台灣退休基金監理之研究

Abstract

本論文擬分析台灣勞退基金、勞保基金、退撫基金等三大退休基金間的差異，以監理組織、投資運用、風險控管及績效評估來做分析，並提供三大退休基金及勞退新制未來改制的建議。論文先以第一手即時文獻、數字資料進行初步分項分析，再針對參與三大退休基金的二十三位專家，以質化的深度訪談及量化的問卷調查，來顯現並佐證各項論點。主要結論有：（一）三大退休基金監理會過去著重代表性，導致專業性及獨立性不足，又因幕僚人員專業性亦不足，監督成效有限。（二）勞退基金及退撫基金保證收益率設定在兩年定存利率，因此基金操作偏向保守，報酬率難謂優良。而委外操作因採招標法，管理費偏低、委外期間過短、監督能力有限，亦使委外經營績效不佳。（三）三大退休基金風險控管仍以事前之預防與設限為主，投資中及整體投資組合的風險控管仍可強化。風險控管部門位階應提升，資訊應適度公開以加強透明化。（四）過去三大退休基金依循一般公認會計原則，採用成本與市價孰低法每半年辦理評價，未採用市價法即時評價。最低保證收益及國庫貼補機制也影響股票投資操作態度。（五）採用確定提撥制的勞退新制，除安全性外，更著重投資績效，組織靈活、人事鬆綁、財政彈性的行政法人制，可能是兼採民間企業靈活度與執行政府公任務的穩健度之較佳選擇。

This thesis intends to analyze the differences among the three major pension funds by comparing their supervisory organization, investment management, risk control, and performance evaluation, in order to make constructive suggestions for future improvements on the three funds and the new labor pension fund in Taiwan. The three funds are the Labor Pension Fund, the Labor Insurance Fund, and the Public Service Pension Fund. The research first utilizes up-to-date numerical data and mostly first-hand materials to produce initial categorized analysis. Then, the analysis is augmented by conducting qualitative in-depth interview and quantitative survey of questionnaire with 23 experts who participated in the past operation of the three funds. The main conclusions are：（1）The supervisory function is limited due to the fact that the organization of the three supervisory committees lays more emphasis on representation, rather than on the professional and independence aspects. The supportive staff also lacks professional expertise.（2）The investment management biases toward conservative strategies, because both the Labor Pension Fund and the Public Service Pension Fund make the interest rate of on two-year deposit as the target rate of return. On the other hand, the investment performance of outsourcing（designated management） is not satisfactory because of the low fees of outsourcing due to the open tender method, too short duration of outsourcing, as well as limited ability to supervise.（3）The risk control of the three funds usually put more emphasis on pre-investment stage precautions and limits. This means the risk control in the course of investment and the overall portfolio risk management should be strengthened. Furthermore, the level of the risk control department should be raised and the information should be adequately publicized to enhance transparency.（4）In the past, the three funds adopt generally accepted accounting principles and use the Lower-of-Cost-or-Market approach to evaluate the asset every half a year, rather than using the market price approach. Also, the guarantee of minimum rate of return and the mechanism of National Treasury’s subsidy all have influences on the evaluation system of stock investment.（5）The new labor pension scheme of defined contribution lays emphasis not just on security but also more on investment performance. The newly proposed Government-Corporation approach which is characterized by flexible personnel management, as well as organizational and salary structure, should be a better choice as to have the benefits of both the flexibility of private enterprises and the credibility of governmental public services.