as the main writing idea.
In this paper, systematic analysis and analytic hierarchy process are used to make a thorough analysis and innovative research on the risk management of pension fund investment. The article is divided into five chapters: the first chapter is the introduction, the system, the mode and the analysis model of the risk management of the endowment insurance fund are combed at home and abroad. The second chapter introduces the institutional background of the pension fund investment in China and the financial crisis, the influence of aging on the investment of the fund, and on this basis, it is necessary for the endowment insurance fund to carry out diversified investment. The third chapter analyzes the risks faced by the diversified investment of endowment insurance fund: process risk, operational risk, policy risk, regulatory risk, principal-agent risk. And analyze the occurrence and causes of risk in combination with national conditions. The fourth chapter through the risk of investment in Chile and the United States pension fund. The control mechanism is introduced in depth, and its advantages are summarized, such as the principal-agent mechanism in the United States fund investment management structure and the diversification of the investment risk in Chile. The fifth chapter is based on the first few chapters to construct the diversified investment of the endowment insurance fund in China. The risk control mechanism makes some suggestions and prospects, mainly from the construction of diversified investment risk management mechanism, the clear government responsibility, the establishment of a standardized agency mechanism, strengthening the pension insurance fund supervision and the construction of the supporting system.
The innovation points of this article are as follows: first, on the basis of the national conditions, we draw lessons from the experiences of the United States and Chile under the financial crisis: the experience of the United States and Chile, introduce the investment strategies and portfolios, the principal-agent mechanism of pension governance and so on. It emphasizes that the diversification of investment is not only limited to the channels. The pluralism should also pay attention to the problem of diversification and diversification of the main body. Two is to build our own characteristics of the pension fund investment risk control, proposed that the construction of principal agent mechanism should restrict government power, reduce government interference in the market, promote mutual fund and capital market interaction. Three, this article is based on endowment insurance fund The principle of investment should be followed and portfolio theory, combining with the actual situation of our country, the strategy and possible combination model of investment portfolio are put forward, which have great theoretical significance and practical value. The deficiency of this article lies in the construction of China's pension from risk management mechanism, pension fund management model and supervision mode. The diversified investment model of the fund has put forward some innovative suggestions, but it is limited to the limitation of reference cases. The results of the analysis can not be very comprehensive. In addition, the quantitative analysis of the investment risk of pension fund is not quantified, and it is only discussed at the qualitative level.
【學(xué)位授予單位】：西南財(cái)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;F832.48

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