臺灣公務人員退休撫卹基金（退撫基金）自1995年成立，由退撫基金管理委員會統一管理，按政府別、身分別，分戶設帳，分別以收支平衡為原則，但依據2003年退撫基金第2次精算結果(美世顧問公司)，軍職人員自2013年、教育人員2032年及公務人員2035年起，將陸續產生累積虧損（破產），主要原因為退休制度本身結構問題、提撥率不足所致，其次為經營績效無法大幅提升，原因為管理組織屬性欠彈性、專業人才不足、管理法令束縛及資產配置較保守，對於現有制度與管理之缺失，如何檢討改善，以提高收益，確保基金之永續發展，為本研究之重點。 本研究採用制度分析比較，藉由退撫基金與先進國家退休金計畫與管理制度加以比較，瞭解臺灣與其他國家退休管理制度上之差異，並探討未來世界退休制度管理趨勢。並蒐集勞工保險基金、勞工退休基金及公教保險準備金等基金相關資料，再與退撫基金作管理運用之比較研究，另外，與退撫基金同質型國外退休基金管理模式之相關研究文獻，作分析比較研究，依投資組合模型計算出最適資產配置，以瞭解退撫基金經營管理之效率性。 / 茲據研究結果發現，退撫基金管理係屬行政機構，管理較無彈性，另外退休撫卹制度設計而產生龐大潛藏負債，以及管理法令限制而影響營運績效。最後，針對研究結果提出對退撫基金管理之建議。就管理機構建議改為行政法人或提高委外比例。對退撫制度之潛藏負債問題建議為：逐步修改退撫制度，先實施退休所得合理化、展期年金，對於新進公務人員採用個人帳戶制，並依個人風險偏好，選擇不同的管理模式。對於管理制度建議為增加國外投資、資本利得比例、擴大投資範圍及建立資訊公開制度。 / The Public Service Pension Fund (PSPF) of Republic of China was established in 1995. On the principle of collection/payment balance, the Management Board of Public Service Pension Fund (MBPSPF) is in charge of management of the PSPF by setting up different independent accounts in accordance with the capacities and governmental levels. The outcome of actuarial evaluation conducted in the year 2003 forecasted the accumulated net loss (insolvency) will respectively happen to the military personnel in the beginning year of 2013, the educational workers in the beginning year of 2032 and the public servants in the beginning year of 3035. The factors will result in the accumulated net loss (insolvency) mainly include incomplete framework of the public service pension system and insufficient contribution rate. Due to inelastic organization and framework, shortage of professional personnel, constraint of the laws and regulations and conservative strategies of assets allocation, overall performance can not be improved substantially is also the minor factor that will result in the accumulated net loss. The key point of this study will focus on eliminating the defects of the present system and administration and making improvement to increase overall earnings, thus continuing operation of the PSPF can be ensured. / This study adopts a measure of system analysis and comparison. In comparing with pension project and administration system of mainly advanced countries, the difference between Taiwan and other advanced countries cab be realized. Thus we can further discuss and explore the future global trend of pension administration. Besides mention above, the related information of Labor Insurance Fund, Labor Pension Fund, and the insurance reserve of public servants and education workers was collected, studied, and compared with the PSPF. Furthermore, the PSPF was compared with abroad pension funds which have same attributes of PSPF by analyzing the related studies of administration or operation. And accordingly, an optimal model of assets allocation was designed for further testing and understanding the efficiency of administration of the PSPF. From this research, the followings were discovered: 1. An administrative institution such as the PSPF with no corporation register, make administration inelastic. 2. The designed system of the “Contributory Pension Fund” will result in potential enormous debts. 3. The constraint of laws and regulations will result in ineffective overall performance. Finally, regarding to the inelastic administration (as of description 1), an ideal proposal is to register the PSPF as a corporation or increase proportion of overseas discretionary management. As to the potential enormous debts (as of description 2), the proposals are to improve the system of “Contributory Pension Fund” step by step, adopt a fair and reasonable retirement income, extend the time limit of annuity, adopt an individual account for a new public servant and manage the account in accordance with his or her risk attitude. As to the ineffective overall performance (as of description 3), the proposals are to increase the proportion of overseas investment and capital gains, extend the range of investment and establish system of information disclosure.

近年來我國經濟快速成長，社會趨向於更為開放的環境，隨著國民所得上升，人民智 識水準提高，以及企業家體認社會責任的結果，對於保障經濟生活安全的需求日益迫 切。退休金方案即為提供退休後經濟生活保障之重要利器。政府為促進社會安全，乃 制定勞動基準法，對於勞工退休設有專章規定，以立法強制企業建立退休制度。 退休制 度是否健全，能否依照計劃順利實施，端賴企業之財力支應與調配，退休金方案之合 理安排、政府機關之嚴密監督，以及退休金制度觀念之確立與溝通，才能臻於完善。 本文之目的，係探討退休金方案之規劃與管理，並針對勞動基準去及相關法令加以檢 討，以期作為健全我國退休金制度之參考。 本文擬探討退金方案之規劃與基金之管理，主要內容分為：退休金方案設計決策、退 休基金提撥決策、退休基金管理運用決策等主題，並針對現行勞動基準法及相關法令 之疑義，提出個人見解。最後，根據以上之研討作成結論與建議。

共同基金因具匯集投資大眾資金，委由專業投資機構管理的特色，目前已成為世界各國投資大眾的重要理財工具。由於共同基金係交由專業投資機構管理，共同基金的投資人無從參與基金的日常運作，故共同基金的管理具有公益性，且因基金規模相當龐大，亦與金融秩序與經濟發展息息相關。因此，對於共同基金的管理，主管機關除給予嚴格的行政監督外，亦藉由基金治理制度的建立，使基金受到最佳管理，及投資人權益受到良好的保護，以使基金之發展長久運行，並成為投資大眾所樂於接受與運用之主要投資工具。 國際證券管理機構組織（IOSCO）給予基金治理之定義，係為尋求確保基金是以基金投資人的利益，所組織及運作的架構。基金治理之首要原則，為獨立監督（independent review and oversight）基金管理機構之忠實義務，包括大部分的利益衝突防範，而發展獨立監督功能，即應委由獨立機構（independent entity or entities）負責監督基金管理機構及基金的活動。 我國證券投資信託基金之基金治理制度，係以基金保管機構為獨立監督機構，規範基金保管機構應獨立於證券投資信託事業（即基金管理機構），監督證券投資信託事業管理基金應符合相關法令規範及基金信託契約之規定，此基金治理制度與共同基金型態主要以契約型基金為主之其他國家一致，且符合IOSCO所結論之基金治理核心原則。 然因現行國內證券投資信託事業係以基金銷售功能為導向來選取基金保管機構，導致投信公司為所管理基金選任基金保管機構呈現非單一且極為分散現象；另各基金保管機構不論其所保管基金檔數多寡，亦呈現含括多家投信公司所經理基金之分散情形。由於每家投信公司管理基金所使用之資訊系統並不相同，各基金保管機構如要建置系統以執行其監督職責，不僅系統建置之成本相當高，實際執行上實有其困難度。因此，現行基金保管機構執行監督功能尚未能自行建置管控系統，仍需由投信公司提供必要資料，供基金保管機構執行其監督職責。 為研究改善國內基金保管機構監督功能不彰之方案，本研究爰以美國（開放式基金之發源國及基金規模最大之國家）、英國（投資基金的發源國）、盧森堡（歐盟主要基金註冊國）及採混合型治理架構之加拿大、澳洲等國之基金治理制度進行研究，以作為探討強化我國共同基金治理監督架構之參考。 本論文研究結果認為，就改善基金治理之監督功能、運作成本及法規修訂之複雜度等方面來考量，參考澳洲混合型之基金治理架構，規範基金管理機構應設置一獨立之遵循委員會，負責監控基金管理機構遵行基金遵循計畫，以達到確保基金管理機構之營運行為能符合法令的要求，將有助於強化國內基金治理之獨立監督功能，且亦有助於國內投信公司本身之公司治理，提高法令遵循之執行強度。 本研究最後提出相關建議，主要包括獨立遵循委員會之設置、遵循委員會之職責及遵循委員會成員之義務、提供遵循委員會為執行監督功能之協助、訂定基金遵循計畫及定期由會計師對基金遵循計劃進行遵循查核等，以供未來主管機關未來進行改革之參考。

證券投資信託基金已是國人重要的理財主要工具之一。回顧我國證券投資信託基金發展的歷史，從早期為吸引外資投資我國而開放設立證券投資信託基金，接著也成為我國投資人重要之投資工具，到後來開放境外基金得以在國內顧問，境外商品就此開始深受國人喜愛；直至證券投資信託及顧問法通過，主管機關依授權訂定境外基金管理辦法後，國人得投資經由總代理人依法向主管機關申請核准或申報生效在我國境內募集銷售之境外基金，也開啟了境外基金與證券投資信託基金於國內銷售既競爭又合作之關係。 境外基金與證券投資信託基金於國內銷售之競爭合作的關係，不僅在產品創新及銷售金額等方面，本文所關切的是，在境外基金管理辦法公佈實施後，我國證券投資信託基金相關法規發生了什麼變化？有無任何規定是因為境外基金管理辦法實施後，證券投資信託基金相關法規不得不隨之調整者？還有，有無任何境外基金的規範進而影響我國既有之規定？當然，是否也有境外基金業者因為境外基金管理辦法的實施，必須調整其基金的運作與內控制度，以符合我國之法令規定？甚至，有無任何境外基金註冊地，為配合我國市場及法制環境，而更改其法令者？ 本文之研究係以比較我國證券投資信託基金相關規範，與境外基金管理辦法暨我國境外基金主要註冊地之法源，尋找彼此規範不同處，了解其為何規範不同的理由與背景，探討規範不同點之存在理由合理否，進而探詢彼此間之衡平性，以作為提供我國基金產業法律發展之參考資料。 最後結論除回覆前述問題並舉例說明外，並嘗試歸納本文之研究結果，對證券投資信託基金與境外基金之法制規範差異性比較，採見解扼要衡平重申外，並期對我國基金產業之整體發展提供建言。 / The securities investment trust fund is one of the important financial investment vehicles in Taiwan. Looking back on the history of Taiwan fund industry development, from the early days of fund launch to attract foreign investments to these modern days that funds become important investment tools for the investors. Soon later the offshore funds were open to the domestic consultants, they began to be a favored investment product for many investors. After the Securities Investment Trust and Consulting Act takes effect, the regulator prescribed the Regulations Governing Offshore Funds. The local investors may invest in the offshore funds that have obtained authorizations from the regulator, which contribute to not only the competition but also cooperation by and between the offshore funds and the securities investment trust funds in Taiwan. The competition/cooperation between the offshore funds and the securities investment trust funds can be seen at not only the product innovation or domestic sales. More importantly, this thesis concerns more on what are the regulatory initiatives that have been taken for the securities investment trust funds due to the promulgation of the Regulations Governing Offshore Funds. Are there any requirements of the securities investment trust funds that will need adjustments or amendments after the implementation of Regulations Governing Offshore Funds? Also, what are the impacts on the current rules and regulations after the birth of offshore fund regulations? Of course, will the offshore funds managers need to adjust their operation and internal control system to be in compliance with the laws and regulations in Taiwan? Will any offshore funds domicile jurisdiction change their respective laws in order to meet the requirements set fort by the market and legal environment in Taiwan? This thesis uses a comparative study of the related laws of the securities investment trust funds and the Regulations Governing Offshore Funds as well as the directives of UCITS, the original law of most of the offshore funds. To realize what is the specification of their difference and to explore the rationality of their difference. Moreover, to seek the balance of inquires among them, so as to contribute to the fund industry in Taiwan as the reference for legal development. Finally, the thesis tries to summarize the results of this study in addition to replying to the above questions with some examples. After the comparison of the legal systems between the related laws of securities investment trust funds and that of offshore funds, this thesis briefly reiterates the opinion of the balancing and provides concrete and workable suggestions to further the development of the fund industry in Taiwan.