China's Implicit Pension Debt Payment Mechanism Study

To overcome crisis of aging of population,our country have carried out theendowment insurance institutional reform,the reform have taken placepay-as-you-go system to partially funded system.Thus the pension payment promiseformed in pay-as-you-go system begins to exposure;the implicit pension debt hasproduced.Therefore,how to pay back such sum of huge sum debt has beenmentioned.This article tries to carry out analysis on this problem.The article can be divided into four parts,that is to say it concludes theory basepart,and current situation analyzed part,the route of paying debt part and the lastconclusion part.The essay is base on theoretical analysis in domestic and foreigndocument,analysis current situation of implicit pension debt's payment,and buildsup"three pillar one guarantee"IPD's payment mechanism.Finally,the article sumsup full text and gets four conclusions.The first chapter is direction language of the article.This chapter explicatessome basic problem,such as study background,study significance,study thoughtand studying a frame and so on,the point being in progress then to the article FOAKjudges,and has pointed out four news ideas.At last it havs carried out the summaryand commentary to home and abroad measures from IPD scale calculate andmeasures of payment.The second chapter has analysed the Chinese IPD source.It has introduced ourcountry endowment insurance institutional reform mileage,and has pointed out theturn around that our country has experienced from pay-as-you-go system to partiallyfunded system.Pension excessiveness debt and the pension system changes havedirect correlation,our country IPD produces before pay-as-you-go system anddominance after partially funded system.The third chapter calculates implicit pension debt's scale.It is based onintroduce essence calculates theory,and considers our country endowment insurancepolicy,the divided the employee into five sorts,"old employee""old retiredemployee""new retired employee""employee on hire"and"fresh employee",andmake use of individual cost essence calculates the recessiveness debt scale that staffand worker of all kinds produces respectively,at last add them to get general debtscale number. The fourth chapter has carried out analysis on the difficult position of ChineseIPD payment.But our country has no effective IPD payment mechanism,and oftenadopts finance allowance to fulfill the money gap.The article thinks that paymentmechanism should not be confined to be paid back by how to paying,but askinginvisible debt to think that all the factors,such as raising,paying,increasing thevalue by and managing operate,and so on.If these factors become bad,and IPD'spayment also will be influent.Therefore,the chapter has summed up analysisChinese pension financing difficult position;disbursement difficult position andinspection invest in difficult position at present.The fifth chapter summaries and analysis on the practice that IPD's payment.When our country pension recessiveness debt appears just now,the aboard havealready had many more mature solutions to pay IPD.We should look towards thewhole world,and learn useful experience,to serve the domestic construction.Atlast,the article analyses the foreign payment measure,and has got four measuresthat can be practiced in China.From the sixth chapter,the chapter begins to analyze mechanism construction.The article put up that we should build"three pillar one guarantee"IPD paymentmechanism.This mechanism concludes four paths.Broadening funding sources andfall off providing for the aged disbursing and balance investment added value isthree big pillar routes that IPD pays back.From the sixth chapter to ninth chapter,the article analysis these paths one by one.In the sixth chapter,the articledemonstrates all kinds of measure.Finally,it has pointed out in sixth to be in ourcountry at present,adding old finance expenditure and prepare the raffle ticket arethe most proper species measure.The seventh chapter analyzes the route of reducing expenditure.It primocomparative analysis the various advantages and disadvantages on postponingretirement age,have reached the conclusion that our country is able to postpone theretiring,but we need avoid the labour supply peak-hour at the same time.Therefore,the time putting it into practice is not now,but in ten years later.Then the chapteranalyses the average society salary growth rate and the bank rate one by one,pointsout that though we can control these factor to come into the goal of reducing IPD'sscale theoretically,but because of many other impeding factors' exit,these measureare difficult to realize.The eighth chapter analyzes the route of added value path.The first part analyze the current situation on pension fund's supervision and control,hassuggested the thought that we should build a new model,and design the new patternon the preliminary.The second part points out the investment mechanism is stillfaulty at the present,and need improvement in the respect of two,be diversificationwith investment of range and build minimum avails income to compensate forrisk-taking system.The ninth chapter analyzes the route of two auxiliary guarantees.The perfectlegal system guarantees three big pillars regular operation.And supplementendowment insurance's development help bring down fundamental endowmentinsurance replacement rate,and lighten payment pressure of fundamentalendowment insurance.The two kind of guarantees is essential.This chapter carriesout analysis on them one by one.The finally part is the article's conclusion.There are four.Firstly,calculation onIPD's scale is the precise of building payment mechanism.Secondly,we must lookfor the payment path according to our country fact.Thirdly,we must use all kinds ofpath to resolve IPD.Fourth,broadening funding sources is the core of IPD paymentmechanism.