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论文编号：	394
作者编号：	052280
上传时间：	2008/1/8 12:11:06
中文题目：	我国社会保障基金的投资运营模式
英文题目：	the study about our country''s
指导老师：	黄福广
中文关键字：	社会保障基金；投资运营；投资组
英文关键字：	Social Security Fund Investme
中文摘要：	社会保障基金是国家的战略储备金，是老百姓的“养命钱”，社保基金的管理首先是安全，其次才是增值。但随着中国人口老龄化的到来，供求矛盾使得社保基金的资金缺口不断增大，迫切要求基金增值。因此，提高社保基金的保值增值能力，成为当前亟待解决的问题。要实现社保基金保值增值，基本途径就是进行投资运营，但是由于各国之间存在着太多宏观与微观的悬殊差异，我们不可能把别国发展的比较成熟的社保基金投资运营模式照搬过来，我们必须结合国情，探索出一个适合我国自身发展的社保基金投资运营模式。基于此，本文做了相关问题的研究，力求构建一个更为合理有效的投资运营模式，以提高我国社保基金保值增值的能力。 本文以社保基金为研究对象，以我国社保基金的投资运营模式为研究内容，分别从投资管理模式，投资组合模式，投资风险监管模式三个方面逐一进行了国内外的比较、借鉴与分析，发现一些当前存在的问题：比如投资收益率低，财务制度的缺陷导致社保基金的投资运营受到影响，历史遗留的“个人帐户”问题，并分别从其投资运营的政策环境，制度环境和资本市场环境进行了分析，找到了原因，给出相应的解决措施。在此基础上，对未来我国社保基金投资运营的发展方向作了设想，构建了一个较为合理有效的投资运营模式。 本文研究表明，随着我国资本市场的发展，社保基金应逐步放开政策限制，采取分散化、多元化的投资组合，提高基金投资收益率。其次，改进目前我国社保基金所采取的财务制度，减轻挤占挪用社保基金资金现象，可降低资金成本，提高保值增值的能力。再有，国家可通过增加财政拨款、出售部分国有资产、发行国债和彩票的组合措施来解决转轨成本并作实“个人账户”，从而保证这部分社会保障基金的投资运营。最后，在审慎性监管模式下，社保基金采取适度集中模式将最大可能的比例交由公开招标方式下选择的专业机构进行分散化、多元化的投资运营。
英文摘要：	Social security fund is both strategic reserve fund of country and living money of civilians. The most important aspect of social security is safety, and the second is increment. Therefore, there are strict regulations on fund’s investment and operation, which means social security fund has been strictly controlled by band deposit and national debts. Nevertheless, accompanied by inflation and interest rate keeping falling, the pressure of value reservation has been much stronger. On the other side, there is a realistic trouble. Along with the coming of ageing population, the rises of retiree are even faster than that of the number of people who are insured. Contradiction of supply and demand makes the fund leak much bigger. This problem requires fund appreciation. For this reason, how to relieve the situation of demand exceeding supply, and to further increase the value maintaining ability, are the burning question. This paper studies current investment operation mode of the country’s social security fund and analyze the investment management mode, choice of investment tools and risk control. The study also discover some problems in investment operation, such as very low investment yields, deficiency of financial system, management system environment and capital market environment. Problems found thereof are given solution proposals trying to restructure a more efficient investment operation model. Conclusions based on the study are drawn out:First, the current situation of the country’s social security fund investment is going with very simple investment tools, low yield ratio, therefore create very low efficiency to reserve and appreciated the security fund. The investment body should change from centralization to decentralization, the investment tools from single tool to multiple。Secondly the country should be capable of and liable for consolidating personal account by appropriate funds, selling state-owned property and issuing public debt and lottery. These will ensure the efficient operation of security fund.Third, necessary steps should be taken to improve the management systems, the incompletion of which should be eliminated.Finally, a more effective investment model of the country’s security fund is that: under a prudent supervision, the security fund shall take an appropriate adoption of centralization and then utilize the professional institutes to multiple the investment model.
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