养老保险基金多元化运营

【作者】 李曦坤；

【导师】 袁乐平；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 养老保险基金运营中存在严重的收不抵支。一些国家为了尽量减少承担支付养老金的责任，就把这种责任转移到企业或个人。我们国家的企业和个人都无法承担起这种责任来解决养老保险基金的亏空问题，唯有实行养老保险基金多元化运营，才能形成养老保险基金投资—产出—福利水平递进的链动效应，以达到养老保险基金永续经营的目的。 结合养老保险基金的特点，在充分考虑投资风险的基础上设计出我国养老保险基金多元化运营的投资收入模型，预测出多元化运营的投资收益，并和养老保险基金没有实行多元化运营时取得的投资收益比较，得出我国应该实行养老保险基金多元化运营的结论。本文的创新点有如下： 第一，运用比较分析法。对多元化运营和没有多元化运营时的养老保险基金的收入支出函数的模型以及投资收益进行比较，在前人研究的基础上比较综合。 第二，在具体的资金运用领域，提出了一些预见性的看法。比如放宽投资渠道，养老保险基金进入股票市场的收益率；养老保险基金存入银行和购买国债和股票的比例；我国养老保险基金未来的投资组合等。 本文的研究对象是实践性极强的问题，涉及到契约性金融和投资性金融，因此领域相当广泛，本文代表个人观点，有很多不成熟和不完美的地方，有待在以后实践中去检验。更多还原

【Abstract】 Endowment insurance is one of the forcible welfare measures of maintaining the social order, while there exists the heavy deficit in the operation of Endowment Insurance Fund. In order to reduce the burden of paying retirement pension, many countries want to transform the responsibility of payment to enterprises and individuals. As far as I am concerned, enterprises and individuals both can’t undertake this kind of responsibility to solve the loss of our national endowment insurance fund. The sole method to deal with the problem is to carry out portfolio investment and form the chain effect of the investment, output and welfare of our national endowment insurance fund to reach the purpose of its continuous operation.Under the full consideration of the characteristics of endowment insurance fund and investment risks, we design the income mode of the portfolio investment of Endowment Insurance Fund and forecast the benefit of portfolio investment. Compared with the old time when we didn’t practice the portfolio investment of Endowment Insurance Fund, a final conclusion is reached that our country should practice the portfolio investment of Endowment Insurance Fund. The thesis’s innovative points are as follows:I. Application of the method of comparative analysis. I compared the two modes of income and expenditure function in the time when we carry out portfolios investment, and the time we didn’t do. Based on the research of our predecessors, I make a comprehensive analysis.II. In the field of concrete use of the fund, I present some forecasting opinion such as broadening the investment tunnel, the Endowment Insurance Fund’s entering into the stock market and its deposit in banks, the proportion of national debt and shares the fund is used to buy and out investment combination of the endowment insurancefund in the future.The thesis’s research target is a practical problem, and it is related with contractual and investment finance, therefore it involves many fields. I only present my own viewpoints, and there is imperfectness definitely, which are waiting for me to study and research in future.更多还原