基于投资风险补偿的最优企业年金基金管理策略探析

基于投资风险补偿的视角，引入模型分析职工的效用最大化与企业的成本最小化问题，进而探讨企业对承诺的养老金待遇的筹资水平以及企业年金基金的资产配置，并深入分析养老金待遇担保水平、最低筹资要求、保险定价及财务困境成本等因素对最优企业年金基金管理策略的影响。未来应建立更加合理的制衡制度，加强公司结构治理，从制度上规避道德风险和逆向选择倾向；应设计合理的补偿保险费率，在违规成本大于其获取的收益时产生有效的约束；应合理规定补偿范围及补偿责任，加强资本金约束，在风险发生后有明确的赔偿顺序，严格监督和约束受托人、托管人和投资管理人的行为以规避和防范风险的发生，制定严格的二次准入制度；应建立相对收益担保、中央公积金以及行业间互济三重模式有机结合的企业年金管理风险补偿机制，有效保护受益人权利。

The Optimal Management Strategy of Corporate Pension Fund Based on Investment Risk Compensation

When the defined-benefit corporate pension plan is underfunded or insolvent, how to protect the rights and interests of the beneficiary has become a universally concerned issue. This paper introduces a model to analyze the utility maximization problem of the worker and the cost minimization problem of the firm, and then discusses the firm＇s funding level of the promised pension benefit and asset allocation decisions of corporate pension fund. It further analyzes the effect of pension benefit guarantee level, the minimum funding requirement, pension insurance pricing and financial distress cost on the optimal management strategy of corporate pension fund.