摘要
我国正在进入人口老龄化阶段,现收现付制的养老保险体制不能满足养老金的巨额支付需要,进行改革后养老保险基金具有了投资的功能,要求有一定的投资收益才可以保证新制度的支付需要。因此本文主要探讨了养老基金与资本市场的关系,借鉴国外的成功投资经验,根据今年社保基金投资的投资效益,设计出合理的基金投资分配比例,提出提高养老金投资效益的对策和可能的投资工具创新,扩大基金可投资的范围,从而提高我国养老金投资的绩效。
本文主要由五个部分构成:第一部分为养老保险基金及投资相关理论综述。主要介绍养老保险基金的概念及构成、投资的相关理论。第二部分为养老保险基金和资本市场。主要介绍了我国养老保险基金的发展和资本市场的发展,及两者之间的互动关系。第三部分为国外养老基金的投资运营。主要介绍了美国和智利两个典型成功国家的养老保险基金投资特点和情况及对我国的启示。第四部分是国养老保险基金投资运营效益与投资组合实证分析。主要对全国社保基金投资的效益进行分析,并对投资比例进行实证分析。第五部分为中国养老保险基金投资运营的对策。主要有风险防范体系的建立和监管制度的完善,中国养老保险基金投资范围扩展等等。
Our country is entering the aging of population stage, the old-age insurance system of“pay-as-you-go”not to be able to satisfy the pension need of the large amount payment , after carrying on the reform, the old-age insurance fund had the investment function, requiring a certain return on investment can guarantee the new system payment needs. Therefore this article has mainly discussed the pension funds and the capital market relations, learn from the success of foreign investment experience, according to this year's return on investment in social security funds, design a reasonable proportion of investment allocation, proposed to increase the effectiveness of pension investment strategies and possible investment tool innovation and expand the scope of the Fund may invest to improve the performance of pension investments.
This paper consists of five parts: The first part is related to Pension Fund and Investment Theory. Pension Fund introduced the concept and composition, the theory of investment. The second part is the relationship of pension fund and capital market. This part introduces the development of pension insurance funds and capital market development, and the interaction between the two. The third part is the investment operations of foreign pension funds. This part describes the success of the United States and Chile, two countries, the typical pension fund investment characteristics and circumstances and the enlightenment. The fourth part is the pension fund investment efficiency analysis and portfolio empirical analysis. Mainly on the effectiveness of the National Social Security Fund Investment analysis and empirical analysis of the investment ratio. The fifth part is for the Chinese to extend pension fund investments and Chinese pension fund investment in countermeasures. Mainly focus on the risk prevention system to guard against system's establishment and so improve the regulatory system.
引文
①房连泉.“智利社保基金投资与管理”[D].博士学位论文,中国社会科学院,2006
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