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The Restrictions of the Interaction between Occupational Pension and Capital Market in China

Author: WangYaZuo
Tutor: LinYi
School: Southwestern University of Finance and Economics
Course: Social Security
Keywords: Enterprise annuity Capital markets Interactive Constraints
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 170
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Abstract

The enterprise annuity as a response to the challenges of an aging population is an important economic security system arrangements, with the acceleration of the aging process and become a global concern. And long-term operation of enterprise annuity is based on the preservation and appreciation of the Fund, or the enterprise annuity only to maintain a certain growth rate can really cope with the aging of the population. Therefore, the enterprise annuity market is an inevitable choice. From abroad, to promote both interactive development of enterprise annuity in some countries as institutional investors access to capital markets, and in some countries the two seems to be no relationship, or even negative effect. The long-term trend analysis, enterprise annuity in China's future social pension system will occupy an increasingly important position. According to the forecast of the China Insurance Regulatory Commission, China's enterprise annuity annual increase of the amount will reach more than 100 billion yuan, with an estimated 2010 l trillion yuan scale. Well, in the context of mixed financial industry and the global financial crisis, and how the enterprise annuity fund investment operation so that increasing the value of a better response to population aging; enterprise annuity how to make this important institutional investors in the capital market play a good role in promoting China's capital market development toward a healthy become a key issue in the development of enterprise annuity, learn from the positive interaction between evolutionary path of enterprise annuity fund and capital markets in other countries, institutional constraints and experience, through the International Comparative Study, combined with China's national conditions, to reveal the interactive constraints of China's enterprise annuity and capital markets, and then put forward policy recommendations to promote the interaction of China's enterprise annuity and capital markets, is of great theoretical and practical significance. Papers from corporate pension and capital market analyzes the interaction theory, summed up the general interaction of the two constraints, and then interact in the enterprise annuity and capital markets theory and general constraints based on the combination of China on the basis of theoretical studies the actual situation of the enterprise annuity and capital markets, to further explore the the interactive constraints of China's enterprise annuity and capital market conditions, Finally, China's enterprise annuity and capital markets interact with policy recommendations. The first chapter is the introduction part, including the background of the thesis topics of significance and relevance of literature review, is the logical starting point of the article. Chapter II studied theoretically the interaction between the enterprise annuity and capital markets, including both positive and negative effects. Think enterprise annuity as institutional investors, mainly through long-term stable supply of funds on the capital market, the impact of corporate governance, the promotion of innovative financial instruments and mixed financial industry to promote the development of capital markets; capital markets through economic growth effect to expand the coverage of the enterprise annuity, add new fees and improve the yield of enterprise annuity fund to promote the healthy development of the enterprise annuity system. Both negative effect: the enterprise annuity market may result in capital market bubble of the increase; may be exacerbated by speculation and volatility of the capital markets; capital markets may increase the risk of enterprise annuity operations. On this basis, the formation of both interactive general constraints: macroeconomic conditions, enterprise annuity system design, the size, structure and efficiency of capital markets, financial structure and the efficiency of financial markets and the government's guidance and supervision. Chapter from an international perspective, the introduction of foreign enterprises, pension and capital market relationships. Obtained revelation: the enterprise annuity system is mandatory, whether there are tax incentives, a developed capital market and financial environment and financial structure and economic system will affect the analysis and comparison of corporate pension and capital market relations in Australia and the Czech Republic the interaction between the two. In the context of the financial crisis, with particular emphasis on the importance of supervision for both interactive. Chapter IV will analyze the interaction between steering China's enterprise annuity and capital market perspective. The status quo of China's enterprise annuity market, as well as China's capital market development stages and characteristics are analyzed from the system level analysis of the existing problems of China's enterprise annuity and capital markets, the impact on the interaction between both established constraints condition. The authors stressed that China's enterprise annuity and capital markets promote mutual relations, but are still far away from the positive interaction. The reason for the interaction between the two conditions are not ripe. Enterprise annuity, first of all, China's enterprise annuity system is far from perfect, resulting in less amount of funds accumulated narrow coverage, low substitution rate, the intervention negligible. Secondly, corporate pension funds as institutional investors is still in the developmental stage, irrational investment decisions, speculation is still prominent. Again, the support of the Government of enterprise annuity is not in place, the tax benefits policy has become a bottleneck restricting the enterprise annuity extending the coverage. From the point of view of the capital markets, China's capital market due to its own system is imperfect, the system risk, even if it is rational, professional institutional investors also hard for a long time to profit. The fifth chapter is based on Chapter analysis, that the status quo of China's enterprise annuity and capital markets and the relationship of both interactive facing constraints mainly in the following areas: enterprise annuity system is not perfect lead to the slow development of the fund size is too small ; capital markets financing and light investment and planned economy imprint the capital market is high risk; the enterprise annuity capital markets laws and regulations are not sound; lack of effective internal and external regulatory system; financial system structure is irrational and financial assets imbalance. The sixth chapter is based on China's national conditions and the experience of other countries, to promote the development of China's enterprise annuity and capital markets interactive proposed policy recommendations: to strengthen the building of enterprise annuity system to ensure the sustainable development of enterprise annuity, deepen the reform of the capital market, improve the capital market system It is fundamental, in order to fund market as a bridge to promote interaction between the two. , Complemented by a package of measures, which improve relevant laws and regulations; establish effective regulatory system, strengthen supervision, which is particularly prominent in the context of the financial crisis; establishment of enterprise annuity risk control system, to resolve the enterprise annuity market risk . Thesis possible innovations mainly in the following aspects: (a) new topics. More research literature of the entire pension and capital market relations, in less corporate pension and capital market relations literature, is to clarify the enterprise annuity role in promoting the capital market. The paper introduced in the interactive analysis of enterprise annuity and capital markets system analysis method to analyze, from a deeper level of the political environment, economic and financial environment, the enterprise annuity system environment, regulatory platform enterprise annuity to interact with the capital market constraints. That the enterprise annuity and capital markets is not a one-way promote, but for the endpoint of the circular relationship between the two; between the two is not just positive to promote relations, but also have a negative effect, seeks to produce and study the interaction between the two constraints Both positive interaction to create an environment. (B) analysis of fresh perspective. Scholars do an empirical analysis of foreign pension and capital markets, pension and capital markets in order to prove the interactive relationship, and then apply this conclusion to the country. However, a country's corporate pension and capital market development heavily influenced by the constraints of their environment, do not look at these constraints and copying foreign experience will inevitably result of these experiences \Papers from corporate pension and capital markets interact the general constraints departure, efforts to explore the constraints of China's enterprise annuity and capital market development, in the context of mixed financial as well as the international financial crisis, at the same time learn from foreign experience, based on its own national conditions, on the promotion of China's enterprise annuity and capital markets interactive development of policy recommendations, this analysis perspective, is still rare in the domestic research. (C) a comparative study papers from both positive and negative aspects of foreign enterprises, pension and capital markets interactive. The particularly prominent Czech experience the novelty and the reference value, due to the the Czech transformation of economic system and China are similar, and therefore more to be learned, this type of analysis in the current study of the domestic fewer.

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