【作者】 佟健；

【导师】 罗元文；

【作者基本信息】 辽宁大学 ， 社会保障， 2012， 硕士

【摘要】 伴随着中国经济的高速发展，人们的生活条件越来越好，医疗水平也得到了明显的提高，我国人均寿命由建国前的35岁（人们预期寿命）增加到现在的74岁，可以说建国60多年来，中国人的生活越来越好。但是随之而来的问题就是我国老龄化给国家养老基金带来了沉重的负担，如何能在复杂的经济环境下将养老基金保值增值，从而能够及时足额的分发养老金，是我国在未来的发展道路上不得不面对的严峻挑战。在解决养老金保值增值的问题同时，也应该看到养老金运营区别于企业年金和全国性的社会保障基金的投资运营模式。本文通过合理的分析养老金的投资运营情况，采用APT投资模型，将我国养老金投资组合进行数量分析，科学的选择出与我国经济环境相适配的投资组合。与此同时，本文也加强对国外经验的有选择的借鉴，探索符合本国国情的成功经验，并且在对于养老金投资选择上，提出了多项具有创新的模式。总体来看，本文深入的阐述了关于我国养老金投资运营多个方面，并提出了解决现阶段我国养老金投资运营问题的相关建议。健全我国养老金投资运营的建议：第一，将养老金投资管理纳入法律当中，明确养老金管理的原则和流程，做到有法可依才是制度化进程最为牢固的核心。第二，根据我国国情，建立一整套与养老金投资管理相配套的政策制度，形成政策规范，并伴随着时间的推移而逐渐完善。第三，充分发挥市场的主导地位，将养老金运营管理与市场化制度相结合。第四，推动养老金管理结构制度化意识达成共识，为加快养老金投资制度化进程凝聚结构力量。更多还原

【Abstract】 Along with China’s rapid economic development, people’s living conditions aregetting better and better, the level of medical treatment has also been significantlyimproved, China’s average life expectancy from35years before the founding of (lifeexpectancy) to74-year-old, can be said that the founding more than60years, theChinese people’s lives are getting better and better. But the attendant problem is thatChina’s aging to the state pension fund, a heavy burden, how can the complexeconomic environment, increasing the value of the pension fund, which the full andtimely distribution of pensions, China in the future development have to face seriouschallenges on the road.Increasing the value to solve the pension problem at the same time, you shouldalso see the pension operations different from the annuity and the national socialsecurity fund’s investment operation mode. Reasonable analysis of the investmentoperations of pension the APT investment model, China’s pension portfolio forquantitative analysis, the choice of science portfolio of adaptation to the economicenvironment in China. At the same time, enhance the experiences of other selectedreference, and explore the successful experience of their own national conditions, andpension investment choice, a number of innovative models. Overall, the paper depthexposition of the many aspects of pension investment operations, and put forwardrelevant proposals to resolve at this stage of China’s pension investment operationalissues.Recommendations to improve our pension investment operations: first, thepension investment management into the legal, clear pension management principlesand processes, so that a legal basis is the institutionalization of the process is the mostsolid core. Secondly, according to China’s national conditions, to establish a set ofpension investment management policies and systems supporting the formation ofpolicies and regulations, and accompanied by the gradual improvement of the passageof time. Third, give full play to the leading position in the market, the combination ofpension operations management and market-oriented system. Fourth, to promote theinstitutionalization awareness of the pension management structure to reach a consensus, cohesion structure of power to speed up the process of institutionalizationof pension investment.更多还原