美国IRA体制及其对我国的启示

【作者】 李瑆；

【导师】 张桥云；

【作者基本信息】 西南财经大学 ， 金融学， 2005， 硕士

【摘要】 二十世纪六十年代起,持续的通货膨胀和财政赤字给各国社会养老保险体系带来了沉重的负担。七十年代后,全球经济增长缓慢,同时,世界各国普遍面临人口老龄化的趋势。这给各国政府带来了巨大的财政压力,因而如何设计合理的退休收入保障体系成为各国理论界和政府部门亟待解决的重要课题。1974 年,美国政府率先设立了个人退休账户(Individual Retirement Accounts,下文简称 IRA)。它是面向所有纳税者的一种个人退休储蓄计划,其基本特点是由个人出资,并享受一定的税收优惠,但参与者需遵循税法对 IRA 管理的规定。目前,IRA 已成为美国居民退休后的重要收入来源之一,在很大程度上缓解了社会养老体系的压力。 联合国定义老龄化社会的标准为:一个国家 65 岁以上人口占总人口比例达 7%,或 60 岁以上人口占总人口的比重超过 10%即为老年型国家。根据这一标准,我国从 2000 年就已步入了老龄化社会,并且人口老龄化程度日趋严重。我国现行的养老保险制度仍属于统账结合模式,且社会养老保险部分缴费率较低,目前已无法为老年人提供足够的生活保障;同时,企业年金在我国还刚刚起步,且覆盖面有限。因此,借鉴美国经验,建立 IRA 将成为我国退休收入保障体系发展的方向。另外,目前我国商业银行的竞争日益激烈,传统业务的市场份额和利润空间越来越小,急需开发新的利润增长点。如果在我国设立 IRA,那么与 IRA 管理有关的托管业务可增加商业银行的中间业务收入,为其带来无限商机。正是基于以上原因,作者深入研究了美国 IRA 的起源、发展、特点及其运行和管理机制,并结合我国国情,对 IRA 在我国的发展前景做了有益的探索。 本文共分为四个章节。 第一章着重分析 IRA 在美国出现的原因、背景。第一节从二十世纪七十年代美国的经济、社会环境入手,回顾了促使 IRA 出现的各项2社会经济因素,并归纳出导致 IRA 出现的根本原因。第二节主要介绍IRA 出现以前美国二十世纪七十年代的退休金计划及其缺陷,从而得出建立 IRA 的制度原因。通过分析可见,IRA 的出现并非偶然,而是在当时特定的经济、社会背景下产生的。从经济因素的角度来说,首先,二十世纪五、六十年代美国的人口老龄化趋势日益明显,老年人的医疗支出也逐年增加,而美国居民超前消费的习惯使美国人均储蓄率降得更低,这给社会养老保险带来了巨大的潜在压力。其次,战后美国经济加速发展,居民收入水平提高,已经具备为退休生活进行储蓄的能力。再次,美国日益增加的纳税额已成为美国居民的沉重负担,利用税收优惠刺激居民为将来储蓄成为解决各方矛盾的最佳途径。从制度方面来看,美国当时的退休收入保障体系只包括公共退休金计划和雇主退休金计划,而这两种退休金计划都存在着不同的缺陷,于是IRA 的出现就成了必然。第二章深入分析了 IRA 的运行机制与管理,从而找出 IRA 在美国倍受欢迎的真正原因。第一节主要分析美国 IRA 的发展、特点及作用,在简要介绍了 IRA 的形成发展后,着重分析其自身的特点并举例加以说明。第二节分析了 IRA 的设计思路和构成要素,从设计机制的角度分析 IRA 如何达到其退休保障、稳定资金的目的。第三节以传统 IRA和罗斯 IRA 为主介绍了 IRA 的种类,其中重点介绍了传统 IRA 的运行机制,并对比了各种 IRA 的异同。通过分析可见,IRA 是一种用于退休后生活保障的投资性储蓄账户,它既与普通的储蓄账户以及其他私有退休金计划存在相似之处,又与上述二者有着本质不同。从 IRA 的发展史可以看出,在储蓄率长期处于较低水平的美国,IRA 获得了投资者的一致欢迎,资金总量一直处于增长趋势。这里面有政策导向的因素,但更主要的是缘于 IRA 自身的独特优势。正是这些特点决定了IRA 能更好的为居民提供退休收入保障,对保证社会稳定起到积极作用。进一步分析可见,由于 IRA 具有参与者资格限制、税收优惠、提前支取惩罚制度、每期投资限额、取款时所得税税率等一系列的构成要素,因此它能够达到弥补现有养老体系缺口、顺应养老方式的转变、激励人们自愿储蓄、促进账户内长期存款的稳定性等产品设计的目3的。第三章在前两章的基础上将研究进一步拓宽到 IRA 对金融系统的影响上来。第一节主要分析 IRA 与美国金融市场的相互作用,通过数据说明了 IRA 对美国金融市场特别是共同基金的影响。第二节则主要着眼于商业银行,从拓展业务及资金来源两个方面分析了 IRA 给美国商业银行带来的影响,并对美国商业银行持有 IRA 的情况作了一个简要的分析。通过分析可见,IRA 与金融市场存在互动关系。一方面IRA 的保值增值需要金融机构、金融市场的参与;另一方面 IRA 也可以为金融市场带来稳定的资金来源,有利于金融市场的稳定和发展。这一结论也得到了相关数据的支持。同时,共同基金的发展使其在分散风险、投资组合方面具有专业优势,而上个世纪末美国实行扩张的经济政策,不断下调银行利率,因此 IRA 投资于银行的资金逐渐向共同基金转移。虽然这样,作为 IRA 的信托人和代管人,商业银行仍然能够获得可观的中间收入,至今为止 IRA 仍是美国商业银行最为稳定的长期资金来源。第四章主要结合我国实际更多还原

【Abstract】 Since 1960’s, inflation and public financial deficits have broughtheavy burden to old-age security system allover the world. The globaleconomy growth slowed down after year 1970. Meanwhile, world-widepopulation aging brought heavy public pressure to all countries.Accordingly, how to design a suitable system of retirement incomesecurity became the most critical task of all governments. In 1974,American government created the Individual Retirement Accounts(IRAs),which was an individual saving plan of retirement for all the tax-payers.IRA offers tax preference to its participant if he obeys to all the rules ofIRA. Nowadays, IRA is one of the most important retirement incomesources of Americans. According to United Nations’ definition of aged population, Chinahas stepped into old-age society since year 2000. However, our old-agesecurity system cannot afford enough retirement income security for theold population. Hereby, we should create our own Individual RetirementAccounts. Besides, the competition among China’s commercial banks hasbecome more and more fierce. Traditional business cannot supply enoughprofit for commercial banks, while IRA-related business may increaseintermediary business income of commercial banks. Based on all thesefacts, this thesis thoroughly researches on the origin, development,characteristics and operating system of IRA. At last, this thesis exploresthe future outlook of IRA in China combining with the situation of China. This thesis consists of four chapters. The first chapter analyzes the background of IRA’s emergence in theUnited States. At first, this part reviews all the social and economicfactors before IRA emerged and comes to the fundamentally factorsinducing the emergence of IRA. After that, this part introduces theretirement plans in 1970’s and discloses its shortages, which leads us tothe institutional reasons to create IRA. The analysis tells that IRA’semergence is not by accident, but caused by economic background at thattime. Firstly, the old-aging population, increasing medical treatmentpayout and the lower saving rates per capita brought tremendous pressureto old-age security system. Secondly, the development of U.S. after WorldWar II made the Americans have the ability to set up IRA. Lastly, theAmericans couldn’t afford the increasing taxes, so the best way to solveproblems was to stimulate saving by tax preference. Considering theinstitutional causes, the system of retirement income security at that timehad some disadvantages, which made the emergence of IRA be necessity. The second chapter deeply analyzes the running mechanism andmanagement of IRA, so as to find out the reason why IRA is so popular inthe U.S. On briefly introducing the origin and development of IRA, thispart analyzes its characteristics and effects. After that, this part finds outwhy the IRA can supply retirement security from the view of designingmechanism. At last, this part introduces the sorts of IRA and theirdifferences. The analysis tells that IRA is a kind of savings account onpurpose of secure life after retirement. It’s alike both of traditionalsavings accounts and other retirement plans, but indeed, there areessential differences between them. We can see that the amount of IRAhas been going up in a long period of time, although the savings rate stillkeeps low in U.S. It has something to do with the policy, but what is moreimportant is due to IRA’s own characters, which include restrictions oncontributions, maximum contribution, tax deductions and so on. The third chapter researches on the influences of IRA to financialsystem. At first, this part analyzes the inter-influences between IRA andfinancial markets based on historical statistics. Then, it focuses oncommercial banks and discusses the status of IRA in Americancommercial banks. We can see from the analysis that there areinter-motive relations between IRA and financial markets. On the onehand, IRA needs financial institutions and financial market to help itincrement. On the other hand, IRA can bring stable funds to financi更多还原