本文關(guān)鍵詞： 養(yǎng)老保險(xiǎn)基金 投資策略 風(fēng)險(xiǎn)控制　出處：《華東師范大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著社會(huì)經(jīng)濟(jì)的持續(xù)發(fā)展和人類(lèi)壽命的不斷延長(zhǎng),全球不可避免的出現(xiàn)了人口老齡化的趨勢(shì),我國(guó)老齡人口數(shù)量的不斷走高已經(jīng)成為我國(guó)社會(huì)面臨的最嚴(yán)峻挑戰(zhàn)之一。隨著老齡人口比例的不斷攀升,養(yǎng)老保險(xiǎn)基金這一關(guān)乎民生,尤其是老年人切身利益的“養(yǎng)命錢(qián)”,逐漸暴露出其在收入的可持續(xù)發(fā)展,以及支出的動(dòng)態(tài)平衡等方面的內(nèi)在矛盾。隨著養(yǎng)老保險(xiǎn)基金支付危機(jī)的逐漸顯現(xiàn)、隱性債務(wù)缺口的不斷擴(kuò)大,研究緩解養(yǎng)老保險(xiǎn)基金收支不平衡等內(nèi)在矛盾的手段便變得越來(lái)越有意義。 本文從緩解養(yǎng)老保險(xiǎn)基金內(nèi)在矛盾方法之一的投資運(yùn)營(yíng)角度出發(fā),以基金投資收益為切入口,分析對(duì)比在使用不同投資工具形成投資組合的情況下,養(yǎng)老保險(xiǎn)基金投資運(yùn)營(yíng)收益的各種可能性以及遭受損失的風(fēng)險(xiǎn)性,并最終給出養(yǎng)老保險(xiǎn)基金投資運(yùn)營(yíng)的具體建議。文章采用定性分析與定量分析相結(jié)合的方法,以定量分析為主。在定性分析中,介紹了養(yǎng)老保險(xiǎn)基金的定義、我國(guó)養(yǎng)老保險(xiǎn)基金的特點(diǎn)以及投資運(yùn)營(yíng)的兩大理論基礎(chǔ)。其次,通過(guò)對(duì)我國(guó)養(yǎng)老保險(xiǎn)基金投資總額、投資結(jié)構(gòu)以及現(xiàn)下投資收益的剖析,揭示了目前我國(guó)養(yǎng)老保險(xiǎn)基金投資運(yùn)營(yíng)中存在的投資工具品種過(guò)少、收益偏低,個(gè)人儲(chǔ)蓄性養(yǎng)老保險(xiǎn)發(fā)展緩慢等問(wèn)題。針對(duì)問(wèn)題,本文進(jìn)行了樣本及模型選取,在對(duì)投資工具及其組合的風(fēng)險(xiǎn)收益進(jìn)行比較的基礎(chǔ)上,利用資本資產(chǎn)定價(jià)模型對(duì)我國(guó)養(yǎng)老保險(xiǎn)基金的投資運(yùn)營(yíng)進(jìn)行實(shí)證研究,得出有效的投資運(yùn)營(yíng)方程,為養(yǎng)老保險(xiǎn)基金進(jìn)行投資運(yùn)營(yíng)提供可供參考的依據(jù)。 在論證提高投資運(yùn)營(yíng)收益率可行性的過(guò)程中,文章還介紹了美國(guó)、加拿大、智利及新加坡等國(guó)在養(yǎng)老保險(xiǎn)基金投資運(yùn)營(yíng)方面的經(jīng)驗(yàn)及帶給我們的啟示,并最終試圖找出適合我國(guó)國(guó)情的投資運(yùn)營(yíng)策略并給到具體的投資建議。首先,拓寬投資渠道,在金融投資領(lǐng)域外考慮引入實(shí)業(yè)投資,尤其是基礎(chǔ)設(shè)施建設(shè)投資等投資渠道,分散金融領(lǐng)域的投資風(fēng)險(xiǎn)；借鑒QFⅡ基金等海外基金投資我國(guó)資本市場(chǎng)的經(jīng)驗(yàn),適度投資海外市場(chǎng),分散本國(guó)資本市場(chǎng)風(fēng)險(xiǎn)；其次,豐富投資工具品種,以流動(dòng)性較好、安全性較高的貨幣市場(chǎng)基金代替部分銀行存款；引入固定收益類(lèi)產(chǎn)品,堅(jiān)持收益類(lèi)工具,如股票、股票型開(kāi)放式基金的投資,降低投資組合相關(guān)性；第三,改革現(xiàn)行投資管理模式,由數(shù)量限制規(guī)則投資管理模式逐漸向謹(jǐn)慎人規(guī)則投資管理模式轉(zhuǎn)變；最后,加強(qiáng)基金投資的監(jiān)管力度,確保基金資金安全,從而多方面降低基金投資損失風(fēng)險(xiǎn),提高投資運(yùn)營(yíng)效率。
[Abstract]:With the sustainable development of social economy and the continuous prolongation of human life, the trend of population aging is inevitable in the world. The increasing number of the aged population in China has become one of the most serious challenges facing our society. With the proportion of the aged population rising, the pension insurance fund is of vital importance to the people's livelihood. In particular, the "life-keeping money" in the vital interests of the elderly has gradually exposed its inherent contradictions in the sustainable development of income and the dynamic balance of expenditure, etc. With the gradual emergence of the pension fund payment crisis, With the widening of implicit debt gap, it becomes more and more meaningful to study the ways to alleviate the inherent contradictions, such as the imbalance of income and expenditure of pension insurance fund. In this paper, from the angle of alleviating the inherent contradiction of the pension fund, and taking the investment income of the fund as the entry point, this paper analyzes and compares the case of using different investment instruments to form a portfolio. Various possibilities of pension fund investment operating income and risk of loss, and finally give the specific suggestions of pension fund investment and operation. This paper adopts the method of combining qualitative analysis and quantitative analysis. In the qualitative analysis, the definition of pension insurance fund, the characteristics of pension insurance fund and the two theoretical bases of investment and operation are introduced. Secondly, the total investment amount of pension insurance fund in China is introduced. The analysis of the investment structure and the present investment income reveals the problems existing in the investment operation of the pension insurance fund in China, such as too few investment instruments, low income and slow development of personal savings endowment insurance, etc. On the basis of comparing the risk returns of investment tools and their combinations, this paper makes an empirical study on the investment and operation of pension funds in China by using the capital asset pricing model. The effective equation of investment and operation is obtained, which can be used as a reference for the investment and operation of pension insurance fund. In the process of demonstrating the feasibility of raising the return on investment and operation, the article also introduces the experience of the United States, Canada, Chile and Singapore in the investment and operation of pension insurance funds and the inspiration to us. And finally try to find out the investment and operation strategy suitable for our country's national conditions and give specific investment suggestion. First, broaden the investment channel, consider introducing the industrial investment, especially the investment channel of infrastructure construction, outside the field of financial investment. To diversify the investment risk in the financial field, to draw lessons from the experience of QF 鈪，

本文編號(hào)：1551020