华东师范大学(哲学社会科学版) ›› 2012, Vol. 44 ›› Issue (1): 5-12.

• 社会保障研究 • 上一篇    下一篇

养老金市场投资运营的成本收益分析 
——基于澳大利亚超级年金经验的实证分析及其启示

路锦非   

  1. 华东师范大学公共管理学院社会保障研究所， 上海， 200062
  • 出版日期:2012-01-15 发布日期:2012-03-27
  • 通讯作者: 路锦非
  • 作者简介:路锦非
  • 基金资助:

    本文为国家社科基金青年项目（11CRK007）、教育部人文社会科学基金青年项目（10YJC840051）的阶段性成果。

A Cost Benefit Analysis of Investment and Operation of Pension Market 
——A Positive Analysis Based on Australian Superannuation

LU Jin-Fei   

  • Online:2012-01-15 Published:2012-03-27
  • Contact: LU Jin-Fei
  • About author: LU Jin-Fei

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摘要： 选取世界上成熟养老金市场中有代表性的澳大利亚作为研究对象，通过大量的数据搜集、分析和计算，抽离和提炼出澳大利亚的超级年金在市场运行中的经验数据，得出了对我国健康发展养老金市场尤其是企业年金运营具有重要参考性的研究结论：养老金市场存在明显的规模经济效应。深入澳大利亚养老金市场运行的微观层面，考察其超级年金投资运作中涉及到的资产分配比例、管理成本、投资收益、风险程度等细节，并通过构建一个全新的效率指标——回报/成本比来考察基金运营机构的运营效率即成本收益状况，可以得到诸多启示：我国养老金市场基金管理费率目前设定为1.6%是偏低的，而将成本费率设定为1.74%、回报/成本比设定为3.32左右是比较适合的。

关键词: 养老金市场, 超级年金, 企业年金, 成本收益, 回报/成本比

Abstract: This article selects Australia, having a most advanced pension market, as its research target, and tries to draw an empirical conclusion about pension market’s investment and return rate. There are obvious economies of scale in the pension investment market. The larger scale of pension fund is, the less management cost. There are many microfactors like portfolio proportion, management cost, return rate, risks and return/cost ratio, to measure the market players’ operational efficiency. This article also summarizes some implications valuable for Chinese pension market. According to its pension fund scale, the cost of 1.6% for pension fund management in China is lower than it should be, and 1.74% could be a good reference for Chinese market. The benchmark of return/cost ratio could be 3.32. All these conclusions are valuable for China’s pension market, especially for its corporate annuity market.