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    Title: 退休基金投資基礎建設之研究
    A Study of Pension Fund Investment in Infrastructure
    Authors: 洪坤煙
    Hung, Kuen-Yan
    Contributors: 張其恆
    洪坤煙
    Hung, Kuen-Yan
    Keywords: 基礎建設
    資產配置
    Infrastructure
    Asset allocation
    Date: 2015
    Issue Date: 2019-05-02 14:45:02 (UTC+8)
    Abstract: 近年來由於醫藥的發展,人類壽命不斷延長,生育率的降低,人口結構老化與少子化趨勢,加上退休制度設計讓工作者提早退休等問題,讓照顧基本退休生活的數額,不斷增加,幾乎所有的國家都面臨退休基金危機,而有退休制度改革或是增進退休基金投資收益等改進措施。但近年來金融市場利率持續走低,亦有金融風暴或經濟衰退的突襲,造成社會保險基金與退休基金,可能在未來會面臨前突然巨額損失之財務危機。因此,健全政府退休基金財務,確保基金長期、穩定的獲利,能夠支應退休給付之需求,以保障國人退休生活無虞,已成為當前最重要課題。
    從國際退休基金制度發展成熟之國家資產配置,雖仍以股票權益證券及債券為主要配置,但可發現其於現金部位或當現金部位配置都極少,而在另類資產之配置有逐漸增長之趨勢,反觀國內退休基金配置於現金部位仍有不少比重,現金在安全性或流動性雖較其他資產佳,但相對之收益性不如其他資產,配置過多勢影響整體退休基金收益。
    基礎建設投資屬另類資產項目之一,因其主要特性,如與傳統投資項目相關性低,多樣化配置讓風險降低,長期間的營運、穩定的現金流,對抗通膨等特性,與退休基金營運目的,長期穩定發展相配合,早已是國外退休基金配置項目之ㄧ,且比重日益增加,亦是我國退休基金欲納入投資項目之ㄧ。水能載舟亦能覆舟,任何投資工具都有其好壞,也有其風險所在,比較近期國內外退休基金資產配置情形,探討基礎建設之特性、風險、投資方式、評價等面向,瞭解投資基礎建設實務運作方式,並評估現行法規及制度面之限制,是否有調整空間。
    In recent years, due to the development of medicine, the life expectancy of human beings has been prolonged, the trend of population structure aging and declining birth is becoming more and more obvious, and the design of retirement system allows workers to retire early, so that the amount of basic retirement care will continue to increase. Countries are facing pension fund crises, and there are improvement measures such as retirement system reform or investment income enhancement. However, in recent years, financial market interest rates have continued to fall, and there have been financial turmoil or economic recession attacks, resulting in social insurance funds and pension funds, which may face a financial crisis of sudden and huge losses in the future. Therefore, it is the most important issue to improve the financial status of government pension funds, ensure long-term and stable profits of the fund, and be able to support the demand for retirement benefits in order to protect the retirement life.
    From the asset allocation of the developed national pension fund, although the stock equity securities and bonds are still the main allocation, the cash or bank deposit allocation is very small, and the allocation of alternative assets has a gradual growth trend. In contrast, the Taiwan pension fund is allocated in cash. There is still a large proportion of bank deposits. Cash is safer or more liquid than other assets, but the rate of return is not as good as other assets. Too much allocation will reduce the income of pension funds.
    Infrastructure is one of the alternative assets. Because of its main characteristics, such as low correlation with traditional investment, diversified allocation, risk reduction, long-term operation, stable cash flow, and anti-inflation, it is a foreign pension fund. Increase the proportion configuration and there is an increasing trend. Taiwanese pension funds also want to include infrastructure in investable assets. Any investment tool has its own good or bad, but also its risk. This study compares the recent asset allocation situation of Taiwanese and foreign pension funds, discusses the characteristics of infrastructure, risk, investment methods, evaluation, etc., and understands the practical operation mode of investment infrastructure. And assess the current regulatory and institutional restrictions, whether there is flexibility in adjustment.
    Reference: 一、中文文獻
    王儷玲,(2011)。我國退休基金管理制度之研究。行政院研究發展考核委員會100年研究,未出版。
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    二、英文文獻
    Ambachtsheer, Keith P.(1994). The Economics of Pension Fund. Financial Analysts Journals, Vol. 50, Iss. 6, pp. 21-31.
    Amott, Robert D. (1985). The Pension Sponsor's View of Asset Allocation. Financial Analysts Journal, Vol. 41, Iss. 5, pp. 17-23.
    Augusto Iglesias Robert J. Palacios. (2000). Managing Public Pension Reserves Part I: Evidence from the International Experience. The World Bank.
    BeefermanW.Larry. (2008). Pension Fund Investment. Harvard Law School.
    Brinson, G.P.D.S,.Brian,and G,L.Beebower. . (1991). Determinants of Portfolio Performance . Finacial Analysts Journal 47, pp. 40-48.
    Brinson, G.P.L.R.Hood,and G,L.Beebower. (1986). Determinants of Portfolio Performance. Finaancial Analysts Journal 51, pp. 133-138.
    Credit Suisse AssetManagement. (2010). Can Infrastructure Investing Enhance Portfolio Efficiency?
    https://www.credit-suisse.com/.../infrastructure_ch_uk_lux_ita_scandina
    Inderst G., Della Croce, R.,. (2013). Pension Fund Investment in Infrastructure:A Comparison between Australia and Canada. OECD WORKING PAPERS ON FINANCE, INSURANCE AND PRIVATE PENSIONS, NO. 32.
    J.P. Morgan AssetManagement. (2013). Guide to infrastructure investing. https://am.jpmorgan.com/uk/institutional/home
    J.P. Morgan AssetManagement. (2014). The road not taken-Pitfalls and opportunities in infrastructure investing. https://am.jpmorgan.com/uk/institutional/home
    MacBeth, James D., David C. Emanuel and Craig E. Heatter. (1994). An Investment Strategy for Defined Benefit Plans. Financial Analysts Journal, Vol. 50, Iss. 3, pp. 34-41.
    Description: 碩士
    國立政治大學
    勞工研究所
    98262016
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098262016
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.LR.005.2019.F08
    Appears in Collections:[勞工研究所] 學位論文

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