中国企业年金投资管理问题研究

发布时间：2018-03-09 07:31

本文选题：企业年金投资　切入点：现状　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，，中国逐步进入人口老龄化社会，由此带来养老金费用的增加，为了应对其可能会引起的财政危机，作为养老保险重要补充的企业年金将在我国的经济和社会发展中扮演日益重要的角色。企业年金的投资收益可以起到“开源”的作用：可观的投资收益不仅可以提高企业参与企业年金的积极性，增加企业年金基金缴费额度，获得投资规模化效应；同时，高额的企业年金投资收益，也可以使企业年金参与者获得更高的退休金，缓解基本养老保险造成的财政支付困难的问题。因此，对我国企业年金投资管理问题进行研究具有很强的现实意义。本文采用理论分析与实证分析相结合的研究方式，在对企业年金投资管理的相关理论进行研究的基础上，对我国企业年金的投资管理现状及问题进行深入分析，并运用均值—方差模型实证分析其原因，最后，借鉴国外及香港企业年金投资管理模式的经验提出我国企业年金投资管理的优化策略。本文通过研究，得出结论：造成我国企业年金投资管理问题的原因主要有企业年金监管对投资比例的限制过于严格、资本市场不完善以及企业年金税收优惠政策不到位。结合中国国情，我们可以通过优化投资产品组合、拓宽投资渠道、实施税收优惠政策以及完善企业年金的监管措施等来提高我国企业年金的投资收益率。
[Abstract]:In recent years, China has gradually entered an aging society, which has led to an increase in pension costs, in order to cope with the financial crisis it may cause. As an important supplement to the old-age insurance, the enterprise annuity will play an increasingly important role in the economic and social development of our country. The investment income of the enterprise annuity can play an "open source" role: the considerable investment income can not only. To increase the enthusiasm of enterprises to participate in enterprise annuity, At the same time, the high return on the investment of the enterprise annuity can also enable the participants of the enterprise annuity to obtain a higher pension. Therefore, it is of great practical significance to study the investment management of enterprise annuity in China. In this paper, by combining theoretical analysis with empirical analysis, and on the basis of research on the relevant theories of enterprise annuity investment management, this paper makes a deep analysis of the present situation and problems of enterprise annuity investment management in China. Finally, using the experience of overseas and Hong Kong enterprise annuity investment management mode, the optimization strategy of Chinese enterprise annuity investment management is put forward. Based on the research, this paper draws a conclusion that the main reasons for the investment management problems of enterprise annuity in our country are that the regulation of enterprise annuity is too strict to restrict the proportion of investment. The capital market is not perfect and the preferential tax policies for enterprise annuity are not in place. In the light of China's national conditions, we can optimize our portfolio of investment products and broaden our investment channels. To improve the investment rate of enterprise annuity, we should implement preferential tax policy and perfect the supervision measures of enterprise annuity.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.67;F275

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