论我国养老基金保值增值的制度设计与金融创新

【作者】 燕雨林；

【导师】 李永杰；

【作者基本信息】 华南师范大学 ， 劳动经济学， 2004， 硕士

【摘要】 养老保险体制面临着人口老龄化带来的可持续性危机。传统的以现收现付为基础、以政府公共年金为主导的养老金制度已不堪负重，老年保障需求与供给的矛盾日益突出。为此，新古典学派从养老金的经济绩效角度出发，主张建立基金制、多支柱的养老保险体系，以减轻政府公共财政压力，防止出现跨代人的巨额转移，并有利于养老金的投资增值，增加养老基金的承受能力。本文重点考察养老基金的保值增值问题。国际经验表明：养老保险基金通过参与资本市场运作以实现保值增值是大势所趋，但基于不同的经济基础、制度体系和市场环境，应采取不同的运作方式。我国养老保险基金的管理运营模式既要借鉴国外“市场化管理，资本化运作”的成功经验，也要根据我国养老保险体制的具体情况，并结合我国的政治、经济制度以及资本市场的发育程度，分层次、分阶段积极稳妥地进行，从养老基金的制度模式、监管模式和运营模式三方面入手，进行制度创新、管理创新和金融创新，制度创新是基础，管理创新是保证、金融创新是手段，三者的有机结合，是养老保险基金在安全性、流动性和收益性的基础上实现保值增值的有效途径。更多还原

【Abstract】 A large variety of developed and developing countries is facing the problems caused by the progressive aging of the populations, which impose a challenge to endowment insurance system. The traditional endowment insurance, which is pay-as-you-go and based on the occupational pension system of government, can’ t afford for the aging challenge .The balance between the aging demand and supply become imbalance. View from the economy performance, new classical theory asserts to establish the endowment insurance based on the multiple-support pension. This approach can relax the pressure of government public economy, maintain and increase in value and improve endure of endowment insurance. The paper focus on the how to maintain and increase in value. Under the basis of study of experience of developed countries, it is important to let the capital marker enter the endowment insurance to ensure the value. But the effective investment operation should change with the different economical basis, political system and marker situation. The pension security fund in our country should learn from the international experience, which is asserted for the marker management and capital operation. And it is important for us to consider the really situation, including the development of political situation, economical situation and market system. And the innovation of these systems is very important. We should exert on the system model, supervise model and operation model. The law system, management and the financial system should be trinity. The law system is the basis; the management is the safeguard; the financial system is the strategy. These approaches can improve the security, circulation and the benefit of the pension fund.更多还原