养老金资产配置管理国际比较分析及其启示——兼析“养老金入市”问题

养老金俗称"养命钱",是指政府的社会保险机构、企业、养老金公司等以各种方式征集,并通过治理和投资运营,在投保人因年老或疾病失去劳动能力时按月支付的资金。当前,"养老金入市"问题引起了社会的广泛关注,究其实质,我们可以认识到这一问题实际上即是基本养老金的资产配置问题。本文在总结梳理国外养老金资产配置管理概况及其趋势的基础上指出:基本养老金进入资本市场是大势所趋,但需建立一系列严格、规范的管理和监督机制。     

我国养老资金投资资本市场的路径及风险管理研究——基于《基本养老保险基金投资管理办法》

养老保险是社会秩序稳定的基石,随着人口老龄化的到来,养老金的保值增值已经到了刻不容缓的地步。但是,我国的养老保险存在投资运营效率低下、保值增值效果不佳的突出问题,为此人力资源和社会保障部与财政部会同有关部门起草了《基本养老保险基金投资管理办法》推进养老资金进入资本市场,本文重点针对我国养老资金投资资本市场存在的各种风险进行分析,提出相应的风险管理策略。     

养老金制度改革与资本市场的完善

本文主要从分析养老金制度改革趋势入手,研究国际国内资本市场和养老金制度改革的关系,讨论目前国内费本市场对养老金制度改革的影响,提出完善资本市场和养老金两者制度体系的方向。     

从博弈论的视角来看待养老金入市问题

我国养老金由于缺乏良好的投资渠道,每年贬值数百亿元,养老金制度的改革已迫在眉睫,养老金入市已是大势所趋。本文从证券市场参与者的博弈角度分析了养老金入市对证券市场深层次的影响,得出:从资本市场稳定健康发展的目标看,需要积极培育包括养老金在内的机构投资者,它将有助于资本市场的平衡,改善市场交易结构,更能促进证监会加大对市场的规范,引导理性投资理念,利于资本市场的良性发展。     

探究如何做好养老金入市风险防范

本文对养老金投资运营现状进行分析,指出养老金入市风险研究的重要性。对养老金入市相关风险进行分析,并从系统性风险与非系统性风险两个角度提出风险防范措施。     

城镇企业职工“养老金悖论”向题研究

本文在定性地给出中国"养老金悖论"的基本定义后,运用模型对城镇企业职工基本养老保险制度实际实现的替代率进行测算,并将结果与主要国家和地区的相关指标进行比较,揭示了"养老金悖论"的实质。从城镇企业职工基本养老保险制度的计发办法、新旧制度转换所形成的转轨成本、个人账户基金的增值率三个方面讨论了中国"养老金悖论"问题的成因。在实证分析和影响因素分析的基础上,提出了解决城镇企业职工"养老金悖论,,问题的可行路径。     

境外养老金入市的几点思考——兼谈对中国地方养老保险基金入市的启示

在当前全球老龄化危机日益严峻之际，养老金投资及保值增值问题已不单纯是一个财政和经济问题，更是一个社会和政治问题。从国外经验看，养老金入市是一种趋势，长期来看能够为养老金带来较高的投资回报。目前，对于中国养老保险基金是否入市的争论还在继续，相关政策迟迟不能出台，而境外养老金则加快投资国内A股的进程，稳步扩大投资规模，表现出对投资中国资本市场获取长期稳定收益的坚定信心。     

信用与资本——开发性金融研究

资本是关系到当下和长远发展的重要命题,而信用是实现从财富到资本转化的关键要素。本文从四个维度考察信用与资本的关系。一是关于信用的产生和演进,指出了信用产生的两个必要条件,并从社会财富三个阶段来审视信用和资本相互作用的演进过程。二是信用的性质和功能。讨论了信用的基本性质,以及规范商品和资本交易、促进资本形成以及信用的金融功能等基础性功能,并进一步讨论了信用的证券化功能以及金融市场建设功能。三是当前信用体系面对的新挑战和新问题。首先提出了美元外汇储备在一定意义上是美元信用对中国储蓄的证券化,是全球信用美元化的组成,在资本匮乏阶段是必要选择,而当下需要对财富和资本寻找新的载体,需要考虑和实现减少对美元的依赖。其次,从深化对国家信用的运用角度对解决问题的路径进行了思考,初步提出了通过发行以国家信用为基础的股权证券化工具,解决长期资本不足问题,应对当前挑战的设想。四是在回顾和总结部分,本文指出,信用的形态会随着资本发展而不断演进,从个人到企业、国家再到国际,从债务信用升级为命运信用即股权信用,乃至尚未出现的国际股权信用,是未来信用发展的方向。     

我国养老金市场化相关会计问题研究——对比美国养老金计划

2012年5月8日,中国证监会投资者保护局就网友提出的涉及资本市场的热点问题进行了集中回应。针对"证监会不断提倡地方养老金进入股市,但却没有相应的行动"的问题,证监会表示,鼓励价值投资,有关部门表示将加紧步伐,为养老金入市做好相应的准备。本文从养老金入市这个话题进行展开,讨论目前我国养老金运行中存在的一些困难。面对我国老龄化加重的情形,我国养老金计划需要拓宽途径,在这种情况下,可以借鉴美国的经验,学习美国的养老金体系,并提出我国养老金计划的一些构想。     

我国养老金市场化相关会计问题研究——对比美国养老金计划

2012年5月8日,中国证监会投资者保护局就网友提出的涉及资本市场的热点问题进行了集中回应。针对"证监会不断提倡地方养老金进入股市,但却没有相应的行动"的问题,证监会表示,鼓励价值投资,有关部门表示将加紧步伐,为养老金入市做好相应的准备。本文从养老金入市这个话题进行展开,讨论目前我国养老金运行中存在的一些困难。面对我国老龄化加重的情形,我国养老金计划需要拓宽途径,在这种情况下,可以借鉴美国的经验,学习美国的养老金体系,并提出我国养老金计划的一些构想。     

国外养老基金投资规则与绩效的比较

由于政治和人口老龄化对传统的现收现付体制带来的财政压力，养老基金制度改革已经成为一个全球性课题。在一些国家，由于对部分或全部基金型养老基金投资限制的改革，不仅使养老基金行业受益，而且对资本市场发展也产生了积极的影响。本文通过对不同投资监管制度下养老基金投资绩效差异和对资本市场不同影响的分析，探讨中国养老基金投资监管制度的改革方向和政策选择。     

Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors

Abstract:   In this paper, we contribute to the literature on institutional herding and feedback trading by analysing the investment behavior of pension funds on the Polish stock market. Pension funds entered into the stock market due to the national pension system reform in 1999, providing a unique opportunity to receive deeper insight into the behavior of institutional investors in an emerging capital market. Our results show that Polish pension fund investors are to a greater extent involved in herd‐like behavior and pursue feedback trading strategies more often than their counterparts in mature markets. This finding is primarily attributed to a stringent investment regulation and high market concentration. We do not detect, however, that trading by the pension funds exerts significant influence on the future stock prices.     

Investing for the old age: pensions, children and savings

In the last century, most countries have experienced both an increase in pension spending and a decline in fertility. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility decisions. Since children have traditionally represented for parents a form of retirement saving, particularly in economies with limited or nonexistent capital markets, an exogenous increase of pension spending provides a saving technology alternative to children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show that an increase in pensions is associated with a larger decrease in fertility in countries in which individuals have less access to financial markets. Cross-country regression analysis supports our result: an interaction between various measures of pension generosity and a proxy for the development of financial markets consistently enters the regressions positively and significantly, suggesting that in economies with limited financial markets, children represent a (if not the only) way for parents to save for old age, and that increases in pensions amount effectively to relaxing these constraints.     

FINANCIAL LITERACY AND PENSION INVESTMENT DECISIONS

The call for enhanced financial literacy amongst consumers is a global phenomenon, driven by the growing complexity of financial markets and products, and government concerns about the affordability of supporting an ageing population. Worldwide, defined benefit pensions are giving way to the risk and uncertainty of defined contribution superannuation/pension funds where fund members now make choices and decisions that were once made on their behalf. An important prerequisite for informed financial decision‐making is adequate financial knowledge and skills to make competent investment decisions. This paper reports the findings of an online survey of the members of a large Australian public sector‐based superannuation fund and shows that although respondents generally understand basic financial matters, on average, their understanding of investments concepts, such as the relationship between risk and returns, is inadequate. These results highlight the need for education programs focusing specifically on developing fund members’ investment knowledge and skills to facilitate informed retirement savings decisions.     

A Comment on the Place of Funded Pensions in Transition Economies

Arguments are presented in the case of Eastern European transitioncountries for combining the restructuring of insolvent pay-as-you-goretirement systems with the introduction of mandatory, private,funded pensions. They involve the reduction of dead-weight loss,the return to formal activity of gray markets, and the developmentof capital markets. With the proper financing, such policiescan also increase national savings. Lack of public knowledgeabout financial instruments for saving argues for making participationin the private funds mandatory. A combination of a reformed pay-as-you-gosystem with private, mandatory funds balances concern for politicalrisk and real wage variability with concern for the variabilityof real financial returns.Animportant caveat is in order. Implementing such a policy requiresa capacity for effective enforcement of prudencial regulationsand a commitment to macroeconomic stability. If these are notpresent, reform should be limited to restoring balance to thepay-as-you-go system.     

英国养老金金融化改革的经验和启示

文章梳理了英国养老金制度改革历程,归纳了三个支柱改革的金融化导向及表现,分析了金融化改革对第二、三支柱养老金覆盖率、缴费率、投资收益和基金积累的影响,以及生命周期化投资、养老金债券等金融创新在应对低利率风险、金融危机冲击风险中的作用.基于英国养老金金融化改革经验,结合我国企业年金和个人养老金发展的实际,总结了引入"自动加入"制度、发展集合年金计划、完善税收优惠、推行审慎监管、鼓励养老金生命周期投资创新以及改革基础养老金制度为职业年金和个人养老金金融化改革创造条件等结论和启示.     

Evaluating the Financial Performance of Pension Funds: An Individual Investor's Perspective

Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.     

Managing Pension Risks: A Corporate Finance Perspective

Defined benefit (DB) pension plans of both U.S. and European companies are significantly underfunded because of the low interest rate environment and prior decisions to invest heavily in equities. Additional contributions and the recovery of stock markets since the end of the crisis have helped a bit but pension underfunding remains significant. Pension underfunding has substantial corporate finance implications. The authors show that companies with large pension deficits have historically delivered weaker share price performance than their peers and also trade at lower valuation multiples. Large deficits also reduce financial flexibility, increase financial risk, particularly in downside economic scenarios, and contribute to greater stock price volatility and a higher cost of capital. The authors argue that the optimal approach to managing DB pension risks relates to the risk tolerance of specific companies and their short and long‐term strategic and financial priorities. Financial executives should consider the follow pension strategies:

• Voluntary Pension Contributions: Funding the pension gap by issuing new debt or equity can provide valuation and capital structure benefits—and in many cases is both NPV‐positive and EPS‐accretive. The authors show that investors have reacted favorably to both debt‐ and equity‐financed contributions.
• Plan de‐risking: Shifting the pension plan's assets from equity to fixed income has become an increasingly popular approach. The primary purpose of pension assets is to fund pension liabilities while limiting risk to the operating company. The pension plan should not be viewed or run as a profit center.
• Plan Restructuring: Companies should also consider alternatives such as terminating and freezing plans, paying lump sums, and changing accounting reporting.

     

Financing Retirement in the European Union

This paper explores how EU countries can address various challenges (including the aging of the population) affecting their systems of old-age income support. It presents two scenarios illustrating the most important uncertainties surrounding the major developments that affect the pension systems of the EU. To diversify these risks, EU governments should act on several fronts. In addition to the formation of human capital (especially that of children), employment (especially that of older workers) should be boosted. This calls for social insurance reform with more emphasis on individual saving schemes. Pension schemes should be more explicit about how they share demographic and other risks. Countries that currently rely heavily on public pay-as-you-go (PAYG) schemes should stimulate private pensions by gradually reducing PAYG benefits collected by high-income earners, by issuing new financial instruments, and by conducting intergenerational risk sharing through the tax system.     

The Asset Management Industry in Asia: Dynamics of Growth,Structure, and Performance

We examine the industrial organization and institutional development of the asset management industry in Asian developing economies—specifically in China, Indonesia, Korea, Malaysia, Singapore, Philippines, and Thailand. We focus on the size and growth of the buy‐side of the respective financial markets, asset allocation, the regulatory environment, and the state of internationalization of the fund management industry in its key components—mutual funds, pension funds, and asset management for high net worth individuals. We link the evolution of professional asset management in these environments to the development of the respective capital markets and to the evolution of corporate governance. We find that the fund management industry occupies a very small niche in domestic financial systems that are dominated by banks. At the same time, we find that its growth has been very rapid in the early 2000s and we suggest that this is likely to persist as the demand for professional management of financial wealth in the region develops and as the pension fund sectors of the respective economies are liberalized to allow larger portions of assets to be invested in collective investment schemes.