风险导向下澳大利亚超级年金监管研究及其启示

发布时间：2018-09-09 15:42

【摘要】：近年来,在许多经济发达国家和新兴市场经济国家,企业年金计划已经成为其养老保障体系的重要支柱,企业年金也成为退休职工重要的收入来源。且随着企业年金计划基金资产的积累,巨额资金一旦发生风险,不仅会影响到相关职工的个人养老水平,也会对整个资本市场造成较大的冲击,其影响具有社会性。因此,对企业年金基金资产安全的保护变得日益重要,这就要求各个国家依法采取有效的监管措施以维护企业年金受益者的权益。随着风险导向下的监管逐渐成为监管模式的主流,越来越多的国家开始将其应用到企业年金的监管中。澳大利亚超级年金计划作为其养老金体系的第二大支柱,随着相关制度的日益成熟,超级年金计划下的资产价值有了显著增长,至2013年6月已增长至16万亿澳元。为保障超级年金计划相关受益人的权益,澳大利亚政府通过审慎监管局采取风险导向下的监管方法以规范超级年金市场。风险导向下养老金的监管方法是一种结构性方法,它专注于识别养老金基金面临的潜在风险,并通过评估、调控财务和经营要素以适当减缓这些风险。这一过程可使得风险监管机构把资源分配给构成最大威胁的问题和机构。随着我国人口老龄化趋势不断增强以及基本养老保险替代率的不断下降,客观上要求企业年金计划发挥越来越大的补充作用,因此我们有必要借鉴发达国家经验,加强对企业年金基金投资运营的监管,促使其更好的保值增值,以形成对基本养老保险的有力补充。因此随着企业年金基金资产的积累及企业年金计划覆盖率的提升,我国企业年金监管也应尽快得到完善。本文从澳大利亚超级年金体系发展入手,通过对超级年金基金资产管理方式的介绍,逐步引入其现有监管组织框架及监管方法——风险导向下的监管方法。并通过对监管组织框架及监管方法的详细梳理,提出完善我国企业年金监管制度的思路。归结出适用于我国企业年金基金监管的部分,简单构建出我国企业年金基金风险导向下的基础监管流程,以更好地维护企业年金计划相关受益人的权益、促进金融市场的有序运营；并对我国逐渐引入此监管方法可能面对的挑战及相应的解决策略进行了论述。此外,借鉴其监管组织构架,提出构建我国企业年金监管组织构架的建议。第一章,绪论。第一节研究背景与意义主要介绍了随着澳大利亚超级年金计划的发展,为保障超级年金基金受益人的权益,政府对超级年金的监管日益重视,最终形成了如今的风险导向下的监管方法；同时随着我国企业年金计划的发展,我国对企业年金的监管也应尽早得到完善。第二节国内外研究综述主要为对澳大利亚超级年金发展历程的研究综述、对风险导向下监管方法的研究综述、对风险导向下监管方法应用于澳大利亚超级年金基金达成效果的研究综述及对我国企业年金面临的风险的研究综述。第三节主要论述研究目的与研究内容以及可能的创新点与不足。第二章,澳大利亚超级年金计划概述。第一节对澳大利亚超级年金分两个部分进行了论述,一部分是对澳大利亚超级年金制度发展及其现状的介绍,另一部分为对超级年金基金实体及其资产管理状况进行了简单的归纳。超级年金基金实体主要包括零售基金、行业基金、公司基金、公共部门基金、小型审慎监管局基金和自我管理基金六大类,不同的基金实体都各有其优势。如归入“大型基金”的前四类基金借助规模效应,在应对经济危机冲击时比较有优势；后两类被归为“小型基金”的基金实体在账户管理方面较有优势。第三章,澳大利亚超级年金基金监管组织构架。澳大利亚超级年金基金相应的监督管理组织构架主要由三大机构组成——澳大利亚审慎监管局、澳大利亚税务局及澳大利亚证券投资委员会。第一节主要论述澳大利亚审慎监管局的设立及其对超级年金基金的监管职责,并着重介绍了澳大利亚审慎监管局2002年引进的概率和影响评级系统及监管监督及应对系统。审慎监管局驱动概率和影响评级系统,概率和影响评级系统驱动监管监督及应对系统,而审慎监管局的最终监管行为受到监管监督及应对系统的影响。第二节、第三节则分别论述澳大利亚税务局及澳大利亚证券投资委员会对超级年金基金的监管责任。第四章,风险导向下澳大利亚超级年金基金监管流程。通过对澳大利亚超级年金基金风险导向下的监管过程做详细论述,明确风险导向下的监管流程主要包括以下步骤：风险识别、风险评估(包括对破产事件发生概率和影响程度的评级)、检测评估结果质量、根据综合风险评级采取相对应的监管活动。第一节风险识别主要包括两个部分,即对超级年金基金个体与系统风险的识别。第二节风险评估主要包括对风险评估指标、风险消减、风险权重划分,以及破产事件发生概率和影响程度评级的详细介绍。第三节为对已形成的风险评估结果进行质量检测,以保证评估结果的公平公正及有效性。第四节则为通过将评估结果输入监管监督及应对系统,确定适当的监管方式。第五章,风险导向下澳大利亚超级年金基金监管对我国企业年金监管体系的启示。第一节对我国企业年金制度及其发展现状进行了大致的总结。第二节通过参照澳大利亚超级年金基金监管组织构架,提出对我国现有监管组织构架进行改革,设立企业年金监督司及企业年金基金监管委员会,承担对我国企业年金的监管责任；同时根据澳大利亚对超级年金基金风险导向下的监管方法,提出我国的企业年金基金风险导向下基础的监管流程——风险识别、风险评估、监管反馈。同时提出我国逐渐采用风险导向下的监管方法将会面临的挑战——相关市场主体接受度、数据收集,以及专业人员的配置与培训,并对此提出了相应的解决方法。本文可能创新之处有以下几点：(1)对澳大利亚超级年金基金风险导向下的监管流程进行了细致的梳理,其监管流程主要包括风险识别、风险评估、风险评估的质量检测、确定有效的监管方式四个部分。其中风险评估中的概率和影响评级系统及确定有效监管方式使用的监管监督及应对系统,是澳大利亚超级年金基金风险导向下监管方法的主要构成部分。(2)参考澳大利亚超级年金基金风险导向下的监管方法,提出将风险导向下的监管方法逐步引入我国现有企业年金基金监管中,并建立我国企业年金的监管组织构架。设立专注于企业年金监管的专职部门——企业年金监督司,同时设立企业年金基金监管委员会,专门负责对企业年金基金管理运营机构的监管。(3)初步建立我国企业年金基金风险导向下的监管流程——风险识别、风险评级、监管反馈,并建议将风险评级结果分为低风险、中等风险、高风险及极高风险四类,并提出针对不同风险评级结果的监管应对策略。不足之处主要在于以下两点：(1)由于澳大利亚超级年金基金投资运营具有复杂性及自身能力限制,无法将风险导向下监管方法带来的效果直观表现出来；(2)基于自身务实能力的限制,仅能提出我国企业年金基金风险导向下的监管框架,基于监管框架下的细化研究有待进一步深化。
[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.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F846.11

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