社會保障基金管理

本教材定位為一本結合理論與實踐、連接政策與市場、貫通運行與投資的高質量教材。有如下幾個特點和突破：一是區分原理篇、政策篇、投資篇和監管篇的幾大管理內容，結構清晰，涵蓋完整；二是融入經濟學和金融投資學的基本原理和理論，為社會保障基金管理提供經典的原理解釋；三是納入投資作為重要的構成內容，深入到社會保障基金管理的內核；四是教材設計上由淺入深、由易漸難，能夠滿足不同的授課需要。

原理篇着重於對社會保障制度的理論基礎，緊密聯合於世界各國國家和社會治理現實的學理髮展軌跡，經濟學、政治學、社會學的現實關切與理論解釋等，為學生深入學習本課程提供理論層面的思維基礎。政策篇着重於對中國社會保障項目及相關基金的管理體系和政策進行系統的介紹。打亂傳統按照社會保障項目分別説明的方式，而從社會保障基金管理的流程視角，按照基金籌集管理、基金中間管理和基金支付管理三個前後銜接的環節展開基金管理的具體講解。投資篇着重於社會保障基金管理中最核心的投資相關的理論、工具和方法。首先系統組織並介紹了投資基礎知識，結合社會保障基金中養老金的投資規劃進行理論聯繫實際的講授。專章介紹了基金投資管理中的幾個重要投資工具，針對社會保障基金的特點提煉出適合的投資策略、投資工具和對投資時機的理解與選擇，並對我國已經有投資管理操作的各項社會保障基金的運營情況進行了基於實踐數據的分析，提出了我國社會保障基金投資運營戰略體系架構。監管篇對社會保障基金管理中的監管問題展開梳理與講授，既有基於博弈論的理論分析，也有國際社會保障基金監管的實踐比較，還有對我國監管實務的系統講解與分析。

原理篇、政策篇、投資篇、監管篇四個篇章，形成本教材的完整知識架構，每一篇既自成一體，又內在銜接，構成教材的有機體系。讀者學生可以根據需要選擇對應篇章的內容學習。同時教材設計不同的難易梯度內容，分別適用於本科生和研究的教學需求。比如原理篇中經濟學理論的部分，投資篇中投資工具、收益率及定價計算、全球市場興衰的預判和對應投資工具與時機的選擇，監管篇中博弈論分析企業年金市場主體的部分等，均是需要一定基礎的內容，適合於研究生的教學授課。

結合每一章內容精心選擇經濟社會的熱點事件編寫案例，引導學生將教材內容與社會現實緊密結合並深入思考，設計案例思考題。每一章後設計本章練習題，鞏固本章主要內容。 ^[2] 

Ⅰ 原 理 篇

第一章 社會保障與社會保障基金 ·····································································2

第一節 社會保障的緣起與發展 ·····························································2

第二節 社會保障基金和社會保障的關係與定位 ········································3

第三節 社會保障基金的特徵與功能 ·······················································4

【本章知識要點】 ···············································································7

【本章專題案例】 ···············································································7

【本章思考題】 ··················································································8

第二章 社會保障基金管理的理論基礎 ·······························································9

第一節 社會保障的倫理基礎之演變 ·······················································9

第二節 社會保障基金管理的經濟學理論基礎 ·········································10

第三節 理論發展脈絡與社會保障基金管理的內在聯繫 ·····························18

【本章知識要點】 ·············································································19

【本章專題案例】 ·············································································19

【本章思考題】 ················································································20

第三章 社會保障基金運行的原理機制 ······························································21

第一節 社會保障基金的財務籌資機制 ··················································21

第二節 社會保障基金的財務管理機制 ··················································24

第三節 社會保障基金籌資方式：“費”或“税” ···································26

【本章知識要點】 ·············································································31

【本章專題案例】 ·············································································31

【本章思考題】 ················································································31

Ⅱ政策篇

第四章中國社會保障基金管理體系·································································34

第一節中國多層次社會保障制度體系 ··················································34

第二節我國社會保障基金的分類及現狀 ···············································39

【本章知識要點】 ·············································································56

【本章專題案例】 ·············································································56

【本章思考題】 ················································································57

第五章社會保障基金的籌集管理····································································58

第一節社會保障基金籌集管理概述 ·····················································58

第二節全國社會保障基金籌集 ···························································63

第三節社會保險基金籌集 ·································································65

第四節補充社會保險基金籌集 ···························································73

第五節社會救助基金籌集 ·································································76

第六節社會福利基金籌集 ·································································77

【本章知識要點】 ·············································································78

【本章專題案例】 ·············································································78

【本章思考題】 ················································································79

第六章社會保障基金的支付管理····································································80

第一節社會保障基金支付管理概述 ·····················································80

第二節社會保險基金支付 ·································································83

第三節補充社會保險基金支付 ···························································92

第四節社會救助基金、社會福利基金支付············································93

【本章知識要點】 ·············································································95

【本章專題案例】 ·············································································96

【本章思考題】 ················································································96

第七章社會保障基金的中間管理····································································97

第一節社會保障基金中間管理概述 ·····················································97

第二節社會保障基金的信託管理模式 ·················································100

第三節社會保障基金的財務管理 ·······················································103

第四節社會保障基金的賬户管理 ·······················································106

第五節社會保障基金的投資管理 ·······················································107

【本章知識要點】 ············································································108

【本章專題案例】 ············································································109

【本章思考題】 ···············································································109

目 錄

VII

第八章 企業年金基金管理 ···········································································110

第一節 積累制養老金計劃的基本原理 ·················································110

第二節 養老金計劃種類 ···································································112

第三節 企業年金的建立背景與政策內容 ··············································114

第四節 企業年金的參與主體與法律關係 ··············································117

第五節 企業年金基金運行 ································································120

第六節 企業年金的税收優惠政策 ·······················································125

【本章知識要點】 ············································································127

【本章專題案例】 ············································································128

【本章思考題】 ···············································································128

Ⅲ 投 資 篇

第九章 社會保障基金投資基礎知識 ·······························································130

第一節 投資基礎知識 ······································································130

第二節 金融市場與金融機構 ·····························································141

第三節 社會保障基金投資的金融投資工具 ···········································147

【本章知識要點】 ············································································150

【本章專題案例】 ············································································151

【本章思考練習題】 ·········································································151

第十章 社會保障基金投資規劃 ·····································································153

第一節 投資規劃基礎 ······································································153

第二節 投資的收益與風險 ································································156

第三節 與社會保障基金投資管理有關的投資理論 ··································165

【本章知識要點】 ············································································179

【本章專題案例】 ············································································179

【本章思考練習題】 ·········································································180

第十一章 社會保障基金投資工具：債券、股票、基金 ·······································182

第一節 債券市場與債券投資 ·····························································182

第二節 股票市場與股票投資 ·····························································194

第三節 基金投資 ············································································204

【本章知識要點】 ············································································206

【本章專題案例】 ············································································207

【本章思考題】 ···············································································208

第十二章社會保障基金的投資策略、投資工具與投資時機選擇 ···························209

第一節社會保障基金的投資策略 ·······················································209

第二節投資市場、投資工具和投資時機的選擇·····································211

【本章知識要點】 ············································································222

【本章專題案例】 ············································································222

【本章思考題】 ···············································································223

第十三章我國社會保障基金的投資管理·························································224

第一節全國社保基金投資管理 ··························································224

第二節社會保險基金投資管理 ··························································230

第三節住房公積金基金投資管理 ·······················································234

第四節企業年金基金投資管理 ··························································237

【本章知識要點】 ············································································243

【本章專題案例】 ············································································244

【本章思考題】 ···············································································244

第十四章社會保障基金投資運營戰略體系······················································245

第一節社會保障基金投資運營風險收益測量和匹配·······························245

第二節社會保障基金投資運營戰略體系構建········································256

【本章知識要點】 ············································································257

【本章專題案例】 ············································································257

【本章思考題】 ···············································································258

Ⅳ監管篇

第十五章社會保障基金投資管理市場主體關係················································260

第一節企業年金運行中的雙層委託代理關係········································260

第二節企業年金基金投資管理的委託代理風險·····································262

第三節控制逆向選擇風險 ································································265

第四節控制道德風險 ······································································267

第五節控制基金運營主體的尋租行為 ·················································270

第六節企業年金基金投資管理市場主體的模式整合·······························273

【本章知識要點】 ············································································274

【本章專題案例】 ············································································274

【本章思考題】 ···············································································275

第十六章社會保障基金投資運營市場監管的模式與選擇 ····································277

第一節社會保障基金投資管理監管的兩種基本模式·······························277

第二節我國社會保障基金監管模式 ····················································278

目 錄

第三節 嚴格准入監管模式的市場效應分析 ···········································279

第四節 不同監管模式的養老金運營情況比較 ········································282

第五節 嚴格限量為主、審慎監管為輔的混合監管模式 ····························285

【本章知識要點】 ············································································287

【本章專題案例】 ············································································287

【本章思考題】 ···············································································289

第十七章 社會保障基金監管政策與監管實務 ···················································290

第一節 社會保障基金監管的重要意義 ·················································290

第二節 社會保障基金的監管體系 ·······················································291

第三節 社會保障基金的監管內容 ·······················································294

第四節 社會保障基金的監管方式與流程 ··············································296

【本章知識要點】 ············································································297

【本章思考題】 ···············································································298

參考文獻····································································································299

後記··········································································································301 ^[3]