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Personal account pension management and investment analysis

Author: ZhangJunHui
Tutor: LinYi；FuDaiGuo
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Individual account pension Investment Analysis Individual workers account Pension System Capital markets Pension insurance fund Pension funds Social Security Bank Pension system The establishment of a fund
CLC: F842.67
Type: Master's thesis
Year: 2000
Downloads: 547
Quote: 3
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Abstract

Thesis purpose and the basic idea of ??the current population structure and the one-child policy, China's population structure will have entered the aging society in the long period. If not in the current stage of the young population more timely establishment of the pension insurance system based on individual accounts, the Chinese government will inevitably difficult to assume an ever-growing social security costs. In addition, pension funds under the existing provisions of preserving and increasing the value-added difficulties, over time, will result in the entire pension insurance system can not run benign. If China does not reform the current pension insurance system, the second half of the next century, the sustainability of China's economic growth will be threatened, the pension insurance system will be a crisis. Therefore, from a certain sense it can be said, the current reform of the pension system has become a major problem restricting China's economic reform and development. Considering China's population pressure and financial affordability, as well as the complexity of the situation of China should establish a personal account mode led tiered pension insurance model. Namely substantial mandatory personal accounts continue to retain the and PAYG mode to meet the basic needs of society, for a small number of high-income groups can purchase additional commercial insurance to further improve the level of social security. Establishment of the pension insurance system led to a personal account, it comes to the choice of pension fund management mode, I will in the paper focuses on the management mode of the Foundation. After the initial establishment of the pension insurance system that led to the personal account, followed by an important question is how to create a highly efficient, market-oriented operation mechanism of the pension fund. Now the world is considered successful pension system and capital markets have very close ties, the external support of the capital market has become a basic pension system to survive. Rational management and use of the old-age insurance fund to increase the savings rate, and improve the capital market, and to promote economic growth, there is a positive sense. For China, a market mechanism is not perfect state, rational use of pension funds will make a positive contribution to promoting the improvement of the financial markets. Therefore, China's pension system reform designed multiple function, not a single pension system, also taking into account capital formation, economic growth and economic development issues. Combined with China's current capital market conditions, personal account pension ability to access capital markets, and how to access the capital markets, the role of pension funds on the capital market, in which aspects, the current capital markets, pension entering constraints, as well as pension funds to enter the capital market is the thesis of the steps and tools selection problem. The author cursory examination of these issues from the pension funds into the capital market is an inevitable trend in China's reform of the pension system. When pension funds into the capital market, the investment risk is correspondingly increased personal account pension investment risk prevention and supervision is also a thesis. Second, the main content and viewpoint papers consists of four parts: the first part of a brief introduction to the reform of the pension insurance system in China and the current problem; second part is to explore the choice of pension fund management mode; The third part is the thesis the focus of investment analysis focuses on the personal account pension to enter the capital market, the fourth part introduces risk prevention and supervision of individual account pension investments. The first part consists of two elements: a brief review of the history of China's pension reform and the main problem and reason analysis. After the founding of our cities and towns of the pension system basically take the PAYG model, in a young population structure at the time and under the conditions of the planned economy, is effective. However, with China's planned economy to market changes in the economy and the changing age structure of China's population, a growing problem in this system. From the mid-1980s, China's reform of old-age insurance system for enterprise employees, focused mainly in the implementation of the retirement costs of social pooling costs accumulated by the state, enterprises, workers tripartite burden, fund partial and began to encourage enterprise supplementary pension insurance. In 1993, the fourth session of the Third Plenary further clearly, to establish a system that combines a corporate employee social endowment insurance pooling and individual accounts. Pay pension by now received in the past made the transition to a funded system based on individual accounts, need to pay an over crossing costs, especially older workers personal account funds are not well resolved, this will become The most prominent \In addition, the problems faced by the pension insurance system in China include: Fund's collection difficult, serious waste of misappropriation, preserve and increase the value-added difficulties. Papers for each problem is made more detailed analysis. The second part is to explore China's pension insurance fund management mode selection. Led personal account pension insurance has been determined by the direction of reform, but what sort of management style, but there are several iM point. Papers a brief introduction and evaluation of a foreign pension fund Government Management, Market Trust Fund Management, the Central Provident Fund system as well as several models of private management. Domestic theorists there are several specific management methods: One is managed directly by the Social Insurance Office, and by the life insurance company on behalf of management, the establishment of the Social Security Bank Foundation to establish trust management model. Been evaluated after the above ways, the paper focuses on the establishment of the Social Security Bank, and the establishment of the foundation two ways for comparison, taking into account the cost of the establishment of the Social Security Bank, as well as running costs factors, I prefer the establishment of the Foundation's management mode. Establishment of the Foundation of the external environment on the capital markets has been basically mature, so the establishment of the Foundation is feasible. The paper then made a brief introduction to the organizational structure and mode of operation of the Foundation.

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