我国企业年金计划的模式比较

企业年金计划通常有两种模式：确定给付制(DB)和确定缴费制(DC)，我国采取的是DC计划。在西方国家，DB计划占据优势，但20世纪70年代以后，出现了从DB计划逐步转向DC计划的趋势。DB和DC计划各有千秋。DC计划的推行，主要得益于强有力的税收优惠支持。因此，我国应着力制定、完善和切实推行企业年金的税收优惠政策。在目前税收优惠政策不完善或落实不到位的情况下，规定只采用DC计划，并不适宜所有的企业，应赋予企业选择企业年金计划模式的权利。     

企业年金基金的会计处理问题研究——基于缴费确定型（DC型）

随着我国企业年金的不断发展,如何规范对企业年金基金的会计处理行为已成为会计界关注的焦点.本文以我国实行的缴费确定型企业年金计划为基础,从受托、投资运营和给付三个环节对企业年金基金的会计处理问题进行探讨.     

中国特色的企业年金设计

《企业年金试行办法》于2005年5月1日正式启动,国内企业年金制度走出规范化经营的第一步。至此,中国的养老保障体系形成三大支柱,其中企业年金面临着重大的发展机遇,并将成为最重要的支柱。所以,需要根据各国企业年金政策的内容,尝试性对中国企业年金计划的缴费、投资以及养老金领取阶段的方案进行设计,并根据各国企业年金政策的内容,尝试性地对中国企业年金计划的缴费、投资以及养老金领取阶段的方案进行设计。     

美国雇主养老金计划及对中国企业年金制发展的启示

雇主养老金计划 ,是美国私人养老制度中最重要的组成部分 ,总体上可以划分为缴费确定和待遇确定两种模式。我国的企业年金由于多方面的原因仍没有形成对基本养老保险的有效补充 ,应借鉴美国的雇主养老金计划模式 ,把推动企业年金的发展作为我国养老保险制度改革的重点。     

基于随机利率和通货膨胀的缴费确定型养老金计划最优资产配置策略

在随机利率和通货膨胀的背景条件下,应用随机动态规划方法,提出一个连续时间数学模型来分析动态资产组合选择,主要研究缴费确定型养老金计划的最优资产配置策略,旨在使其最终实际财富的期望效用最大化.用Cox-Ingersoll-Ross(CIR)过程来模拟名义利率的动态变化,用通货膨胀指数化债券来有效的对冲通货膨胀风险.通过应用随机动态规划方法,得出在CRRA效用函数下的最优资产配置策略.最后通过数值分析并计算出解析解来说明动态投资策略,可以帮助缴费确定型养老金计划的参与者建立自己的养老基金投资组合,根据其风险厌恶程度从现有的个人养老金产品中进行选择,并提出基于养老金受益人生命周期及不同风险偏好的投资策略.     

养老金制度运行机理的经济学分析 ——基于内部收益率的比较分析

养老金制度的模式选择是可持续养老金制度改革的中心议题,内部收益率是对养老金制度运行机理进行经济学分析的重要变量.本文利用两期世代交叠模型的分析方法,对现收现付制待遇确定型、基金积累制缴费确定型以及非积累制缴费确定型三种养老金制度模式的内部收益率进行理论推演和比较分析,并以此为基础分析了三种养老金制度运行机理的经济学内核,以期对养老金制度改革中的模式选择提供一个可以衡量的经济理论解释框架.     

以预付缴费计划扩大我国非正规就业者养老保险覆盖面

由于非正规就业者灵活的劳动关系,试图将其纳入严重依赖于雇主收入申报的传统缴费型养老金计划,会产生高额的管理成本问题。预付缴费养老金计划由雇主预付缴费,借助缴费凭证,将融资和养老金权益的跟踪分离,既能保证稳定融资,又能使计算养老金权益所需收集的信息量最少,从而降低管理成本。该计划方便灵活且易于与其他养老金计划有效衔接。     

企业年金计划影响因素及经济结果的研究述评和展望

企业年金的影响因素非常复杂,涉及到诸多方面,其对经济结果的影响也很复杂。我们通过对国内外大量文献的梳理,分析了管理层薪酬激励动机、内部委托人动机、劳动力动机、财务动机等影响企业年金的因素,探讨了年金计划对融资成本、股利分配、投资政策以及企业价值产生影响的经济结果问题。对企业年金计划(DB)的冻结与经营杠杆、现金流变化的关系以及DB计划的冻结与企业风险控制和竞争力关系等国内外研究状况进行了较为完整的归纳。在此基础上提出采用DB模式是否会导致企业债务明显增加、年金计划缴费是否会影响股东分红及员工的生产积极性、公司破产时如何保证年金的顺延以及如何构建基于利益相关者均衡的企业年金优化模型等未来值得研究的问题。     

资源外包网络的运作模式研究

资源外包并不仅仅停留在发包商和供应商双边层面,而是通过与第三方、第四方的联系进而形成庞大的资源外包网络。本文通过案例分析识别出两种资源外包网络的运作模式：中心型和嵌套型资源外包网络,并就两种运作模式的特点、适用条件,以及两者的联系与区别进行比较分析。     

缴费确定型企业年金领取阶段的最佳策略

缴费确定型企业年金在领取阶段如何实现投资最优直接影响到计划参加者的福利。DC计划计划参与者在退休时面临的三种典型选择——购买普通生存年金(PLA方案)、购买允许股票投资的生存年金(ELA方案)到强制转换年龄时再购买普通生存年金、投资股票的收入减少方式(ELID方案)到强制转换年龄时再购买普通生存年金。本文通过分别假设针对股市风险较小国家和股市风险较大国家的两组数据,给出在特定的股市上,计划参与者结合自身的情况,可能做出的最佳选择,从而对于企业年金尚处于起步阶段的中国在年金制度设计方面提供了参考。     

The portable guarantee to exchange back an old defined benefit for a new defined contribution (DC) pension plan

As a defined contribution (DC) pension plan is introduced to replace a defined benefit (DB) pension plan, the portability benefit from a DC pension plan costs the employees to bear the investment risk from managing the pension fund. To protect the retirement income and maintain the portability benefit, a guarantee to exchange back the old defined benefit is supposed to be demanded for the new DC plan's participants in the guarantee market. In light of such a demand, this article applies a claim-terminating insurance pricing model to offer a contingent claims pricing model for a portable pension guarantee. Using the new labor pension plan of Taiwan as an illustration, a guaranteed DC pension will carry an extra cost of almost 50% up to over 100% of the plan's contributions over the participant's work life, given the current mandatory minimum requirement of a contribution rate of 6%.     

Heterogeneity effects on the management of retirement fund

This article studies the importance of plan members’ heterogeneity to the management of defined benefit (DB) pension fund. We propose a new multi-member model of DB pension fund that allows for heterogeneity in plan members’ retirement ages, salary growths and other characteristics. We first solve analytically for optimal management strategy and show that the sponsor’s supplementary contribution and the fund’s allocation in risky assets are determined by the cross-product between the fund’s expected retirement liabilities and some heterogeneity-adjusted discount factors. We then demonstrate that the presence of heterogeneity can have a significant influence on the optimal management strategy and that a management decision made while ignoring heterogeneity will be suboptimal. The knowledge of desirable and undesirable effects of heterogeneity that we uncover in this article also provides implications to the grouping of fund members. Introducing a presence of young member whose salary is positively correlated with the risky asset and avoid stacking members with negative correlations will all help the management.     

Occupation pension for public employees in the People's Republic of China: A new approach with defined benefit underpin pension plan

The State Council of the People's Republic of China announced a reformed pension plan for public employees with the occupation pension plan in January 2015, officially disclosing that the social pension systems for private and public employees will be unified. Our proposed occupation pension plan for public employees is one of the important components in transiting from a dual‐track pension system to a sustainable and unified system. We aim at providing a pension design, that is, the defined benefit (DB ) underpin pension with estimates of the costs and benefits. We have used a financial engineering approach to calculate the hedge contribution for a DB underpin hybrid pension plan benefit. We also treat pension benefit and salaries in aggregate. Therefore, we propose a stochastic and exogenous salary model. Employees’ total benefits can be determined by multiple factors, such as inflation, economic environment, and employer's preference. However, the expectation of employees’ total benefits should not be affected by the change of salary and pension benefits. Our results could facilitate the ongoing pension reform in the People's Republic of China, providing a rigorous benchmark with public policy implications as to plan design, cost estimation, as well as risk management approach.     

The funding for a Defined Benefit (DB) pension plan based on the fair valuation of the plan's insolvency risk

This study provides a contingent claims valuation approach model to value a sponsor's claim on a salary-related, defined benefit (DB) pension plan. The model is further developed to numerically estimate a suggested optimal contribution cost that allows the sponsor to fairly bear the risk of the plan's insolvency. The results demonstrate that the traditional actuarial valuation underestimates the cost of pension benefits, and that the normal contribution cost is not enough for the sponsor to fairly charge the value of bearing the plan's insolvency.     

DEFINED CONTRIBUTION PLANS, DEFINED BENEFIT PLANS, AND THE ACCUMULATION OF RETIREMENT WEALTH

The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on a participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. This paper simulates the distribution of retirement wealth under representative DB and DC plans. It uses data from the Health and Retirement Study (HRS) to explore how asset returns, earnings histories, and retirement plan characteristics contribute to the variation in retirement wealth outcomes. We simulate DC plan accumulation by randomly assigning individuals a share of wages that they and their employer contribute to the plan. We consider several possible asset allocation strategies, with asset returns drawn from the historical return distribution. Our DB plan simulations draw earnings histories from the HRS, and randomly assign each individual a pension plan drawn from a sample of large private and public defined benefit plans. The simulations yield distributions of both DC and DB wealth at retirement. Average retirement wealth accruals under current DC plans exceed average accruals under private sector DB plans, although DC plans are also more likely to generate very low retirement wealth outcomes. The comparison of current DC plans with more generous public sector DB plans is less definitive, because public sector DB plans are more generous on average than their private sector DB counterparts.     

Does the NDC scheme mimic the French point system?

After the implementation of the notional defined contribution (NDC) pension scheme in Italy and Sweden in the ‘90s, some authors argued that its design merely replicates the functioning of the points-based pension schemes already in place in France and Germany. The aim of this article is to assess the soundness of this proposition by comparing the properties of the French points-based pension system (FPS) with those of the NDC scheme, which refrains from intra-cohort redistributions by ensuring substantial uniformity of individual rates of return. In order to assess to what extent the FPS also avoids intra-cohort redistributions, we run several simulations for different career patterns. The results of the simulations show that the discretionary adjustments embedded in the FPS are responsible for random, regressive redistributions. Finally, the article identifies the theoretical ‘equivalence condition’ showing that full correspondence between the two schemes would require replacing the discretionary mechanisms of the FPS with an automatic adjustment of point values.     

我国最优混合养老保险体制的选择:收益和风险分析

养老金研究的核心问题之一在于选择合适的养老金计划运行方式。文章基于中国实际,通过引入随机性的"权衡理论"模型分析发现,在代表性参保人效用最大化前提下,运行方式选择类似于金融资产组合问题。所谓的艾隆条件只是在确定性模型下的特定结果。在加入风险因素后,即便在艾隆条件下,引入一定的积累制也将改善养老金体系的运行状况。两种制度最优的混合比例将受到人口增长率、工资增长率、个人风险规避倾向和金融市场因素的共同影响。分析结果表明提高养老金计划运行收益率和养老基金分散化投资有利于增进参保人效用。     

Risk-return preferences in the pension domain: Are people able to choose?

This paper presents new evidence for the Netherlands on pension preferences and investor autonomy in the pension domain using a representative survey of about 1000 Dutch citizens. Our main conclusions are the following. Risk aversion is domain dependent and highest in the pension domain. The vast majority of respondents favours the currently dominant defined benefit pension system. If offered a combined defined benefit/defined contribution system, the majority would like to have a guaranteed pension income of at least 70% of their net labour income. Self-assessed risk tolerance and financial expertise are important individual explanatory variables of pension attitudes. The average respondent considers himself financially unsophisticated and is reluctant to take control of retirement savings investment, even when offered the possibility to increase expertise. Respondents who have chosen a relatively safe portfolio tend to switch to the riskier median portfolio when they are shown future income streams. This again suggests that many respondents currently lack the skills to have investor autonomy over investment for retirement.     

Measuring and explaining implicit risk sharing in defined benefit pension funds

This article investigates responses to changes in solvency by occupational pension funds using a unique panel data set containing the balance sheets of all registered pension funds in the Netherlands over a period of 13 years (1993–2005). A fixed discount rate for liabilities in the supervisory framework allows us to measure the response of pension funds to solvency shocks. We find that pension rights are expanded, by e.g. indexation, or limited, by for instance setting the pension premium over its actuarially fair price, in line with the funding ratio but that the pension funds’ response function exhibits two sharp and significant behavioural breaks, close to the minimum funding ratio of 105% and the target ratio of around 125%. We further find that large funds and grey funds are relatively generous to current participants.     

新型劳资关系对中小企业建立年金计划的影响分析

企业年金作为一项企业福利制度已经成为企业优化管理的重要手段,但我国中小企业年金计划却止步不前。本文在深入分析中小企业建立年金计划面临困难和问题的基础上,通过思考新型劳资关系对中小企业产生的影响,指出新型劳资关系可以解决中小企业建立年金面临的难题,并提出了具体的对策和建议,为进一步推动中小企业年金计划的发展提供借鉴。