Pension scheme fees and charge ratios in 44 countries: A comparative study

Based on data received from pension supervisory authorities, the article reviews 85 different pension schemes in 44 jurisdictions by looking at fees and charges as well as their legal ceilings and their development since 2014. A key finding is the observed decrease in fees and caps. The article presents jurisdictions according to clusters, i.e. by groups of countries with identical or very similar items already covered by pension fees, and analyses the extent to which various cost and fee elements are covered by fees charged to members. Finally, we calculate charge ratios for each cluster to quantify the impact of fees and charges on pension savings. Occupational defined contribution pension schemes and personal plans linked to employment tend to be much more cost effective than personal schemes that have no direct employment link.     

A call for more elaborate and transparent pension data to inform policy‐making: A critical examination of World Bank data for Eastern Europe

This article offers a critical analysis of the methods by means of which data relating to the performance of second pillar pension schemes are collated, compared and reported. This is done with regard to the performance of mandatory private second pillar pension funds in Eastern Europe. By critically examining data published in a number of World Bank studies, and through the identification of data problems and irregularities, the article argues that a much more elaborate and transparent approach to the collation, comparative analysis and reporting of data is needed. Required is the establishment of a consensus regarding what should represent a robust basis for making credible policy recommendations, not least with regard to pension re‐reforms in the countries of Eastern Europe and elsewhere. In the absence of such a consensus, unresolved data problems and irregularities may potentially continue to influence the formulation of incomplete national policy conclusions regarding the performance of second pillar pension funds and, in turn, the ability of policy‐makers to evaluate appropriately the need for, and assess the feasibility of implementing in a sustainable manner, pension re‐reform.     

信息技术与集团资金管理

随着科学技术尤其是信息技术的飞速发展,信息技术给企业生产、管理活动的方式带来了根本性的变革。信息技术对企业管理提出了重大的挑战,促使其考虑如何利用信息技术改进企业管理模式,适应信息社会,在日益激烈的竞争中保持不败的地位。本文将讨论如何利用信息技术改进集团资金管理,实现企业管理信息化的第一步。     

国外巨灾保险体制对中国的启示

中国长期受到自然灾害的困扰,建立适合国情的巨灾保险体制已经成为必然。分析中国巨灾保险在供给和需求两方面均呈现不足状态的原因,借鉴国际上巨灾保险体制发展较好国家的经验,认为建立完善的巨灾保险体制需要从建立完备的法律体系、发展繁荣的巨灾保险市场和培养多层次的巨灾风险管理体系几个方面入手。从目前情况来看,应该从建立完善的法律体系、发展再保险市场、建立巨灾风险基金和发展政府巨灾债券几个方面着手,建设多层次的、适合中国国情的巨灾保险体制。     

城镇职工基本养老保险税预测研究——以浙江省为例

在当前经济形势下，逐步开征基本养老保险税是实现缓解各省养老保险基金缺口、减轻企业负担以及推进养老保险全国统筹三者协调发展的重要决策。本文以浙江省为例，基于2005-2016年的历史数据，对有关参数进行线性拟合分析并加以合理设定，对税率和养老金替代率分别按高中低和高低进行假设，形成六种方案进行测算。研究发现当养老金替代率为35%，税率为14%（方案五）时，基础养老金收支平衡比较稳定；进一步研究发现浙江省未来30年内养老保险社会统筹基金的平均税率为1256%，同时基本养老保险税率降低可为正在试点中的长期护理保险制度留出发展空间。进而本文对我国养老保险税制提出相应的配套政策建议。     

The efficiency of mutual fund companies: Evidence from an innovative network SBM approach

This paper is the first DEA (Data Envelopment Analysis) evaluation of the efficiency of a sample of mutual fund companies in a large Euro fund industry, i.e. Spain. Our novel network model links the efficiency of the core activities (portfolio management and marketing/distribution) of a mutual fund company to the efficiency of its operational management function. Our results highlight the important networking effects at the marketing stage and question the prime role of portfolio management skills in the overall efficiency of a mutual fund company. The evaluation of robust efficiency clusters indicates that the efficiency rankings obtained with our network model persist significantly along our sample period. Finally, the application of the SBM (Slacks-Based Measure) Variation III to our network model allows us to identify a large number of globally inefficient but locally efficient companies with reference to competitors with similar management resources.     

我国农村科技型企业创业资金需求与供给研究

农村科技型企业对农村经济的发展有着积极的导向作用。然而资金问题已成为阻碍其成长的重要因素。在不同阶段，创业的特点与风险不尽相同，因此对资金的需求也不一样。文章从农村科技型企业创业不同阶段的资金需求特征入手，分析了其在创业融资中遇到的问题，指出目前我国农村科技型企业创业融资比较理想的模式是以政府为主导，并引导各项金融资源与农村科技创业相结合，以此满足农村科技型企业创业各阶段的融资需求。     

From pension funds to piggy banks: (Perverse) consequences of the Stability and Growth Pact since the crisis

As part of their strategy for economic and monetary union, European governments committed themselves to fiscal discipline – particularly by placing limits on annual deficits and on public debt. Subsequently, and as they sought to respond to the “current crisis”, they embraced the view that only if public finances were kept under control would sustainable recovery be possible. Rules of fiscal governance were strengthened. To help them meet these rules, the governments of many member States of the European Union made changes to their pension systems or to funds they had established specifically to pay the costs of population ageing. The intention was not to cut retirement benefits or to improve the efficiency of the relevant pension schemes and institutions. Rather, it was to free up resources immediately. Funded pension schemes and pension funds were treated like “piggy banks” that were raided when times became hard. Moreover, the policies pursued succeeded in meeting their objectives only because the system of national accounts according to which outcomes are judged does not recognize the way in which most of the fiscal gains are matched by future fiscal liabilities.     

体育产业的投融资环境建设:市场及参与者

本文运用文献资料法,数理统计法对投融资环境、产业投资基金等体育产业发展的投融资因素进行了分析与讨论。统计分析表明:投融资环境的有效发展是促进经济发展的主要方面。促进资本市场的建设及发展产业投资基金对于体育产业的发展来说是至关重要的。通过市场建设及产业投资基金的发展,不仅能通过增加流动性提高体育资产的价值,也能增加市场对资源的配置效率,有力地促进整个体育产业的发展。     

论我国艺术品的金融化趋势——以艺术信托投资基金为例

中国艺术品市场的金融化是大势所趋,就目前的情况来看,艺术品资本市场的发育与发展是其核心,而中国艺术品资本市场发展的突破口是艺术品投资基金。艺术品金融化,指的是研究如何将艺术品作为金融资产纳入个人和机构的理财范围,以及使艺术品转化为"金融工具",将艺术品市场金融化。艺术品信托投资基金的使用,目前来说是最广泛、风险较小、收益良好的金融工具,是当代资本市场和金融界对艺术品市场的介入,试图将艺术品市场资本化规范操作的尝试。然而无论从市场规模、市场地位,还是规范化程度、风险控制、投资品种等方面,仍存在诸多不足,需要借鉴西方艺术品投资的成功经验。