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The International Comparison of Pension Funds Investment in Infrastruc-Ture Bonds and the Reference in China

Author: YangMingMing
Tutor: ChenZhiGuo
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: Pension Fund Investment Infrastructure Bond Investment Prin-ciples Asset Allocation
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Type: Master's thesis
Year: 2013
Downloads: 76
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Abstract


The proportion of the elderly population is increasing every year, the phe-nomenon of China’s aging population has been increasing concern of the commu-nity. How to raise the elderly has become an important problem. Pension funds can protect the elderly, but ensuring the value of pension funds become the most im-portant problem. The key to ensure the value of pension funds is to create new in-vestment instrument.The investment instruments for pension funds in foreign countries are more than those in China, such as:deposit, equity, bonds, alternative instrument includ-ing infrastructure and so on. Infrastructure has attracted pension funds manager’s attention, because there are so many characteristics in infrastructure that can match with pension funds. Firstly, the time span for the construction of infrastructure is always long and investment scale of infrastructure is large. Pension fund can pro-vide stable long-term cash flow for infrastructure construction. Secondly, infrastructure can generate long-term and stable cash flow. Thirdly, infrastructure can prevent inflation, so it is for pension fund to maintain and increase their value. Finally, the correlation between infrastructure and other assets is very low so that pension fund can disperse portfolio risk.Infrastructure construction become one of the important driving force for chi-na’s economic growth and have capacity to increase people welfare. The demand of infrastructure is very huge but supply is inadequate. We can find the fact that Chinese pension funds look for investing instruments and that infrastructure seeks financing source can well match. There are many way for pension fund investing infrastructure. This paper talk about pension funds investment in infrastructure bonds and introduce cases about performance of the United State and Chile. In the end, it explores ways for China pension funds to invest infrastructure bonds.This paper consists six chapters: The first chapter is the introduction, it explains background and significance of the paper and also introduces ideas, methods, main content and innovation.The second chapter is the literature review. This chapter states home and abroad study about infrastructure and pension funds investment in infrastructure. It will describe shortage in study about China’s pension funds investment in infra-structure, especially in infrastructure bonds.The third chapter is the theoretical basis of the pension fund investment in in-frastructure. It gives detailed concept, category, role and characteristics about in-frastructure and proves that infrastructure can generate long-term construction span and stable cash flow。At the time, infrastructure have low correlations with other assets classes。In Chapter4, we will introduce the case about America’s pension funds in-vestment in infrastructure bonds. This chapter introduces infrastructure market, pension funds and pension funds investment in infrastructure bonds in America.In Chapter5,there is introduction about Chile’s pension investment in infra-structure bonds. We will introduce infrastructure construction, infrastructure bonds and pension funds investment in infrastructure bonds in chile.Sixth chapter presents background of pension funds and infrastructure in china. In this chapter, we will introduce our nation’s pension funds investment in in-frastructure bonds from Security, Profitability, liquidity, sociality, choice of infra-structure bonds and asset allocation in china.The innovation of this dissertation is detailed introduction about pension funds investment in infrastructure bonds in America and Chile. It will present PABs and BABs in America. In Chile, Chilean Ministry for Public Works (MOP) permit pri-vate sector investing in infrastructure building through infrastructure bonds.The main weaknesses of this dissertation are as follows:Firstly, it’s hard to search foreign data and case. Secondly, it is unable to simulate the specific asset allocation in pension funds investment in infrastructure bonds from risk and return.

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