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论文编号：	2724
作者编号：	2120082248
上传时间：	2010/11/25 21:34:47
中文题目：	我国个人账户养老金的投资运营模式研究
英文题目：	The investment mode of the pension in personal accounts in China
指导老师：	刘志远
中文关键字：	个人账户养老金,投资运营模式,投资管理模式,投资组合模式,投资监管模式
英文关键字：	pension in personal accounts,investment operation mode,investment management mode,investment portfolio mode,investment risk control mode
中文摘要：	近年来，在社会保险养老基金个人账户管理工作中，转制成本、隐性债务和做实空账等问题的凸显，养老保险个人账户基金（以下简称个人账户养老基金）正在并将继续面临巨大的保值增值压力。 实践证明，实现个人账户养老基金保值增值的最佳途径是建立更加安全高效的投资运营模式。它主要涉及投资管理模式的选择、投资工具的选择、投资风险监控体系的建立等三方面内容。投资管理模式主要包括投资主体及其权利义务关系的界定。投资工具主要包括金融产品及其数量比例的确定。投资风险监控体系主要包括监控主体及监控措施的确定。 本文在借鉴国外先进经验的基础上，将投资学理论和中国的投资运营实际相结合，采用比较研究、演绎推理、案例分析等多种方法，提出建立健全科学有效的个人账户养老基金投资运营模式的思路和操作办法。 本文的结论及其创新之处在于，运用委托—代理理论分析投资管理模式中的投资主体及风险监控体系中的监控主体关系，运用套利定价理论等投资组合理论分析投资组合的风险因素，提出引入战略投资者、给予个人账户所有人以更加广泛的监督权和选择权等新观点，并将投资工具与行业风险因素分析结合起来，提出对投资组合的安排。
英文摘要：	In recent years, a lot of problems have accrued in the management of the pension in personal accounts, such as the system transformation cost, implicit pension liability, vacant account, and so on. These problems have made the pressure of value reservation on the pension in personal accounts much stronger. Practice proves that the best way to increase the value of the pension in personal accounts is to set up a more safety and more effective investment operation mode. This includes the investment management mode, the investment portfolio mode and the investment risk control mode. The investment management mode includes rights and responsibilities of the subjects of investment. The investment portfolio mode includes the quantity and proportion of the financial products to invest. The investment risk control mode includes the subjects and measures of risk control. By introducing foreign development countries’ and Chinese experience and defects of the investment operation mode of pension in personal accounts, This paper intent to set up a more effective investment operation mode of the country’s pension in personal accounts and analyze the investment management mode, choice of investment tools and risk control. The conclusion and innovation of this study are as follows. The investment portfolio theory and especially the arbitrage pricing theory are used to analyze the return and risk of investment tools. The principle-agent theory is used to analyze the investment management mode and risk control system. Introducing strategic investors is strongly advised.
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