基于委托代理链的社保基金风险问题研究

发布时间：2018-08-17 20:06

【摘要】：近年来,频频发生的社保案件使得社保基金管理中存在的诸多问题备受关注。一方面,体系建设上,我国建立全国社会保障基金作为战略储备；设立个人账户鼓励积累；同时积极建立各种补充保险如企业年金；另一方面,在扩大规模的基础上确保基金的保值增值,这使得社保基金的大规模入市成为必然。总体来看,随着基金规模的迅速膨胀,委托代理投资成必然趋势。截止2008年底,养老保险、医疗保险、失业保险、工伤保险和生育保险等五项社会保险去年累计结余资金总额高达1.52万亿元。社会保险基金是社会保障基金中最重要的组成部分。本文拟将社保基金中主要三项纳入研究范围：全国社会保障基金、社会保险基金(养老保险基金为主体)、企业年金。以“社保基金”为三项总称。广泛意义上的社会保障基金投资存在着多层委托代理关系。并且存在以下特点：委托代理链冗长。初始委托人(参保人)与最终代理人之间是多级委托代理关系；初始委托人对最终委托人的监督是间接监督而不是直接监督；除了初始委托人和最终委托人之外,整个代理链上的环节都具有双重身份。全国社保基金的委托代理关系基本符合“多任务委托代理模型”、“单一委托人、多元代理人的委托代理模型”和“多阶段委托代理模型”,对此较为复杂的委托代理关系,应当引起关注的就是“约束激励机制”和“监督机制”。在全国社保基金运营的“三级”委托代理关系中,第二、第三级的关系可以借鉴市场监督机制。对于社保基金而言,多层多级的委托代理关系构成了基金运营过程中完整的链条,即社保基金的委托代理链。因此,在委托人缺位的情况下,第一受托人转化为实际受托人,这是中国特殊情况下产生的特殊现象。中国的社保基金问题多出现于“实际委托人”环节。当前,中国一般民众不仅难以获得有关养老基金的信息,而且十分缺乏相关的专业知识。中国目前关键是要建立或指定一个全国性的养老基金监管机构,并制定养老基金运营者必须遵守的一些规范。从解决委托代理问题的角度看,拉美国家严格的监管模式在短期内要比欧美国家的监管模式更适合中国,因此,某些政策我们可以尝试去借鉴。
[Abstract]:In recent years, the frequent social security cases have caused many problems in the social security fund management. On the one hand, in the construction of the system, China has established the National Social Security Fund as a strategic reserve; set up individual accounts to encourage accumulation; at the same time, actively set up various supplementary insurance such as enterprise annuity; on the other hand, On the basis of enlarging the scale, it is necessary to ensure the fund's value-preserving and increasing value, which makes it necessary for the social security fund to enter the market on a large scale. Overall, with the rapid expansion of the size of the Fund, principal-agent investment has become an inevitable trend. By the end of 2008, five social insurance items, including old-age insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance, had accumulated fund balances of 1.52 trillion yuan last year. Social insurance fund is the most important part of social security fund. This paper intends to bring three main items of social security fund into the research scope: national social security fund, social insurance fund (pension insurance fund as the main body), enterprise annuity. With "social security fund" for three general terms. In a wide sense, the investment of social security fund has multi-level principal-agent relationship. And there are the following characteristics: long chain of principal agent. There is a multi-level principal-agent relationship between the initial principal (insured) and the final agent; the supervision of the final client by the initial trustor is indirect rather than direct; in addition to the initial principal and the final client, The whole chain of agents has dual identities. The principal-agent relationship of the National Social Security Fund basically accords with the "multi-task principal-agent model", "the principal-agent model of single principal and multi-agent" and "multi-stage principal-agent model". What should arouse the attention is "restraint incentive mechanism" and "supervision mechanism". In the "three-level" principal-agent relationship in the operation of the National Social Security Fund, the second and third levels of the relationship can draw lessons from the market supervision mechanism. For the social security fund, the multi-level and multi-level principal-agent relationship constitutes the complete chain in the process of fund operation, that is, the principal-agent chain of the social security fund. Therefore, in the absence of the principal, the first trustee is transformed into the actual trustee, which is a special phenomenon in China. China's social security fund problems often appear in the "actual client" link. At present, Chinese people not only have difficulty in obtaining information about pension funds, but also lack relevant expertise. The key now is to set up or designate a national pension fund regulator and set some rules that pension fund operators must follow. From the perspective of solving the principal-agent problem, the strict supervision model of Latin American countries is more suitable for China in the short term than that of European and American countries. Therefore, we can try to learn from some policies.
【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F842.6

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