發(fā)布時間：2018-07-04 18:05

  本文選題：美國養(yǎng)老金 + 資本市場��； 參考：《吉林大學(xué)》2014年碩士論文

【摘要】：養(yǎng)老金體系關(guān)乎一國的國民福利、代際公平、社會穩(wěn)定以及經(jīng)濟(jì)發(fā)展。而隨著我國人口老齡化程度的持續(xù)加深，養(yǎng)老金體系之于經(jīng)濟(jì)社會的影響顯得愈發(fā)明顯和深遠(yuǎn)。由于起步較晚，我國的養(yǎng)老金體系存在著諸多不足，基本養(yǎng)老保險基金的長期貶值縮水即是其主要問題之一�；攫B(yǎng)老保險基金的籌措和管理由政府主導(dǎo)，是我國養(yǎng)老金的主要構(gòu)成部分；受制于相關(guān)的法律法規(guī)和我國資本市場的實際情況，其當(dāng)前的投資形式僅限于存入銀行和購買國債這兩種。銀行存款和國債的風(fēng)險雖然很低，但其收益率亦相應(yīng)較低；再加之我國近年來持續(xù)的通貨膨脹態(tài)勢，使得基本養(yǎng)老保險基金面臨著嚴(yán)重的縮水問題。以發(fā)達(dá)國家的經(jīng)驗來看，，對養(yǎng)老金進(jìn)行市場化運(yùn)營是實現(xiàn)養(yǎng)老金保值增值的可行途徑。一方面，養(yǎng)老金遞延支付的特征使得其投資具有長期屬性，而長期投資則意味著注重成長性的價值投資；另一方面，相較于中國，發(fā)達(dá)國家的資本市場往往更為健全、養(yǎng)老金計劃更為多樣、政府監(jiān)管更為合理。因而，具有長期投資屬性的養(yǎng)老金得以利用資本市場來分享經(jīng)濟(jì)發(fā)展成果，從而實現(xiàn)其保值增值。 在實現(xiàn)了養(yǎng)老金市場化運(yùn)營的國家中，美國的養(yǎng)老金運(yùn)作較為成功。美國的養(yǎng)老金體系由三大支柱構(gòu)成，即聯(lián)邦養(yǎng)老計劃、雇主養(yǎng)老計劃和個人養(yǎng)老儲蓄計劃。其中，聯(lián)邦養(yǎng)老計劃由政府強(qiáng)制主導(dǎo)，而私人部門的雇主養(yǎng)老金計劃和個人養(yǎng)老儲蓄計劃則具有私人性質(zhì)；并且，這兩者構(gòu)成了美國養(yǎng)老金資產(chǎn)的主要來源。換言之，美國養(yǎng)老金的主體是私人養(yǎng)老金，這使得養(yǎng)老金的市場化運(yùn)作成為一種自然和必然的選擇。一方面，規(guī)模龐大的進(jìn)入資本市場以尋求保值增值的養(yǎng)老金極大地充實了美國資本市場、豐富了金融產(chǎn)品、壯大了機(jī)構(gòu)投資者；另一方面，因入市養(yǎng)老金而更為穩(wěn)定、健全的資本市場反過來又促進(jìn)了養(yǎng)老金的保值和增值。本文以美國為例，具體描述美國養(yǎng)老金的入市過程以及入市的主要途徑，闡釋美國養(yǎng)老金入市的運(yùn)營體系、風(fēng)險管理體系以及監(jiān)管體系，分析美國養(yǎng)老金入市之于美國資本市場、金融產(chǎn)品創(chuàng)新以及宏觀經(jīng)濟(jì)的影響；并在以上基礎(chǔ)上簡要介紹我國的養(yǎng)老金體系、論述我國所面臨的養(yǎng)老金運(yùn)營困境、分析我國養(yǎng)老金入市的障礙所在，以期通過中美對比，為我國養(yǎng)老金的入市準(zhǔn)備提出相應(yīng)的改革和政策建議。
[Abstract]:The pension system is about a country's national welfare, intergenerational equity, social stability and economic development. With the aging of the population in China, the impact of the pension system on the economic and social becomes more and more obvious and far-reaching. Because of the late start, the pension system of our country has many shortcomings, the long-term depreciation of the basic pension insurance fund is one of its main problems. The financing and management of the basic pension insurance fund is dominated by the government and is the main component of the pension in our country. It is subject to the relevant laws and regulations and the actual situation of the capital market in our country. Its current form of investment is limited to bank deposits and the purchase of treasury bonds. Although the risk of bank deposit and national debt is very low, the rate of return is also relatively low. In addition, the inflation situation in recent years makes the basic pension insurance fund face serious shrinking problem. From the experience of developed countries, market-oriented operation of pension is a feasible way to maintain and increase the value of pension. On the one hand, the characteristics of deferred payment of pensions make its investment have a long-term attribute, and long-term investment means a value investment focused on growth. On the other hand, the capital markets of developed countries tend to be more robust than those of China. Pension plans are more diverse and government regulation more reasonable. Therefore, the pension with long-term investment attributes can use the capital market to share the economic development results, thereby achieving its value-preserving and increasing value. In the countries that have realized the operation of pension marketization, the operation of American pension is more successful. The U.S. pension system consists of three pillars: federal pension plans, employer pension plans and individual pension savings plans. Among them, federal pension plans are enforced by the government, while private sector employer pension plans and individual pension savings plans are private in nature; and both constitute the main source of U.S. pension assets. In other words, the main body of American pension is private pension, which makes the marketization of pension become a natural and inevitable choice. On the one hand, the huge pension that enters the capital market in search of preserving and increasing the value of value greatly enriches the capital market of the United States, enriches financial products and strengthens institutional investors; on the other hand, it is more stable because of the pension in the market. Sound capital markets, in turn, promote the preservation and appreciation of pensions. Taking the United States as an example, this paper specifically describes the process and main ways of entering the market of American pension, and explains the operation system, risk management system and supervision system of American pension entering the market. This paper analyzes the impact of American pension entry on American capital market, financial product innovation and macro economy, and on the basis of the above, briefly introduces the pension system of our country, and discusses the plight of pension operation in China. This paper analyzes the obstacles to the entry of pension in China in order to put forward corresponding reform and policy suggestions through the comparison between China and the United States.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F837.12;F847.12

【參考文獻(xiàn)】

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本文編號：2096911