【作者】 韩涛；

【导师】 李健元；

【作者基本信息】 东北财经大学 ， 金融学， 2011， 硕士

【摘要】 社会养老金制度从其诞生到现在已经经历了100多年的历程,然而在全球性金融危机和人口老龄化日益严重的背景下,该制度在财务上是否具有可持续性、养老金资产的保值增值问题便显得格外突出。寻求养老金资产的合理投资,无论是对于养老金制度本身还是该制度的参与者而言,乃至对各国资本市场的发展都有着重要意义。尤其对中国而言,正处在各项事业改革的浪潮之中,养老金制度和资本市场的改革也在积极推进,养老金制度还很不完善,资本市场的发展也很不成熟,在这一大背景下研究养老金投资运营更加具有现实意义。OECD国家作为养老金制度比较成熟和发达的国家,在养老金领域积累了很多的经验教训,本文对OECD国家养老金规模、影响其规模的因素、投资收益率以及面临的问题进行了系统而又全面的阐述,并将上述问题与中国养老金制度的现状进行横向以及纵向的比较,找出了目前我国养老金制度所存在的不足以及制约养老金与资本市场互动的限制性因素,对我国今后养老金乃至资本市场的发展提出了一系列合理化建议,这包括：(1)增加政府的社会养老金投入；(2)通过划拨国有股和外汇储备来充实养老金资产；(3)积极发展养老金体系的第二支柱和第三支柱；(4)拓宽养老基金的投资渠道；(5)在基本养老保险基金的管理中引入市场机制。此外,本文还运用实证研究的方法,对OECD国家以及我国的养老金与资本市场互动的因果关系进行了葛兰杰检验,得出养老金与资本市场的互动是需要多种条件这样一个结论。更多还原

【Abstract】 It has been through more than 100 years since the birth of social pension system. However, due to the global financial crisis and aging of the population, it is doubtful whether the system can be financially sustainable and keep the assets hedged. Reasonable investment of the pension assets is of great importance for the system itself, participants and the capital markets in every country. Especially for China, we are in the wave of reform among various undertakings including pension reform and capital market reform. Our pension system is far from perfect and the capital market is also very immature. So in this kind of context, the study of pension investment is of great practical significance.Pension systems in OECD countries are mature and advanced, and they have accumulated a lot of lessons and experience in this area. This paper makes a systematical and comprehensive presentation on factors affecting the pension size, investment rate of return and problems they are facing currently. We also compare the status quo of pension system in China with OECD countries related to problems mentioned above from both horizontal and vertical aspects. We also find out the shortcomings of the pension system in China, and factors affecting interaction between capital market and pension funds. Some reasonable proposals are made for the development of pension funds and capital market in China in the future. These proposals include:1) to increase investments in pension funds from our government; 2) to enrich the pension assets through re-allocation of state-owned shares and foreign reserves; 3) to develop the second pillar and third pillar for our pension system actively; 4) to broaden the investment channels for pension funds; 5) to introduce the market mechanisms in the management of public pension funds. In addition, the paper also made the Granger causality tests for the interaction between pension funds and the capital market of both OECD countries and China. A conclusion was made that interaction mentioned above involved a variety of conditions.Data unavailability due to short period for some countries is the inadequacy of this paper. This problem may have some effects on validity of our conclusions.更多还原