| Aging population will be a common phenomenon of human society. Social pension security has been one of basic human rights. In this situation, various countries have explored solutions (to cope with the aging population) based on their own national conditions. Among them, collecting social resources in market-oriented way as well as establishing and operating pension funds have become a universal consensus. Pension system reform in China started in the early1990s.The marketization of pension funds and diversification of investment operation are the direction and goal of reform.But so far, there are strict restrictions on pension funds investment. The superficial reason is concern about financial markets, especially stock market, but the fundamental constraint is that pension funds investment management system has not really established, esp. the effective supervision system marketing.Pension system reform has been the hot topic for about30years. The reform measures include pension funds parameter and structural readjustment. The core of the reform is to maintain and appreciate the value by the mercerization of pension funds. The other reform measures also promote the development of the pension funds investment, such as the establishment and development of the accumulation funds system, and the establishment of multi-pillar pension funds system. Foreign experience shows that pension funds investment can form a good interaction with capital market, promoting the development of capital market while sharing economic gains. Pension funds investment is not only the result of the development of its reform, but also part of the reform. The social attribute of pension funds pay more attention to the investment of security. However, the financial markets risk highly condensed. How to seek maximum profits under the given risk that depends not only on the investment strategy of the pension funds,but also on the control of external forces,esp.regulatory constraints.In macroscopic view, configuration and the choice of (supervision)model is the core content of supervision system. Supervision configuration system has basically three types:integration, specialization and partial integration. Australia, Chile, Britain and the United States are the typical representatives of the supervision configuration systems. Our country’s financial regulation is the "separate operation, separate supervision". In addition, the development of pension funds investment lags behind. Therefore, implementation of professional supervision configuration system and construction specialized body are the inevitable choice.The supervision model is divided into prudent man rule and strict quantitative restriction. From the angle of theoretical analysis and experience, prudent man rule is superior to the strict quantitative restriction. In practice, the standard of prudent man rule is gradually increasing and they have the tendency to be integrated, paying attention to risk-orientation and application of asset allocation theory. China should introduce prudent man rule, gradually transit to mixed regulation mode and establish the comesponding supporting measures.In microscopic view, the supervision of investment market access to pension funds is the first threshold, which excludes unqualified institutions from market by identifying investment qualification, and sustains a moderate scale of market. China’s current access system is imperfect with unsatisfactory effect of quality regulation and unclear goals of quality regulation. It is essential to rationalize the relationship of approval process of pension funds investment access, reconstruct accessing procedures, define the relationship between rights and obligations of different regulatory agencies, improve qualification system of employees of pension funds investment,and fill the gap of overseas investment accessing regulation.Information disclosure of pension funds investment means that during the whole process of operation, asset managers of pension funds periodically submit documents and reports and ensure authenticity and integrity of the information reported by this system, information disclosure is the prerequisite of other regulatory systems of pension funds investment. Just like other types of connected transactions, connected transaction of pension funds investment refers to market transaction that has significant impact on controlling relationship or operational process among pension funds investment agencies. Information disclosure is the base of related transaction supervision, while related transaction is an important part of information disclosure.In the market mechanism, there must be entry and exit of investment in pension funds investment market. Perfect quitting mechanism is an important indicator to measure maturity of the market. China’s design of pension funds access should observe some principles:moderating strictness with lenience, matching efficiency with justice and combining regulation with promotion. The purpose of market quitting of pension funds investment are to make market participants who do not meet the condition and possess no qualifications quit market competition and market operation of pension funds, to prevent pension funds being ended, and to rationally and more effectively configure market resources.As pension funds are the main people’s source of income after their retirements, the government cannot entirely leave retirement risk to individual. Therefore, the government should build risk compensation to diversify and dissolve risks. The compensation measures of DB-type and DC-type pension funds are different because of the different design of risk-sharing.DB-type pension funds risk compensation can be realized through public guarantees, while DC-type is mainly to establish investment restraint mechanism. As present, risk compensation mechanism is restricted to risk reserves, no real multi-level mechanism. China is a country of DC-type pension funds, with a need to establish and perfect corresponding mechanism of risk compensation, and to broaden sources of compensation funds. |
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