本文選題：養(yǎng)老基金 + 基礎(chǔ)設(shè)施　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：麥肯錫日前發(fā)布了一份關(guān)于全球基礎(chǔ)設(shè)施領(lǐng)域發(fā)展與趨勢(shì)的報(bào)告,得出中國(guó)未來(lái)20年的基礎(chǔ)設(shè)施投資將達(dá)到16萬(wàn)億美元。這一預(yù)估既考慮了中國(guó)經(jīng)濟(jì)增長(zhǎng)預(yù)期,也考慮了新型城鎮(zhèn)化的需求,得出的數(shù)字規(guī)模涵蓋了交通運(yùn)輸(道路、鐵路、港口和機(jī)場(chǎng))、水、電和通訊所需的基礎(chǔ)設(shè)施投資。同時(shí),中國(guó)“十二五”規(guī)劃中特別強(qiáng)調(diào)基礎(chǔ)設(shè)施對(duì)經(jīng)濟(jì)和社會(huì)發(fā)展的重要作用,在未來(lái)期間應(yīng)進(jìn)一步推動(dòng)交通、能源、信息和社會(huì)等各方面的基礎(chǔ)設(shè)施建設(shè),完善基礎(chǔ)設(shè)施建設(shè)網(wǎng)的布局,以促進(jìn)中國(guó)經(jīng)濟(jì)可持續(xù)發(fā)展。 由于基礎(chǔ)設(shè)施建設(shè)受經(jīng)濟(jì)周期的影響較小,并可以有效抵抗通貨膨脹、實(shí)現(xiàn)資產(chǎn)升值,極大地吸引了養(yǎng)老基金。另外,基礎(chǔ)設(shè)施的投資周期較長(zhǎng)、收益回收慢,且初始投入要求較高等特點(diǎn),與養(yǎng)老基金的投資布局形成了很好的照應(yīng)。因此,養(yǎng)老基金投資基礎(chǔ)設(shè)施對(duì)養(yǎng)老基金與基礎(chǔ)設(shè)施項(xiàng)目來(lái)說(shuō),是一項(xiàng)雙贏的可行方案。 國(guó)際上普遍運(yùn)用的基礎(chǔ)設(shè)施融資方式有購(gòu)買股票或債券、信托、項(xiàng)目融資等,受到現(xiàn)實(shí)環(huán)境的制約,一些方式在中國(guó)的應(yīng)用沒有得到推廣。本文主要以項(xiàng)目融資的具體模式為研究重點(diǎn)。BOT模式作為項(xiàng)目融資的一種重要方式,已經(jīng)在中國(guó)基礎(chǔ)設(shè)施融資中獲得普遍的應(yīng)用,但隨著中國(guó)市場(chǎng)經(jīng)濟(jì)的深入發(fā)展,該模式在政府主導(dǎo)項(xiàng)目中不斷顯現(xiàn)出管理和風(fēng)險(xiǎn)控制問(wèn)題。公私合作(PPP)模式改進(jìn)了BOT模式的一些不足,實(shí)現(xiàn)政府與養(yǎng)老基金等參與方在項(xiàng)目中的平等地位,更進(jìn)一步推動(dòng)基礎(chǔ)設(shè)施項(xiàng)目的市場(chǎng)化,有效提高管理水平和風(fēng)險(xiǎn)控制能力,在國(guó)際項(xiàng)目上得到廣泛應(yīng)用。 本文即是探索養(yǎng)老基金如何采用PPP模式投資基礎(chǔ)設(shè)施。根據(jù)對(duì)相關(guān)文獻(xiàn)的研讀及中國(guó)實(shí)際國(guó)情的了解,發(fā)現(xiàn)中國(guó)養(yǎng)老基金投資大部分尚沒有放寬這一渠道監(jiān)管,國(guó)內(nèi)此類研究缺少實(shí)際案例。因此,選取加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施的PPP模式為研究案例進(jìn)行深入分析,并提出對(duì)中國(guó)的啟示。具體研究的主要內(nèi)容包括以下幾部分： 第一部分緒論。主要包括三方面內(nèi)容：研究背景和意義、研究?jī)?nèi)容、研究可能的創(chuàng)新之處。 第二部分研究現(xiàn)狀與文獻(xiàn)綜述。分別闡述了養(yǎng)老基金投資基礎(chǔ)設(shè)施、基礎(chǔ)設(shè)施采用PPP模式融資的理論。 第三部分養(yǎng)老基金投資基礎(chǔ)設(shè)施概述。主要介紹基礎(chǔ)設(shè)施及其投資的特點(diǎn)與養(yǎng)老基金投資基礎(chǔ)設(shè)施的方式,作為整個(gè)研究的理論基礎(chǔ)。同時(shí),以全球養(yǎng)老基金投資基礎(chǔ)設(shè)施概況作為整個(gè)研究的現(xiàn)實(shí)基礎(chǔ)。 第四部分加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施概況。以加拿大養(yǎng)老保險(xiǎn)制度、基礎(chǔ)設(shè)施投資市場(chǎng)現(xiàn)狀介紹為鋪墊,重點(diǎn)關(guān)注加拿大主要養(yǎng)老基金的投資運(yùn)營(yíng),尤其是基礎(chǔ)設(shè)施投資情況,以及政府為促進(jìn)基礎(chǔ)設(shè)施建設(shè)和PPP模式應(yīng)用而采取的舉措,引出加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施的PPP模式分析。 第五部分加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施PPP模式分析。在上一部分基礎(chǔ)上,分析整個(gè)投資模式的運(yùn)行機(jī)理、資產(chǎn)配置與投資績(jī)效指標(biāo),并根據(jù)其整個(gè)模式運(yùn)行,做出評(píng)價(jià),提出優(yōu)點(diǎn)與局限性。 第六部分加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施PPP模式的風(fēng)險(xiǎn)分析與控制策略。針對(duì)加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施PPP模式,做出較全面的風(fēng)險(xiǎn)分析,指出其投資可能面臨的風(fēng)險(xiǎn),提出相應(yīng)風(fēng)險(xiǎn)控制策略。 第七部分加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施PPP模式對(duì)中國(guó)的啟示。在進(jìn)行實(shí)際應(yīng)用分析之前,首先鋪墊理論基礎(chǔ)與現(xiàn)實(shí)情況,分析中國(guó)養(yǎng)老基金投資基礎(chǔ)設(shè)施采用PPP模式的可行性。其次,對(duì)中國(guó)養(yǎng)老基金運(yùn)用該項(xiàng)投資模式做出具體設(shè)計(jì),建議以總資產(chǎn)7‰的資金,采用DBFM、BFM等方式,以股權(quán)或長(zhǎng)期債權(quán)參與PPP基礎(chǔ)設(shè)施項(xiàng)目,并確定10%的投資收益率標(biāo)準(zhǔn),再對(duì)整個(gè)項(xiàng)目投資做出風(fēng)險(xiǎn)分析,提出控制策略。最后,提出針對(duì)中國(guó)養(yǎng)老基金投資基礎(chǔ)設(shè)施采用PPP模式,在政府工作、基礎(chǔ)設(shè)施市場(chǎng)和養(yǎng)老基金管理三方面,分別應(yīng)采取的配套策略建議。 本文可能的創(chuàng)新之處體現(xiàn)在以下幾方面： 第一,本文采用案例分析的方法,以加拿大養(yǎng)老基金投資基礎(chǔ)設(shè)施的PPP模式為研究案例。在了解加拿大養(yǎng)老保險(xiǎn)制度與基金、基礎(chǔ)設(shè)施概況及政府政策基礎(chǔ)上,透徹地分析該模式投資的具體運(yùn)作,包括運(yùn)行機(jī)理、資產(chǎn)配置與投資效益。 第二,本文強(qiáng)調(diào)對(duì)養(yǎng)老基金投資基礎(chǔ)設(shè)施PPP模式的風(fēng)險(xiǎn)分析。按照項(xiàng)目所處階段不同,重點(diǎn)分析加拿大養(yǎng)老基金該項(xiàng)投資可能面臨的風(fēng)險(xiǎn),并提出相應(yīng)風(fēng)險(xiǎn)控制策略,包括強(qiáng)化項(xiàng)目風(fēng)險(xiǎn)評(píng)估、實(shí)現(xiàn)項(xiàng)目風(fēng)險(xiǎn)優(yōu)化選擇策略,建立PPP雙方的風(fēng)險(xiǎn)與損失分?jǐn)偛呗?加強(qiáng)內(nèi)部控制、優(yōu)化雙方治理策略,以及政府風(fēng)險(xiǎn)擔(dān)保和收益擔(dān)保策略。 第三,本文在加拿大養(yǎng)老基金此項(xiàng)投資的分析基礎(chǔ)上,結(jié)合中國(guó)養(yǎng)老基金與基礎(chǔ)設(shè)施的實(shí)際狀況,創(chuàng)新地為中國(guó)養(yǎng)老基金進(jìn)入基礎(chǔ)設(shè)施投資做出PPP模式設(shè)計(jì)與風(fēng)險(xiǎn)分析。確定中國(guó)養(yǎng)老基金可采用的PPP具體運(yùn)作方式、參與權(quán)益選擇、項(xiàng)目選擇規(guī)�；鶞�(zhǔn)以及最低期望收益率標(biāo)準(zhǔn)。最后對(duì)中國(guó)養(yǎng)老基金在進(jìn)行基礎(chǔ)設(shè)施PPP模式投資中可能面臨的風(fēng)險(xiǎn)進(jìn)行分析,提出概括性控制策略。 第四,本文最后一章,根據(jù)養(yǎng)老基金整個(gè)項(xiàng)目投資模式的應(yīng)用,提出對(duì)中國(guó)政府、基礎(chǔ)設(shè)施市場(chǎng)以及養(yǎng)老基金管理的配套策略建議。 但由于中國(guó)實(shí)際操作和法律等的限制,缺少數(shù)據(jù)驗(yàn)證,希望在中國(guó)社會(huì)保障制度、投資管理法規(guī)和養(yǎng)老金管理辦法的不斷改革過(guò)程中,能夠?qū)χ袊?guó)養(yǎng)老基金這一模式投資提出更具體的方案和建議。
[Abstract]:At the same time , China ' s " 12th Five - Year Plan " emphasizes the important role of infrastructure in economic and social development . In the future , China ' s " 12th Five - Year Plan " emphasizes the important role of infrastructure in economic and social development . In the future , it should further promote the infrastructure construction of transportation , energy , information and society , and improve the layout of infrastructure construction networks in order to promote sustainable development of China ' s economy .

Because the infrastructure construction is influenced by the economic cycle and can effectively resist inflation and realize the appreciation of the assets , the pension fund is greatly attracted . In addition , the investment cycle of the infrastructure is long , the earnings recovery is slow , and the initial investment demand is higher . Therefore , the investment infrastructure of the pension fund is a win - win feasible scheme for the pension fund and the infrastructure project .

As an important way to finance project financing , BOT mode has been widely used in China ' s infrastructure financing . However , with the development of China ' s market economy , this model has developed the management and risk control problem in the government - led project .

This article is to explore how to use PPP mode investment infrastructure in the pension fund . According to the study of relevant literatures and the understanding of China ' s actual situation , it is found that most of China ' s pension fund investment has not relaxed this channel regulation , domestic such studies lack practical cases . Therefore , the PPP mode of selecting the investment infrastructure of the Canadian pension fund is deeply analyzed , and the inspiration to China is put forward . The main contents of the study include the following parts :

The first part is introduction . It mainly includes three aspects : research background and significance , research content , research possible innovations .

In the second part , the current situation and literature review are described . The investment infrastructure of pension fund and the theory of PPP mode financing are described .

The third part provides an overview of the investment infrastructure of the pension fund . It mainly introduces the characteristics of the infrastructure and its investment and the mode of the investment infrastructure of the pension fund as the theoretical basis for the whole research . At the same time , the investment infrastructure of the global pension fund is used as the realistic basis for the whole research .

The fourth part introduces the investment infrastructure of the pension fund in Canada . In the Canadian pension insurance system , the present situation of infrastructure investment market is introduced as the cushion , focusing on the investment operation of the main pension fund in Canada , especially the investment situation of infrastructure , and the initiative taken by the government to promote the infrastructure construction and the application of PPP mode , which leads to the PPP mode analysis of the investment infrastructure of the Canadian pension fund .

The fifth part analyzes the investment infrastructure PPP mode of the Canadian pension fund . Based on the above part , the operation mechanism , the asset allocation and the investment performance index of the whole investment model are analyzed , and the evaluation is made according to the whole mode , and the advantages and limitations are put forward .

In the sixth part , the risk analysis and control strategy of the PPP model of the investment infrastructure of the Canadian pension fund is put forward . According to the PPP model of the investment infrastructure of the Canadian pension fund , a more comprehensive risk analysis is made , and the corresponding risk control strategy is put forward .

This paper analyzes the feasibility of applying PPP model to the investment infrastructure of China ' s pension fund . Secondly , it suggests that the investment infrastructure of China ' s pension fund be used in PPP infrastructure projects with equity or long - term creditor ' s rights . Finally , it puts forward some supporting strategy suggestions for the investment infrastructure of China ' s pension fund in three aspects : government work , infrastructure market and pension fund management .

Possible innovations of this article are reflected in the following aspects :

First , the thesis adopts the case analysis method to study the PPP model of the investment infrastructure of the Canadian pension fund . Based on the understanding of the Canadian pension insurance system and the fund , infrastructure profile and government policy , the concrete operation of the model investment is thoroughly analyzed , including the operation mechanism , asset allocation and investment benefit .

Secondly , this paper emphasizes the risk analysis of the PPP model of pension fund investment infrastructure . According to the different phases of the project , the risks faced by the investment in the pension fund of Canada are emphatically analyzed , and the corresponding risk control strategy is put forward , including strengthening the project risk assessment , realizing project risk optimization selection strategy , establishing the risk and loss allocation strategy of both parties , strengthening internal control , optimizing the governance strategies of both parties , and the government risk guarantee and revenue guarantee strategy .

Thirdly , based on the analysis of the investment of the pension fund in Canada , this paper makes a PPP model design and risk analysis for China ' s pension fund into infrastructure investment .

Fourthly , according to the application of the whole project investment model of the pension fund , the paper puts forward some suggestions for supporting the government , the infrastructure market and the management of the pension fund .

However , due to the limitations of China ' s actual operation and laws and so on , lack of data verification , it is hoped that in the process of continuous reform of China ' s social security system , investment management regulations and pension management methods , more specific programmes and recommendations can be put forward in this model investment of China ' s pension fund .
【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】：2013
【分類號(hào)】：F842.67;F847.11

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本文編號(hào)：1969490