【作者】 李莹；

【导师】 林毓铭；

【作者基本信息】 暨南大学 ， 金融工程， 2012， 博士

【摘要】 新型农村社会养老保险制度对于实现农村居民逐步实现老有所养，促进农村经济发展和改革深化，打破二元经济格局，从而促进我国整体经济和社会发展具有重要的意义。农村社会养老保险基金是农村社会养老保险制度的核心问题和首要环节。本文首先从新农保基金的来源出发，分析新农保基金的筹资结构,并对全国各省新农保基金的筹资结构进行梳理，分析其筹资机制的优越性和不足；从公共产品理论和产权理论的视角界定了新农保基金账户的性质，厘清基金的权益归属。继而基于新农保基金现状，分析新农保基金面临筹资风险和运营风险。认为政府和农民个人的筹资能力都能负担新农保基金的筹资要求，基金的筹资风险主要来源于集体补助缺失和个人参保积极性不高；新农保基金的运营风险主要来源于市场风险，通胀风险，运营机制风险和运营主体风险。在风险分析的基础上，结合新农保目前的投资运营现状和安全性要求，提出了新农保基金投资运营的创新模式—政府、商业银行、农民、保险公司相结合的四方合作模式和消极化证券组合投资模式，拓宽新农保基金的投资运营渠道，以实现新农保基金的保值增值。最后，对新农保基金运营过程中的管理风险进行研究，构建新农保基金运营管理的委托-代理模型；建立新农保基金运营管理的安全与收益双任务最优激励机制；并通过分析新农保基金管理各主体间的博弈行为，构建相应的博弈监管模型，提出新农保基金运营管理的风险控制措施。更多还原

【Abstract】 The new rural social endowment insurance system which is essential to the gradualachievement of rural residents’ sense of security, promote rural economic development anddeepen reform, and break the pattern of the dual economy, thereby it is of great significance topromot China’s overall economic and social development. The rural social endowment insurancefund is the core issue and the first link of rural social endowment insurance system; also it iscritically related to the successful reform of China’s rural social pension insurance andsustainable development. Starting from the resources of the new rural social endowmentinsurance fund, this paper firstly analyzed the financing structure and the advantages andshortcomings of the new rural social endowment insurance fund, defines the nature of the newrural social endowment insurance fund account from the perspective of public goods theory andproperty right theory, and clarifies the right and interest belongingness of the fund.In additionbased on the status of the new rural social endowment insurance fund, the financing risk andoperational risk which it currently is facing is analyzed. And research shows that the financingcapacity of the government and individual farmers both can meet the financing requirements ofthe new rural social endowment insurance fund. Meanwhile, the financing risk comes mainlyfrom the lack of collective subsidy and low level of personal insurance enthusiasm; operationalrisks come mainly from market risk, inflation risk, the risk of operating mechanism and the riskof operation subjects.On the basis of risk analysis, the paper aims to achieve the valuemaintenance and appreaction of the new rural social endowment insurance fund, this researchproposes innovative investment and operation models of the new rural social endowmentinsurance fund-government, commercial banks, farmers and insurance companies quadripartitecooperation model and the passive investment strategy and multi-factor model, to broaden thechannels of investment and operation of new rural social endowment insurance fund and increaseits value.At last, operations and management process of the new rural social endowmentinsurance fund are studied, and its principal-agent model are constructed; the security andvalue-added dual-task optimal incentives of the operations and management of the new ruralsocial endowment insurance fund are established; and according to the analysis of game behaviorbetween management subjects, related game regulatory model is established and related risk control measures is proposed.更多还原