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摘 要

银发浪潮正席卷全球,依据联合国社会进入老龄化衡量标准,黑龙江已在

2005 年进入老年社会,并且老龄化的发展趋势明显。人口老龄化势必对黑龙江

养老保险制度造成巨大压力,加之黑龙江已经做实养老保险个人账户,意味着

未来的养老基金账户会有大规模的资金积累,如何应对当下养老金基金缺口,

如何管理未来巨额基金结余,如何让基金保值增值,是我们无法回避而必须面

对的问题。养老保险基金的投资运营可以保证基金的保值,甚至实现基金的增

值,可从黑龙江养老保险基金投资运营的现状看,存在诸多问题,严重地影响

基金投资运营的绩效,因此,研究基金的投资运营问题显得尤为重要。

首先,从概念上对养老保险基金投资运营进行了界定,分析了国内外养老

基金运营现状,提出本论文的研究内容及方法。

其次,分别从基金的规模、基金的收支管理和基金的投资运营三方面,分

析目前黑龙江养老保险基金投资运营现状,深入剖析了制约投资运营的因素,

提出基金运营中存在的问题症结。并对国际几个典型的国家养老保险基金投资

运营情况进行了比较研究,通过对基金投资运营发展趋势的分析,提出黑龙江

养老保险基金投资运营可借鉴的经验。结合黑龙江省情,运用决策系统理论对

养老保险基金的投资运营问题进行分析,从宏观、微观和决策选择三个决策步

骤来提高基金运营效率,其中,在决策选择阶段运用现代投资理论分析并设计

了适合黑龙江养老基金的投资组合方案。

最后,从养老保险基金监管角度提出黑龙江基金运营监管措施,并借鉴内

部控制理论充实基金监管内容,提高监管效率。

关键词:养老保险基金;投资运营;投资组合;监管

哈尔滨工业大学工商管理硕士学位论文

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Abstract

Silver hair tide is sweeping across the whole world. Heilongjiang Province has

entered the aging society in 2005 with the United Nations on the basis of an aging

society standard. It is significant of the development trend of aging. The aging of

the population will cause great pressure on the endowment insurance system of

Heilongjiang Province. The province has been making old-age insurance individual

account. A great lot of money will flew in to pension fund account in Heilongjiang

Province. How to deal with the current pension fund gap. How to manage the

capital effectively It’s an inevitability problem to us. The main direction is to

investment operation of pension fund. It can ensure pension fund to be value

maintaining, and even come true value increasing. However, we see actuality of

Heilongjiang Province pension fund investment operation, it exists a series of

problems. These problems badly affect performance of pension fund investment

operation. So it is important to study on investment operation of Heilongjiang

Province pension fund.

Firstly, the concept of pension fund investment operation is defined. We see the

actuality of the pension fund investment operation in China or other countries of the

world. The paper chooses the content and scientific methods according to the

characteristic of the paper.

Secondly, from fund amount, income and express management of fund and

investment operation of fund analyze actuality investment operation of pension fund

of Heilongjiang province at the present time. Based on these, in-depth analyze

factors which restrict investment operation of pension fund, and found out pivotal

problems about investment operation of pension fund. And study on instance of

several international typical countries basing on comparison on the pension fund

investment operation. These studies help to analyze development trend of pension

fund investment operation. To learn from their experiences in order to seeking

valuable references of investment operation of Heilongjiang province pension fund.

By dint of Decision-making System Theory, establish decision-making system of

investment operation of pension fund according to the actual Heilongjiang province

situation. The system comprises three phase, macroscopic, microcosmic and

decision-making choice. Thereinto, by Portfolio Management Theory, the paper

analyzes and designs investment combination project in decision-making phase.

Finally, according to the actual Heilongjiang province situation, and using for

Internal Control Theory, the paper enriches content of fund supervision and put