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目前,我国财政支出对养老保险补贴负担很重。养老保险基金现存有投资收益低、投资渠道单一、支付能力不足、期限结构不匹配等诸多问题。因此为了改善养老保险基金现状,本文引入现代的投资组合理论,在资本资产定价模型的基础上,利用实证分析,得出不同风险系数下养老保险基金的投资组合。目的是养老保险基金投向多元化,收益最大化,风险最小化,更好地让老百姓收益。
At present, the financial burden of China’s pension insurance subsidies are heavy. The old-age insurance fund has many problems such as low investment return, single investment channel, insufficient payment ability and term structure mismatch. Therefore, in order to improve the status quo of pension funds, this paper introduces a modern portfolio theory, based on the capital asset pricing model, using empirical analysis to draw the portfolio of pension funds with different risk factors. The purpose is to diversify endowment insurance funds, maximize returns, minimize risks and better enable ordinary people to benefit.