摘要
本文通过国际上两种主要的养老金监管模式——严格限量监管和审慎监管模式进行比较分析,对我国严格准入的监管模式进行经济学模型分析,得出严格限量监管模式将带来养老金市场的寡头垄断、造成服务供给不足,并形成较高的市场价格、降低市场运行效率的结论。本文通过对国际上采取这两种模式的国家养老金投资运营的效率进行实证分析,得出结论:采取审慎性监管模式的养老基金投资收益率较高,同时风险水平也相对较低,而严格监管模式下养老基金投资却在承担较高风险的情况下投资收益率也较低。尽管审慎监管模式有若干优点,但基于我国的现实情况,目前宜采取严格限量监管为主审慎监管为辅的混合监管模式,逐步引导中国的养老金市场监管走向审慎监管的模式。
The article analyzes two main models of pension market supervision:strict entry and prudential supervision.By taking China as an example,the article makes an economic model to analyze the economic effects of strict entry model,concludes that strict entry will result in oligopoly,insufficient services and higher price,which will reduce the market efficiency.The article also makes an empirical analysis of countries adopting these two models all over the world,and concludes that:the prudential supervision model makes higher return with lower risks while the strict entry model earns lower return with relatively higher risks.However,given China's reality,we should mainly take strict entry model at current stage,and gradually lead pension market supervision in the direction of prudential supervision.
出处
《上海金融》
CSSCI
北大核心
2012年第1期53-58,117,共6页
Shanghai Finance
基金
2011年国家社科基金青年基金项目<城镇人口年龄结构变动对储蓄
消费和社会保障的影响研究>阶段性成果
项目批准号:11CRK007
2010年教育部人文社会科学青年基金项目<我国社会保障基金投资运营与风险研究>部分成果
项目批准号:10YJC840051
关键词
严格准入
审慎
监管模式
养老金市场
Strict Entry
Prudence
Supervision Model
Pension Market
