我国社保基金投资运营绩效研究

【作者】 王薇；

【导师】 马涛；

【作者基本信息】 复旦大学 ， 国民经济学， 2011， 硕士

【摘要】 随着我国社会保障制度的不断改革和完善,作为社会保障制度的物质基础,社会保障基金的投资运营越来越引起人们的关注。它一方面关系着我国社会保障工作的顺利实施,另一方面也在和资本市场的互动中发挥着积极主动的作用。近年来,由于我国社保体系所遗留的一些问题,不断加剧的人口老龄化问题,以及其他的外部不利因素,我国社会保障基金的投资运营面临着巨大的挑战。为此,本文从社会保障基金的投资运营机制和投资绩效水平出发,运用实证分析方法和比较分析方法,客观评价我国社保基金的投资绩效,探寻我国社保基金投资运营中存在的问题,为实现其保值增值的目标提供相应参考。本文先对社会保障基金的概念和运营方式等进行了介绍,从现实角度提供当前我国社保基金运营方式选择的依据。全国社会保障基金作为国家战略储备型基金,近年来规模发展迅速且不断深入资本市场,是本文研究的重点对象。本文运用描述统计方法和实证分析分析方法对全国社保基金股票投资组合进行了持股特征评价、风险收益评价和业绩分解评价,指出其投资中还存在的问题和不足。接下来分别对比了国外基本社会保障基金和战略储备型社保基金的投资运营状况,进一步明确我国社保基金投资运营中的问题。针对问题的所在,借鉴国外做法结合我国实际情况为提高社保基金投资运营绩效水平提供了相关的政策建议。更多还原

【Abstract】 As China’s social security system continues to reform and improve, social security fund, as the material basis of the social security system, the investment operation of which has drawn increasing attention. On one hand, it relates to the work of implementation of social security, on the other hand also play an active role in the interaction with capital markets. In recent years, because of the legacy of some problems of China’s social security system, the growing aging population, and other adverse external factors, China’s social security fund’s investment operations face enormous challenges. Therefore, this article from the Social Security Fund’s investment operations mechanism and investment performance level, using empirical analysis and comparative analysis methods, objectively evaluates investment performance of pension funds, explores problems of pension fund investment, and provides corresponding references to achieve its objectives of maintaining and increasing the value.The article introduces the concept of social security funds and operating modes, provides selection basis of operating mode of the current Social Security Fund from a practical point of view. As a national strategic reserve fund, National Social Security Fund develops fast and goes deeply into capital markets in recent years, which is the focus of this study. This paper uses statistical methods and empirical analysis methods to analyse the National Social Security Fund, and points out problems and deficiencies in investment. Then comparing with operational status of basic social security funds and strategic reserves based social security fund abroad, this paper further clarifies issues in the operations of China Social Security Fund. For the problem, learned from foreign practices and combined with the actual situation of China,this paper provides relevant policy recommendations to Social Security Fund Investment to improve the level of performance.更多还原