主权养老保险基金ESG投资 ——国际经验与中国镜鉴

人口老龄化加剧的背景下,实现我国养老保险基金的高效运用是缓解社会保障压力、实现长期稳定的必然选择.在养老基金不断加大市场投资步伐与强度的背景下,如何更好的实现投资收益与社会责任的平衡成为关注焦点.本文通过介绍国外先进主权养老基金的新型ESG投资理念,并结合我国特点,提出养老基金进行ESG投资的相关镜鉴,为养老基金高质量运行提供新的思路.     

海外养老基金投资战略与制约因素

本文考察了海外养老基金投资决策中资产配置理念的发展趋势,从战略目标、策略选择、政府监管及舒生产品运用等方面分析了养老基金投资政策的制约因素,对我国养老金投资政策的建立与完善提供了经验借鉴。     

海外养老基金投资战略与制约因素

本文考察了海外养老基金投资决策中资产配置理念的发展趋势,从战略目标、策略选择、政府监管及衍生产品运用等方面分析了养老基金投资政策的制约因素,对我国养老金投资政策的建立与完善提供了经验借鉴.     

养老基金绿色投资组合分析与投资策略

绿色投资是兼顾经济、环境、社会三重盈余条件下实现经济、社会、环境可持续发展目标的投资活动。养老金制度与绿色经济可持续发展、绿色资产配置及其风险收益匹配特征、社会责任与道德伦理规范、法律监管要求是养老基金绿色投资的内在动因。实证分析表明,我国新能源指数投资还不能满足养老基金投资的风险与收益要求。我国养老基金绿色投资应坚持养老基金绿色投资导向,坚持浅绿投资为主,选择积极的资产配置策略,政府应培育养老基金绿色投资的良好条件,渐进实现养老金绿色投资和经济绿色增长的良性互动。     

关于我国养老基金进入资本市场的难点和对策分析

养老基金进入资本市场投资运作现在已经成为世界各国通行的做法，其意义在于取得两者的互动和双赢，目前，我国实现养老基金与资本市场的顺利对接必须解决诸多难点和约束因素。本文以西方主要发达国家和典型发展中国家养老基金制度改革经验作为借鉴，围绕我国养老基金和资本市场现存问题和解决对策责任要线索，分别论证了养老基金进入资本市场的前提是改革养老基金行政化管理体制，实行基金市场化运作，促进基金投向的多元化以及运作管理的民营化；养老基金进入资本市场的条件是提高上市公司质量，规范市场运作，建立养老基金投资监管体制，发展基金管理人。     

基于资产配置角度的主权财富基金投资策略研究

从投资稳健的美国政府养老基金,到四处套利的对冲基金,再到崭露头角的主权财富基金,全球金融市场风云变幻,有影响力的机构投资者轮番上场。主权财富基金作为一支带有一定神秘色彩的机构投资者通过选择不同国家、不同行业以及不同品种的资产进行组合,其投资的整体风险得到进一步的分散。因此本文从资产配置的角度,以主权财富基金发展的特点为基础,围绕全球主权财富基金投资策略的选择进行分析,对中投公司有一定的启示和借鉴意义。     

养老基金投资的制度分析及启示

对养老基金投资的制度分析表明,生物回报率是养老基金投资的理论收益,而养老基金投资收益的来源最终取决于经济增长。短期看,养老基金投资是零和游戏,但是长期看,只有整体经济增长,养老基金从制度层面上才会取得收益,为此,养老基金投资应与经济增长保持一致,从而分享经济增长的成果。     

PPP融资模式促进养老机构投资的研究

我国现有的养老设施总量很难满足日益增长的养老服务需求,供需矛盾突出。PPP融资模式引入了社会资本并注重市场机制,符合资源优化配置、促进社会公平的现代财政制度要求。利用PPP融资模式促进养老机构投资有效实现了"培育老龄产业新的增长点",更好地探索老龄产业和事业发展的高效模式。本文阐述了我国养老机构的发展现状,结合理论分析了PPP融资模式的融资结构和优势,从利益相关者角度和风险分担视角研究了PPP融资模式与养老机构投资的结合,为我国利用PPP融资模式促进养老机构投资发展提供一些参考。     

养老基金投资的制度分析及启示

对养老基金投资的制度分析表明,生物回报率是养老基金投资的理论收益,而养老基金投资收益的来源最终取决于经济增长.短期看,养老基金投资是零和游戏,但是长期看,只有整体经济增长,养老基金从制度层面上才会取得收益,为此,养老基金投资应与经济增长保持一致,从而分享经济增长的成果.     

海富通基金投资总监戴德舜：“保障”是养老基金本源

在我国跑步进入老龄化时,如何养老成为社会关注的焦点。对此,海富通基金投资总监戴德舜指出,养老的本源是在年老时享有保障,通过投资来养老的投资者切勿过于关注收益,同时也需警惕投资风险。在此背景下,针对养老人群的养老基金将有较大发展。相对国外已十分成熟的养老基金,我国养老型基金发展较为迟缓,截止最新目前市场上仅有2只以“养老”命名的基金,其中包括正在发行的首只绝对收益养老基金——海富通养老收益基金。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...