企业年金

四部委联合发布的《企业年金基金管理试行办法》自5月1日起与《企业年金试行办法》同时施行。     

一部应企业年金之运而生的力作——《企业年金——模式探索与国际比较》评介

企业年金经过100多年的发展在经济社会生活中的作用越来越明显。我国在2004年4月先后出台了(《企业年金试行办法》和(《企业年金基金管理试行办法》，确立了我国企业年金制度发展的基本框架。2004年8月又发布了《企业年金管理指引》，正式拉开了我国企业年金市场发展的序幕，全国上下出现了一股空前的“企业年金热”。     

重视发挥工会组织在企业年金管理中的作用

企业年金作为职工退休收入保障的重要来源,是职工权益的一部分。以维护职工合法权益为基本职责的工会直接参与企业年金计划的决策、管理和监督,是保证年金制度健康发展的必要条件,也是工会组织义不容辞的责任。本文在分析国外工会组织参与企业年金管理的原因、形式和效应的基础上,研究我国工会组织在企业年金管理中的角色定位和职责,提出进一步增强工会组织在企业年金管理中的作用的政策建议。     

完善企业年金账户管理的建议

随着我国城镇职工养老保险体系的不断完善,企业年金已成为城镇职工养老保险体系的重要组成部分,但由于我国企业年金市场化运营刚刚起步,当前很多企业对年金账户管理的重视程度和认识水平都有待提高。笔者对我国企业年金账户管理现状和问题进行了一些调查分析,提出了相关完善企业年金账户管理的建议。     

完善企业年金账户管理的建议

随着我国城镇职工养老保险体系的不断完善,企业年金已成为城镇职工养老保险体系的重要组成部分,但由于我国企业年金市场化运营刚刚起步,当前很多企业对年金账户管理的重视程度和认识水平都有待提高。笔者对我国企业年金账户管理现状和问题进行了一些调查分析,提出了相关完善企业年金账户管理的建议。     

企业年金理事会受托模式的评价及优化

原劳动和社会保障部签发的《企业年金试行办法》及原劳动和社会保障部会同银监会、证监会、保监会共同签发的“企业年金基金管理试行办法》出台前，企业年金已形成了不同机构经办、多种方式运作的格局。《企业年金试行办法》和《企业年金基金管理试行办法》中，明确了企业年金基金信托管理模式及其实现方式，标志着企业年金进入了信托管理时代。因此，     

浅论企业年金税收优惠政策

企业年金是由企业为员工按照一定规则缴纳，用于支付员工退休后生活费用的一种特殊基金。在我国，企业年金还只是基本养老保险的一种补充。它与基本养老保险不同之处在于年金可以由企业自主选择缴纳，而不是强制缴纳的。2004年5月中国推出了《企业年金试行办法》和《企业年金基金管理试行办法》，此办法的推出正式开启了中国企业年金市场的市场化运作。     

企业年金市场发展中商业银行竞争对策的探讨

2004年企业年金及其基金管理法规的出台,标志着我国规范的企业年金市场启动。现行相关法规所构造的企业年金制度框架,对我国商业银行的发展既是一种机遇也是一个挑战。商业银行应该充分利用其优势,在介入年金资金托管市场的同时,创造条件渗入理事型年金管理市场,打造一体化金融服务的现代银行业态,不能坐失良机。     

我国企业年金发展的财务动机探析

随着2004年《企业年金管理办法》和《企业年金基金管理办法》的出台,我国企业年金制度已走上了一条从示范到逐步规范的发展道路,现正处于一个快速发展阶段。企业年金的顺利实施必须有企业良好的财务成果的支持。本文主要从财务角度分析我国企业年金发展现状及其发展动力不足的原因,主要从政府、企业、员工三个方面论述,并对我国企业年金的发展提出一些建议。     

论我国企业年金管理模式改革的战略方向

通过对我国企业年金管理模式纵横两方面的比较,本文认为,从微观的企业年金管理的层面上讲,法人受托模式下的2+2和3+1捆绑模式是目前企业年金管理的两种较好方式;从宏观的企业年金改革的层面上讲,企业年金管理改革的战略方向有四:从非信托模式走向信托模式;从理事会受托模式走向法人受托模式;从法人受托分拆模式走向法人受托捆绑模式;从传统金融机构捆绑模式走向养老金管理公司捆绑模式。     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.