我國退休基金操作績效評估之研究－以退撫基金為例

Abstract

近年來，隨著我國人口結構高齡化、少子化之變化及國家財政困難，退休基金能否以低成本（提撥率）提供足夠之退休保障，端賴其運用之績效，雖然為免發生危害基金清償能力的情形，並確保受益者的退休給付，退休基金應避免風險過高的投資，但為了降低提撥負擔與避免基金不足的情形發生，退休基金亦應該注重投資的收益性。為期基金得以永續經營，除了妥慎訂定投資策略外，亦須靈活操作運用基金以增加收益，因此，基金效益面向之考量隨著時代之轉變而有逐漸加重其重要性之趨勢。 本研究主要目的是藉由退撫基金長期操作績效不佳之情形，探討現行基金組織面、基金運作面、基金管理監督面等問題，整理分析以瞭解其困境或不合理之處，及對基金長期經營績效的影響，進而提出建議作為相關部門處理退休基金運用之參考。研究方法係以退撫基金各年度資產負債表、收支餘絀的趨勢圖當中，予以分析說明並探討其執行成效；再加以立法委員的質詢結果及監察院、審計部的調查報告，予以整理歸納做成實證資料分析；並且透過焦點訪談，藉由受訪人的專業層面做諮詢，予以記錄整理歸納，進而提出具體建議供主管機關訂定基金運用績效評估指標及未來提升經營管理績效之參考

In recent years, there have been the trend towards fewer children and the aging problem in population structure, and the national financial crises in our country. And whether pension funds can offer enough retirement protection through the low cost or appropriation rate depends on the performance of the application of the funds. In order to avoid jeopardizing the funds solvency and ensure the beneficiaries pension profits, pension funds should avoid high-risk investments. However, to diminish the burden of appropriation and avoid the deficiency of funds, pension funds should put the emphasis on the profitability of investments. For the investment strategies, the funds should also be operated and applied to increase the profits. In this case, the consideration of the aspects about the effect of the funds, in accordance with the change of time, has become more and more important. This thesis, examining the situation in which the operation of pension fund has not be performed well, aims to explore the operating problems concerning the current fund organization, the fund operation and the fund management and supervision. By sorting out and analyzing those problems, the predicaments and illegitimacy of pensions funds will be able to be understood. Also, with regard to the effect of the performance of the long-term fund management, the thesis will offer some suggestions for the related departments as references for handling the operation of pension funds. The methodology is to analyze and explain the annual balance sheets of pension funds, and the run charts of the income and expenditure surplus to probe into the effectiveness of the application of the pension funds. In addition, the thesis will generalize the results of consulting legislators and the investigative reports from The Control Yuan and National Audit Office to make empirical analyses. What’s more, through the consultation and interviews with the interviewees for their professional knowledge, the thesis will further provide the competent authority with specific suggestions to formulate the index for the performance appraisal of funds and to promote the performance of management in the future.