發(fā)布時間：2018-06-15 00:19

  本文選題：基本養(yǎng)老保險(xiǎn)基金 + 投資組合��； 參考：《西北農(nóng)林科技大學(xué)》2017年碩士論文

【摘要】：席卷全球的人口老齡化浪潮和我國未富先老的基本國情使我國當(dāng)前的養(yǎng)老保險(xiǎn)制度和金融結(jié)構(gòu)面臨巨大的沖擊。而投資收益低、投資渠道窄這兩方面的問題,長期以來都在我國基本養(yǎng)老保險(xiǎn)基金的投資運(yùn)營中存在�；攫B(yǎng)老金的收益率長期處于低收益率的狀態(tài),甚至為負(fù)值,基本養(yǎng)老保險(xiǎn)基金的收益無法趕上通貨膨脹率的增長,最基本的保值目標(biāo)都無法達(dá)到,更談不上增值目標(biāo)。因此,如何通過相關(guān)的金融措施,金融政策以及金融制度等方面的金融改革,來進(jìn)一步提高養(yǎng)老保險(xiǎn)基金的支付能力,從根本上促進(jìn)基本養(yǎng)老金的資產(chǎn)的增值,從而實(shí)現(xiàn)養(yǎng)老金不斷增值的目標(biāo),這對于我國的金融產(chǎn)業(yè)以及養(yǎng)老產(chǎn)業(yè)都具有極其重要的現(xiàn)實(shí)意義。本論文在養(yǎng)老基金入市的金融政策背景下,以我國養(yǎng)老體系運(yùn)營的客觀條件和現(xiàn)實(shí)環(huán)境為基礎(chǔ),分析了我國的基本養(yǎng)老保險(xiǎn)基金投資運(yùn)營情況。通過對現(xiàn)狀的分析發(fā)現(xiàn),一方面,基本養(yǎng)老金的嚴(yán)重貶值、基金收支不平衡和基金缺口等問題,嚴(yán)重制約著我國的基本養(yǎng)老保險(xiǎn)基金的增值發(fā)展,另一方面,在基本養(yǎng)老保險(xiǎn)基金的統(tǒng)籌上,實(shí)現(xiàn)全國統(tǒng)籌的進(jìn)程阻礙重重,包括不同地區(qū)經(jīng)濟(jì)發(fā)展差異和城鄉(xiāng)差異等方面。而在監(jiān)管方面,我國的養(yǎng)老金運(yùn)營監(jiān)管現(xiàn)狀也不容樂觀。以對社�；鸬某晒�(jīng)驗(yàn)為依據(jù),從多元化投資的可行性和必要性方面分析發(fā)現(xiàn),多元化投資適用于我國基本養(yǎng)老保險(xiǎn)基金的運(yùn)營策略。并運(yùn)用現(xiàn)代投資組合理論,以SPSS軟件為工具,選取了股票、國債、和銀行存款三種投資工具,選取2005-2015年的相關(guān)指標(biāo),分別得出以CPI為保值目標(biāo)下的最優(yōu)投資組合比例,和以社�；馂樵鲋的繕�(biāo)下的最優(yōu)投資組合比。通過實(shí)證得出若以CPI為保值目標(biāo),其最優(yōu)投資比例為其最優(yōu)投資比例為債券投資比90.23%,股票投資比率為3.51%,銀行存款6.26%。以社�；鹉昊找媛蕿樵鲋的繕�(biāo)的投資比例分別為該組解代表在以社�；馂樵鲋的繕�(biāo)下對應(yīng)的最優(yōu)投資比例。分別為,國債投資比率32.03%,股票投資比率37.50%,銀行存款投資比率30.47%。針對實(shí)證分析結(jié)果及現(xiàn)狀分析,對于我國基本養(yǎng)老保險(xiǎn)基金的投資運(yùn)營,從完善市場、投資運(yùn)營策略的創(chuàng)新以及監(jiān)管等方面提出了相關(guān)的政策建議。
[Abstract]:The aging wave of population which is sweeping the world and the basic national conditions that are not rich in our country make the current endowment insurance system and financial structure of our country face great impact. The two problems of low investment income and narrow channel of investment have long existed in the investment and operation of basic endowment insurance fund in China. For a long time in the state of low yield, even negative, the income of the basic endowment insurance fund can not catch up with the growth of the inflation rate, and the most basic goal is not to be reached, not to mention the value added target. Therefore, how to further raise the financial reform through the related financial measures, financial policy and the financial system. The payment ability of the high endowment insurance fund will fundamentally promote the value-added of the basic pension assets, thus achieve the goal of increasing the value of the pension, which is of great significance to the financial industry and the pension industry in our country. This paper is operated under the background of the financial policy of the pension fund entering the city and the operation of the pension system in our country. On the basis of the objective conditions and the realistic environment, this paper analyzes the investment and operation of the basic endowment insurance fund in China. Through the analysis of the current situation, it is found that, on the one hand, the serious devaluation of the basic pension, the imbalance of fund balance and the fund gap seriously restrict the value-added development of the basic endowment insurance fund of our country, on the other hand, On the basis of the basic endowment insurance fund, the process of realizing national overall planning is obstructing, including the differences in economic development and the difference between urban and rural areas in different regions. In the supervision, the status of the supervision and regulation of the pension operation is not optimistic. The analysis found that the diversification of investment is suitable for the operation strategy of the basic endowment insurance fund of our country, and using the modern investment portfolio theory, the three investment tools of stock, treasury bond and bank deposit are selected with the SPSS software as the tool, and the relative indexes of 2005-2015 years are selected, and the optimal portfolio ratio under the target of CPI is obtained respectively. And the optimal portfolio ratio with the social security fund as the value added target. Through the empirical analysis, the optimal investment ratio is that the ratio of the optimal investment ratio is 90.23%, the ratio of stock investment is 90.23%, the ratio of stock investment is 3.51%, the proportion of the bank deposit 6.26%. with the annual return rate of social security fund as the value added target is the solution of the group solution respectively. The ratio of the best investment to the social security fund is 32.03%, the ratio of the investment of the national debt is 32.03%, the ratio of the stock investment is 37.50%. The ratio of the bank deposit investment ratio is aimed at the results of the empirical analysis and the analysis of the status quo. The investment operation of the basic endowment insurance fund of China is to improve the market and the investment operation strategy. Relevant policy suggestions are put forward and so on.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F842.67

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本文編號：2019643