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Investment Strategy after the Personal Account of Chinese Endowment Insured Fund Fully Done

Author: LuoYiPing
Tutor: HuWu
School: Southwestern University of Finance and Economics
Course: Social Security
Keywords: Social Security Fund Personal accounts Investment Mode selection
CLC: F842.6
Type: Master's thesis
Year: 2008
Downloads: 123
Quote: 0
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Abstract

Initial 21 century, China has quickly entered the aging society, \Chinese government to deal with this problem, a positive reform of the pension system, one important aspect is to establish a system model combined with system account. Do it gradually as the personal accounts, personal accounts fund gradually accumulated, and the formation of a large sum of financial assets, a reasonable investment fund assets and to ensure that assets are increasing the value of the major issue faced by the pension insurance theory and practical circles. How to operate individual account assets, so far, the government decision-making has not formally promulgated specific regulations, but it is certain that the main direction, and gradually expand the scope of personal investment account assets. Should be said that the investment scope of the gradual lifting of the ban, to adapt pension urgent need for increasing the value of the objective requirements, but this investment option under the former system improved, still is government-led investment model. In fact, the government-led investment model is its microscopic foundation --- personal accounts contradict the mandatory payment to the formation of the personal savings. The only reasonable arrangements for the state and the individual in which the rights and obligations, personal account fund investments in order to achieve the goal of increasing the value of personal accounts, both personal savings and the nature of nature, but also has a mandatory savings. It is based on the recognition that the personal accounts pension fund the research, proposed individual investment mode, hope to provide some more ideas for the the Chinese personal accounts pension fund investment system reform. The article has four chapters. The first chapter is the introduction. Expounded the significance of the topic, content, and pointed out that China gradually aging society, the gradual disappearance of the \more obvious, and to solve this problem, select the appropriate mode of investment is crucial. In this section, a comprehensive review of the research results of domestic scholars, indicating their view of whether the private fund, whether the fund market, the market's policy strategy and risk control, etc.. In addition, and also to clarify the study methods and ideas. The second chapter describes the History and current situation of the personal account pension investment system. This chapter review the history of the old-age insurance system in China to understand the historical changes of the pension investment management, and to find out the basic situation of individual pension accounts Fund. Review of the pension insurance system is the beginning of the new founding of the People's Republic of China, according to the system properties of the pension system change course is divided into three stages. The first stage is a traditional stage time for the founding to the early 1980s. The second stage, from the mid-1980s continued into the 1990s, the social pooling pilot and implementation phase. The third stage began in the 1990s, the social pooling and individual accounts combined stage. Pension fund investment policy can be strung together to form a line, the text will countries together since the founding of the investment policy of the Fund, pointed out that from the first stage of pension income and expenses directly into national financial or corporate budget balances investment operations to now stage the gradual lifting of the ban to diversify the state the reserve pension and individual accounts pension, pension fund investment embarked on the road of reform and a gradually adapt pensions nature. Liaoning pilot reform in the analysis of personal account fund investment in the status quo is, for example, explore their personal account investment, pointing out that the only lack of funds deposited in banks and investment bonds, and describes the future of Kyrgyzstan black pilot, eight provincial pilot and will soon be possible launch of the \The third chapter describes the individual pension accounts fund investment environment and risks. The purpose of this chapter is to explore in a wider range of investment to lay the foundation for the later. Personal-led investment model must be diversified investment requirements are not subject to too many restrictions on the field of investment. , Reveals the possibility of personal accounts in a wider range of diversified investment and for exploring the supply and demand situation of the pension funds, analysis tools and risk of Chinese personal account fund investment options. Is easy to explain the problem, the paper analyzes the personal account fund parent category - pension funds supply situation and the absorptive capacity of the economy, personal account funds into various investment markets, not only will not impact on the economy, but to achieve The pension and win-win economic growth. Next analyze the areas of Personal Account Fund Investment choose mainly detailed analysis of our existing financial assets in the area of ??investment, investment in real estate infrastructure and large-scale construction field, the field of overseas investment introduced, but China has not yet With the economic development in the future there will be a social responsibility investment. Around several areas at the end of this chapter, analyzing their respective risks. Chapter envisaged investment patterns of individual pension accounts. The organizational structure of the main content of this chapter by the Personal Account Fund Investment choice, the choice of investment style, the choice of the field of investment, risk control and prevention methods select regulatory approaches select five parts. The first part of China's reform and gradual reform of the government-led retain the rights and influence, government reform, and also to make themselves saddled with unnecessary responsibilities, the reform of the pension insurance system is no exception. Right and Interest in peer-to-peer is a basic requirement for modern society based on the rule of law, to make the personal account fund investment has vitality, it is necessary to emphasize that the main role of the individual in the personal account fund management,. Through the establishment of the Fund Council reflect the rights of the individual and the transformation of the existing Social Insurance Authority (center), to establish legislation dominated by individuals rather than personal account by the government-led fund investment system. In the new system, the individual has absolute property rights to the fund, its funds to possess, use, income, sanctions, and can exclude others against their will for interference. Of course, the individuals mentioned here led not fragmented, not the kind of scattered and disorderly and need to pay the huge cost of personal led. Looking not only embodies the individual will avoid the enormous cost, the new model, which is the main thrust of the paper and the end result. The second part analyzes the positive, negative investment style is different, and indexation investment strategy, finally pointed out that according to the current situation, the individual account pension investment should take active investment approach, focusing on the investment value of listed companies. Part III presents the principle of diversification, in addition to achieve diversity in space, time, and also analyzed for achieving path, first proposed the concept of path diversification. Part IV discusses how effective risk control and prevention, there is no one by one for the third chapter analyzes the individual account fund investment risks facing propose measures, but rather focus on establishing an effective risk control system, risk control. The fifth part of the envisioned how the Government supervision and management, analysis of the set of indicators to establish evaluation management. Throughout the full text of the article's main contribution is as follows: 1, for the first time an explicit proposal to establish the investment patterns consistent with the nature of the personal account funds. Personal account fund is different from the national social security reserve fund, also different from the enterprise annuity, which determines the personal account fund investment system is different from any form of investment mode. To reflect the leading role of the individual in the personal account fund investment in the organizational structure, the author advocates the provinces set up similar to the National Social Security Fund Council, the same body, under the Non-setting up branches by the provinces under the provincial personal account pension The operation of the size of the volume of business decisions. At the same time, the establishment of the Board of Supervisors composed of natural persons, members of the personal accounts of all elections. Council operating under the supervision of the Board of Supervisors personal account funds, to ensure that the interests of the individual in the individual account pension. 3, discusses the role of the government administration and social security agencies. Proposed under the Government's social security fund agencies responsible for raising the funds for personal accounts, to reduce the layers of management and to maintain a larger scale, it should reduce the level of social security of the prefecture-level city Utilities Administration (center). The social security fund agencies at the same time act as the account of the fund managers, fund operations and investment behavior intervention when necessary. The main parties of government administration is good regulatory supervision and management of the work carried out in accordance with relevant laws and regulations and the evaluation index system. 4, in the choice of investment style, I tend to take a positive investment to adapt to China's rapid economic development of the facts, but what choices investment by the decision after consultation with the Council and the Board of Supervisors, investment programs submitted to government The relevant departments of the record behind the executable. Investment areas, agree diversified claims among scholars and further diversification to broaden the field of space diversity, the diversification of the duration of its assets, diversified domestic and foreign, to enter the four aspects of the diversification of the market means. Regulatory, proposed the establishment of evaluation based on the dynamic regulation.

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