【摘要】：近年來,在許多經(jīng)濟發(fā)達(dá)國家和新興市場經(jīng)濟國家,企業(yè)年金計劃已經(jīng)成為其養(yǎng)老保障體系的重要支柱,企業(yè)年金也成為退休職工重要的收入來源。且隨著企業(yè)年金計劃基金資產(chǎn)的積累,巨額資金一旦發(fā)生風(fēng)險,不僅會影響到相關(guān)職工的個人養(yǎng)老水平,也會對整個資本市場造成較大的沖擊,其影響具有社會性。因此,對企業(yè)年金基金資產(chǎn)安全的保護變得日益重要,這就要求各個國家依法采取有效的監(jiān)管措施以維護企業(yè)年金受益者的權(quán)益。 隨著風(fēng)險導(dǎo)向下的監(jiān)管逐漸成為監(jiān)管模式的主流,越來越多的國家開始將其應(yīng)用到企業(yè)年金的監(jiān)管中。澳大利亞超級年金計劃作為其養(yǎng)老金體系的第二大支柱,隨著相關(guān)制度的日益成熟,超級年金計劃下的資產(chǎn)價值有了顯著增長,至2013年6月已增長至16萬億澳元。為保障超級年金計劃相關(guān)受益人的權(quán)益,澳大利亞政府通過審慎監(jiān)管局采取風(fēng)險導(dǎo)向下的監(jiān)管方法以規(guī)范超級年金市場。風(fēng)險導(dǎo)向下養(yǎng)老金的監(jiān)管方法是一種結(jié)構(gòu)性方法,它專注于識別養(yǎng)老金基金面臨的潛在風(fēng)險,并通過評估、調(diào)控財務(wù)和經(jīng)營要素以適當(dāng)減緩這些風(fēng)險。這一過程可使得風(fēng)險監(jiān)管機構(gòu)把資源分配給構(gòu)成最大威脅的問題和機構(gòu)。 隨著我國人口老齡化趨勢不斷增強以及基本養(yǎng)老保險替代率的不斷下降,客觀上要求企業(yè)年金計劃發(fā)揮越來越大的補充作用,因此我們有必要借鑒發(fā)達(dá)國家經(jīng)驗,加強對企業(yè)年金基金投資運營的監(jiān)管,促使其更好的保值增值,以形成對基本養(yǎng)老保險的有力補充。因此隨著企業(yè)年金基金資產(chǎn)的積累及企業(yè)年金計劃覆蓋率的提升,我國企業(yè)年金監(jiān)管也應(yīng)盡快得到完善。 本文從澳大利亞超級年金體系發(fā)展入手,通過對超級年金基金資產(chǎn)管理方式的介紹,逐步引入其現(xiàn)有監(jiān)管組織框架及監(jiān)管方法——風(fēng)險導(dǎo)向下的監(jiān)管方法。并通過對監(jiān)管組織框架及監(jiān)管方法的詳細(xì)梳理,提出完善我國企業(yè)年金監(jiān)管制度的思路。歸結(jié)出適用于我國企業(yè)年金基金監(jiān)管的部分,簡單構(gòu)建出我國企業(yè)年金基金風(fēng)險導(dǎo)向下的基礎(chǔ)監(jiān)管流程,以更好地維護企業(yè)年金計劃相關(guān)受益人的權(quán)益、促進(jìn)金融市場的有序運營；并對我國逐漸引入此監(jiān)管方法可能面對的挑戰(zhàn)及相應(yīng)的解決策略進(jìn)行了論述。此外,借鑒其監(jiān)管組織構(gòu)架,提出構(gòu)建我國企業(yè)年金監(jiān)管組織構(gòu)架的建議。 第一章,緒論。第一節(jié)研究背景與意義主要介紹了隨著澳大利亞超級年金計劃的發(fā)展,為保障超級年金基金受益人的權(quán)益,政府對超級年金的監(jiān)管日益重視,最終形成了如今的風(fēng)險導(dǎo)向下的監(jiān)管方法；同時隨著我國企業(yè)年金計劃的發(fā)展,我國對企業(yè)年金的監(jiān)管也應(yīng)盡早得到完善。第二節(jié)國內(nèi)外研究綜述主要為對澳大利亞超級年金發(fā)展歷程的研究綜述、對風(fēng)險導(dǎo)向下監(jiān)管方法的研究綜述、對風(fēng)險導(dǎo)向下監(jiān)管方法應(yīng)用于澳大利亞超級年金基金達(dá)成效果的研究綜述及對我國企業(yè)年金面臨的風(fēng)險的研究綜述。第三節(jié)主要論述研究目的與研究內(nèi)容以及可能的創(chuàng)新點與不足。 第二章,澳大利亞超級年金計劃概述。第一節(jié)對澳大利亞超級年金分兩個部分進(jìn)行了論述,一部分是對澳大利亞超級年金制度發(fā)展及其現(xiàn)狀的介紹,另一部分為對超級年金基金實體及其資產(chǎn)管理狀況進(jìn)行了簡單的歸納。超級年金基金實體主要包括零售基金、行業(yè)基金、公司基金、公共部門基金、小型審慎監(jiān)管局基金和自我管理基金六大類,不同的基金實體都各有其優(yōu)勢。如歸入“大型基金”的前四類基金借助規(guī)模效應(yīng),在應(yīng)對經(jīng)濟危機沖擊時比較有優(yōu)勢；后兩類被歸為“小型基金”的基金實體在賬戶管理方面較有優(yōu)勢。 第三章,澳大利亞超級年金基金監(jiān)管組織構(gòu)架。澳大利亞超級年金基金相應(yīng)的監(jiān)督管理組織構(gòu)架主要由三大機構(gòu)組成——澳大利亞審慎監(jiān)管局、澳大利亞稅務(wù)局及澳大利亞證券投資委員會。第一節(jié)主要論述澳大利亞審慎監(jiān)管局的設(shè)立及其對超級年金基金的監(jiān)管職責(zé),并著重介紹了澳大利亞審慎監(jiān)管局2002年引進(jìn)的概率和影響評級系統(tǒng)及監(jiān)管監(jiān)督及應(yīng)對系統(tǒng)。審慎監(jiān)管局驅(qū)動概率和影響評級系統(tǒng),概率和影響評級系統(tǒng)驅(qū)動監(jiān)管監(jiān)督及應(yīng)對系統(tǒng),而審慎監(jiān)管局的最終監(jiān)管行為受到監(jiān)管監(jiān)督及應(yīng)對系統(tǒng)的影響。第二節(jié)、第三節(jié)則分別論述澳大利亞稅務(wù)局及澳大利亞證券投資委員會對超級年金基金的監(jiān)管責(zé)任。第四章,風(fēng)險導(dǎo)向下澳大利亞超級年金基金監(jiān)管流程。通過對澳大利亞超級年金基金風(fēng)險導(dǎo)向下的監(jiān)管過程做詳細(xì)論述,明確風(fēng)險導(dǎo)向下的監(jiān)管流程主要包括以下步驟：風(fēng)險識別、風(fēng)險評估(包括對破產(chǎn)事件發(fā)生概率和影響程度的評級)、檢測評估結(jié)果質(zhì)量、根據(jù)綜合風(fēng)險評級采取相對應(yīng)的監(jiān)管活動。第一節(jié)風(fēng)險識別主要包括兩個部分,即對超級年金基金個體與系統(tǒng)風(fēng)險的識別。第二節(jié)風(fēng)險評估主要包括對風(fēng)險評估指標(biāo)、風(fēng)險消減、風(fēng)險權(quán)重劃分,以及破產(chǎn)事件發(fā)生概率和影響程度評級的詳細(xì)介紹。第三節(jié)為對已形成的風(fēng)險評估結(jié)果進(jìn)行質(zhì)量檢測,以保證評估結(jié)果的公平公正及有效性。第四節(jié)則為通過將評估結(jié)果輸入監(jiān)管監(jiān)督及應(yīng)對系統(tǒng),確定適當(dāng)?shù)谋O(jiān)管方式。 第五章,風(fēng)險導(dǎo)向下澳大利亞超級年金基金監(jiān)管對我國企業(yè)年金監(jiān)管體系的啟示。第一節(jié)對我國企業(yè)年金制度及其發(fā)展現(xiàn)狀進(jìn)行了大致的總結(jié)。第二節(jié)通過參照澳大利亞超級年金基金監(jiān)管組織構(gòu)架,提出對我國現(xiàn)有監(jiān)管組織構(gòu)架進(jìn)行改革,設(shè)立企業(yè)年金監(jiān)督司及企業(yè)年金基金監(jiān)管委員會,承擔(dān)對我國企業(yè)年金的監(jiān)管責(zé)任；同時根據(jù)澳大利亞對超級年金基金風(fēng)險導(dǎo)向下的監(jiān)管方法,提出我國的企業(yè)年金基金風(fēng)險導(dǎo)向下基礎(chǔ)的監(jiān)管流程——風(fēng)險識別、風(fēng)險評估、監(jiān)管反饋。同時提出我國逐漸采用風(fēng)險導(dǎo)向下的監(jiān)管方法將會面臨的挑戰(zhàn)——相關(guān)市場主體接受度、數(shù)據(jù)收集,以及專業(yè)人員的配置與培訓(xùn),并對此提出了相應(yīng)的解決方法。 本文可能創(chuàng)新之處有以下幾點：(1)對澳大利亞超級年金基金風(fēng)險導(dǎo)向下的監(jiān)管流程進(jìn)行了細(xì)致的梳理,其監(jiān)管流程主要包括風(fēng)險識別、風(fēng)險評估、風(fēng)險評估的質(zhì)量檢測、確定有效的監(jiān)管方式四個部分。其中風(fēng)險評估中的概率和影響評級系統(tǒng)及確定有效監(jiān)管方式使用的監(jiān)管監(jiān)督及應(yīng)對系統(tǒng),是澳大利亞超級年金基金風(fēng)險導(dǎo)向下監(jiān)管方法的主要構(gòu)成部分。(2)參考澳大利亞超級年金基金風(fēng)險導(dǎo)向下的監(jiān)管方法,提出將風(fēng)險導(dǎo)向下的監(jiān)管方法逐步引入我國現(xiàn)有企業(yè)年金基金監(jiān)管中,并建立我國企業(yè)年金的監(jiān)管組織構(gòu)架。設(shè)立專注于企業(yè)年金監(jiān)管的專職部門——企業(yè)年金監(jiān)督司,同時設(shè)立企業(yè)年金基金監(jiān)管委員會,專門負(fù)責(zé)對企業(yè)年金基金管理運營機構(gòu)的監(jiān)管。(3)初步建立我國企業(yè)年金基金風(fēng)險導(dǎo)向下的監(jiān)管流程——風(fēng)險識別、風(fēng)險評級、監(jiān)管反饋,并建議將風(fēng)險評級結(jié)果分為低風(fēng)險、中等風(fēng)險、高風(fēng)險及極高風(fēng)險四類,并提出針對不同風(fēng)險評級結(jié)果的監(jiān)管應(yīng)對策略。 不足之處主要在于以下兩點：(1)由于澳大利亞超級年金基金投資運營具有復(fù)雜性及自身能力限制,無法將風(fēng)險導(dǎo)向下監(jiān)管方法帶來的效果直觀表現(xiàn)出來；(2)基于自身務(wù)實能力的限制,僅能提出我國企業(yè)年金基金風(fēng)險導(dǎo)向下的監(jiān)管框架,基于監(jiān)管框架下的細(xì)化研究有待進(jìn)一步深化。
[Abstract]:In recent years, in many developed countries and emerging market economies, the enterprise annuity plan has become an important pillar of their pension security system, and the enterprise annuity has become an important source of income for retired workers. The level of individual pension will also have a great impact on the whole capital market, and its impact is social. Therefore, it is increasingly important to protect the assets of enterprise annuity funds, which requires countries to take effective regulatory measures to safeguard the rights and interests of enterprise annuity beneficiaries.
As risk-oriented regulation has gradually become the mainstream of the regulatory model, more and more countries have begun to apply it to the supervision of enterprise annuity. Australian superannuity scheme as the second pillar of its pension system, with the maturity of the relevant system, the value of assets under the superannuity scheme has increased significantly to 201. To protect the interests of the beneficiaries of the superannuity scheme, the Australian government regulated the superannuity market through a risk-oriented regulatory approach adopted by the Prudential Authority. The risk-based pension regulatory approach is a structural approach that focuses on identifying the potential of pension funds. Risks are moderated by adjusting financial and operational factors through assessment. This process allows risk regulators to allocate resources to problems and institutions that pose the greatest threat.
With the increasing trend of aging population and the declining substitution rate of basic endowment insurance in China, it is imperative for the enterprise annuity plan to play a more and more supplementary role. Therefore, it is necessary for us to learn from the experience of developed countries and strengthen the supervision of the investment and operation of enterprise annuity fund so as to promote its better value preservation and appreciation so as to form a pair of pension plans. Therefore, with the accumulation of the assets of the enterprise annuity fund and the promotion of the coverage rate of the enterprise annuity plan, the supervision of the enterprise annuity should be perfected as soon as possible.
Starting with the development of Australian superannuity system, this paper introduces the assets management mode of superannuity fund, and gradually introduces its existing supervisory organization framework and supervisory method-risk-oriented supervisory method. In order to protect the rights and interests of the beneficiaries of the enterprise annuity plan and promote the orderly operation of the financial market, it is necessary to construct the basic supervision process under the risk-oriented of the enterprise annuity fund, which is suitable for the supervision of the enterprise annuity fund in China. Challenges and corresponding solutions are discussed. In addition, suggestions are put forward to construct the supervisory organization framework of enterprise annuity in China.
The first section introduces the background and significance of the study. With the development of Australian superannuity scheme, the government pays more and more attention to the superannuity supervision to protect the rights and interests of the beneficiaries of the superannuity fund, and finally forms the risk-oriented supervision method. At the same time, with the development of China's enterprise annuity scheme. The second section is a review of the development of Australian superannuity, the risk-oriented regulatory methods, the application of risk-oriented regulatory methods to Australian superannuity funds and the results achieved. The third section mainly discusses the purpose and content of the study, as well as possible innovations and deficiencies.
The second chapter is the overview of the Australian superannuity plan. The first section discusses the Australian superannuity in two parts, one is the introduction of the development of the Australian superannuity system and its status quo, the other is a brief summary of the superannuity fund entities and their assets management. The main types of funds include retail funds, industry funds, corporate funds, public sector funds, small Prudential Authority funds and self-managed funds. Different fund entities have their own advantages. Fund entities for small funds have more advantages in account management.
Chapter 3, Australian Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity Fund Superannuity It also introduces the probabilistic and influential rating system and supervisory supervision and response system introduced by the Australian Prudential authority in 2002. The probabilistic and influential rating system drives the supervisory supervision and response system, and the probabilistic and influential rating system drives the supervisory supervision and response system, and the ultimate result of the Prudential authority. Section 2 and Section 3 respectively discuss the regulatory responsibilities of Australian Tax Authority and Australian Securities Investment Commission on superannuity funds. Chapter 4, the risk-oriented supervision process of Australian superannuity funds. The downward supervision process is discussed in detail, and the risk-oriented supervision process includes the following steps: risk identification, risk assessment (including the rating of the probability and impact of the bankruptcy event), testing the quality of the evaluation results, and taking corresponding regulatory activities according to the comprehensive risk rating. The second section mainly includes the risk assessment index, risk reduction, risk weight division, as well as the probability of bankruptcy and impact rating. The third section carries on the quality inspection to the formed risk assessment result, in order to guarantee the evaluation. The fourth section is to determine the appropriate supervision methods by importing the evaluation results into the supervision and response system.
The fifth chapter is the Enlightenment of Australian superannuity fund supervision under risk-oriented to China's enterprise annuity supervision system. The first section gives a general summary of China's enterprise annuity system and its development status. The second section refers to the Australian superannuity fund supervision organization framework and proposes the existing supervision organization framework for China. At the same time, according to Australia's risk-oriented supervision method of superannuity fund, this paper puts forward the basic supervision process of China's enterprise annuity fund under the risk-oriented supervision: risk identification, risk assessment and supervision. At the same time, the paper puts forward the challenges that China will face when it gradually adopts the risk-oriented supervision method - acceptance of relevant market entities, data collection, and the allocation and training of professionals, and puts forward the corresponding solutions.
The possible innovations of this paper are as follows: (1) The risk-oriented supervision process of Australian superannuity funds is carefully combed, which includes risk identification, risk assessment, quality inspection of risk assessment, and the determination of effective supervision methods. Systematic and effective supervision and response system are the main components of the risk-oriented supervision methods of Australian superannuity funds. (2) Referring to the risk-oriented supervision methods of Australian superannuity funds, the risk-oriented supervision methods are gradually introduced into China's existing enterprise annuity. In the process of fund supervision, the supervisory organization framework of enterprise annuity in China is established. The supervisory department of enterprise annuity, which focuses on the supervision of enterprise annuity, is set up, and the supervisory committee of enterprise annuity fund is set up to supervise the management and operation of enterprise annuity fund. (3) The risk orientation of enterprise annuity fund in China is initially established. The regulatory process under this framework - risk identification, risk rating, regulatory feedback, and recommend that risk rating results be divided into four categories: low-risk, medium-risk, high-risk and very high-risk, and put forward regulatory response strategies for different risk rating results.
The shortcomings lie mainly in the following two points: (1) due to the complexity of the investment and operation of Australian superannuity funds and their own capacity constraints, the effect of risk-oriented supervision methods can not be intuitively displayed; (2) based on their own practical ability constraints, only the risk-oriented supervision framework of China's enterprise annuity funds can be proposed. The detailed research based on the regulatory framework needs to be further deepened.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F846.11

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