本文關鍵詞：養(yǎng)老基金投資保障房建設研究　出處：《復旦大學》2013年碩士論文　論文類型：學位論文

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【摘要】：我國養(yǎng)老基金的長期收益表現不佳,保值增值能力弱,引發(fā)了公眾擔憂。數據顯示,我國養(yǎng)老金缺口在2010年末就達到了1.3萬億元。冰凍三尺非一日之寒,我國養(yǎng)老基金的困局有歷史的因素,也有現實的限制,但是保值增值已經迫在眉睫。資金的供給方正在市場上尋找合適的投資項目和方式。而我國剛剛起步的保障房建設,目前主要依靠政府力量,面臨巨大的資金缺口。二者在特性、需求量和需求程度等方面均匹配,養(yǎng)老基金投資保障房建設是可行的。而在投資方式的選擇上,目前已經嘗試的有信托貸款和債權投資,隨著金融市場的發(fā)展,逐步可以考慮房地產抵押貸款證券化和資產擔保債券。本文共分五個章節(jié),首先引出問題并介紹養(yǎng)老基金及投資的概述、國內外的文獻綜述。第二章介紹養(yǎng)老基金的現狀和投資情況,主要介紹地方基本養(yǎng)老基金和全國社會保障基金的現狀、投資限制和投資特征。第三章旨在分析養(yǎng)老基金投資保障房的可行性。首先從投資的四個基本屬性出發(fā),分析保障房建設是符合安全性、收益性、流動性和社會性這四個投資原則的。然后分析了保障房建設的規(guī)模和融資規(guī)模,可以看出養(yǎng)老基金和保障房建設這兩者資金需求與供給的匹配度,確認養(yǎng)老基金投資保障房建設是可行的。第四章主要分析養(yǎng)老基金投資保障房建設可以采用的方式。目前試水的已經有兩種：信托貸款和債權投資。但隨著我國市場的發(fā)展,養(yǎng)老基金可以逐步考慮采用房地產抵押貸款證券化和資產擔保債券的方式投資。第五章對養(yǎng)老基金投資保障房建設提出對策思考,一方面借鑒美國和新加坡的經驗教訓,建議投資方式多元化,配合合理的制度安排以解決住房問題等；另一方面從我國實際出發(fā),對法制建設、基金監(jiān)管、行政干預和市場化進程進行思考。
[Abstract]:The long-term performance of China's pension fund poor ability to preserve and increase the value of the weak, sparked public concern. Data show that China's pension gap at the end of 2010 reached 1 trillion and 300 billion yuan. Rome was not built in a day, the factors of China's pension fund predicament of history, there are practical limits, but the value of is imminent. The supply of funds is to find suitable investment projects and in the market. While China has just started the construction of low-income housing, mainly rely on the strength of the government, facing a huge funding gap. Two in the characteristics of demand and etc. are matched, pension funds to invest in low-income housing construction is feasible in the choice of investment ways, now try trust loans and debt investment, with the development of financial market, and gradually consider the real estate mortgage securitization and asset backed securities This paper is divided into five chapters, firstly presents the question and introduces pension funds and investment, domestic and international literature review. The second chapter introduces the present situation and the investment of pension fund, mainly introduces the situation of local basic pension fund and the national social security fund, investment restrictions and investment characteristics. The third chapter aims to analyze the feasibility of pension fund investment in low-income housing. First, from the four basic attributes of investment analysis, low-income housing construction is in line with the safety, profitability, the four principles of investment and social mobility. And then analyzes the low-income housing construction scale and the scale of financing, we can see that the matching degree of housing construction both demand and supply of funds pension the fund and guarantee the confirmation of pension funds to invest in low-income housing construction is feasible. The fourth chapter mainly analyzes the pension fund investment low-income housing construction can be used. The test has been The two: trust loans and debt investment. But with the development of China's market, the pension fund can gradually consider investment by the real estate mortgage securitization and asset backed bonds. The fifth chapter puts forward countermeasures for pension funds to invest in low-income housing construction, on the one hand, drawing lessons from the United States and Singapore, diversified suggestions investment, with reasonable system arrangement to solve the housing problem; on the other hand, from the reality of our country, the construction of the legal system, fund supervision, administrative intervention and market process of thinking.

【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842.67;F299.23

【參考文獻】

相關期刊論文 前1條

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本文編號：1369520