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Research on Pension Fund Participating in the Corporate Governance in China

Author: ZhangDan
Tutor: LinYi
School: Southwestern University of Finance and Economics
Course: Social Security
Keywords: corporate governance pension fund model of governance policy suggestion
CLC: C913.7
Type: Master's thesis
Year: 2008
Downloads: 21
Quote: 0
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Abstract


The aging of population made the pension system changing from the pay-as-you-go to the fully fund. The fully fund pension system implies that the pension will be the institutional investor that manages the huge pension asset and plays an important role in the capital market. It is also means that the pension plan is difficult to sell the equity without lose. They have no choice but to participate in the corporate governance. As a shareholder, pension impacts the target corporation’s governance structure and governance mechanism thought executing the right of vote. The good corporate governance will improve the value of corporation. So pension can attain the target that reducing the risk of investment and increasing the return of investment.The Hesperian pension develops for many years while our pension is developing. So the experience that the pension participates in corporate governance is valuable for us to study. It is likely to happening in our future that the situation which Hesperian pension experienced and experiencing will happen again. So we can learn from the Hesperian pension.The value of this paper emerges for two points. One is that it supplies many useful massages to let us know what manner and what scope does pension take to participate in the corporate governance. And the other one is that it indicates the direction our pension will develop to and the problems our pension facing.The logic of this paper is that: it starts from the pension fund governance and experiences the process of pension participates in the corporate governance and ends at the suggestions which promote the pension participate in the corporate governance.As a governance body, the governance structure of pension fund is vital to the effect of pension fund participate the corporate governance. So we research the pension fund governance firstly. We think that the appropriate pension fund governance system is different to different country. It roots in special environment, such like history and culture, etc. We define the governance as a robust, process-oriented decision-making framework. We study the history of pension fund governance and conclude the three models of pension fund governance. They are fiduciary duty, statutory rule and regulations and market. The three governance systems are constituted of each two of governance models. The fiduciary duty and statutory rule combine to the governance system of moral. The governance system of social market is constituted of fiduciary duty and market. The governance system of efficiency is constituted of the statutory rule and market.The process of pension participates in the corporate governance is the second part of this paper. This section introduces the manner and scope the pension participates in the corporate governance. There are four manners the pension often uses to participate in the corporate governance: negotiation, supply motion and vote, public the focus list, proxy solicitation contest. The governance scope that the pension often focuses on is corporate governance structure and anti-takeover measure. This paper points out that pension should put more attention to improve the ability of managers. The managers are lack of ability to make a correct decision not the incentive to do the right thing for the maximum the shareholders.Theory should apply to the practice. So the last of this paper analyses the problems which the pension participates in the corporate governance will face and supplies some suggestions. The first and second sections supply an image that what does our future pension fund looks like. We understand what governance system the pension can adopt and what manner the pension can use and what scope the pension may focus on. But we don’t know what problems we may be face and what qualification our pension market should have and how to resolve the problems.So the last section we analyses the problems which the corporate governance and the pension governance is facing. We find these problems induce the jam of pension participate in the corporate governance. The problems made the behavior of governance not relating to the return of investment. So the pension fund doesn’t have the motivity to participate in the corporate governance.We point out the centralization of ownership structure; insider control and informal system of information disclosure are the problems in the insider corporate governance. The problems in outsider corporate governance are that the market of agency is under developed and the law of compensation for the investors is lacked.In the scope of pension governance, the main problems are two. One is the trustee can’t play the designed role at the important position because of the bad designed governance frameworks. The other one is that there are many questions in the governance of institutions which participate in the corporate governance.These problems induce the pension fund losing the driving power to participate in the corporate governance. For encouraging the pension to participate the corporate governance, we point out that the essence is to rebuild the kernel of moral which match to the governance system. The perfect corporate governance is the precondition which encourage the pension to participate. And the specific suggestions are supplied as that: design the statute rules about compensation to the investors; strengthen the position the agencies have; better the insider governance of pension fund; strengthen the extent of regulation about the pension fund corporation.The innovation of this paper can be found at the follows:1. The issue we research is very novel. The research in foreign has been on several years, but the research object is institutional investors, few papers talk about the pension only. While the paper in state about the pension participate in the corporate governance is very few because of our pension is so undeveloped that don’t have the need to participate in the corporate governance.2. The point of view to discuss the pension fund governance is very novel. Unlike the common paper which discuss the pension fund governance at the extent of technique, this paper want to find the core principle of pension fund governance thought the history of pension fund governance without badgering with the specific detail.3. This paper discusses the Chinese pension about what problems the pension will meet when it participate in the corporate governance and supplies for some suggestions. The aspect of this fills up the blank.At the same time, this paper also has some shortages. The behavior of our pension participating in the governance almost hasn’t been seen in China, so this paper research based on the Anglo-American’s pension. It induce that depth of this paper about the aspect of reality of China’s pension isn’t enough.

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CLC: > Social Sciences > Sociology > Social life and social issues > Social welfare, social relief, social security
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