| Enterprise annuity fund is still in the early stages of development because of only20years development in China, and its development does not only affect the pension reform,but the healthy development of the national economy as well. Due to the short time ofdevelopment of the enterprise annuity fund in our country, research is mainly concentratedon the financial, accounting, investment, tax and law, etc., and from a global point of view,research around the entire operation of the various stakeholders are also relatively small,including two aspects of qualitative and quantitative research. Therefore, it is significant touse the concept of collaborative and do research from a systems perspective. Thusincreasing the value of corporate pension funds, corporate pension funds to ensure achievesafety and liquidity in investment transactions, and ultimately to obtain a reasonable returnon corporate pension funds and benefits, win-win goal of achieving sustainabledevelopment. The research is supported by the National Natural Science Foundation ofChina.The following works are mainly completed:(1) Define the definition of enterprise annuity, enterprise annuity fund, compare thedifference among the basic old-age insurance, annuity and business pension insurance，fromthe aspects of coverage, optional, payment comparative analysis cumbersome, risk types,etc. Explaining Chinese Enterprise Annuity is between the basic old-age insurance andbusiness pension insurance, is a supplement to basic pension insurance, and has its ownunique advantages and characteristics. Analyzing the development of domestic and foreignenterprise annuity, indicates that since2005the enterprise annuity market operation in ourcountry has begun. And according to the data collected from2006to2012, analyze thedevelopment of the enterprise annuity, the GDP, the basic old-age insurance, employment,and operating income of enterprise annuity and overall development situation. It indicatesthat the enterprise annuity in our country is in rapid development by an average33.27%,much faster than the growth of GDP. However, the total amount accounted for0.93%ofGDP and4.98%of the employmen, comparing with the west, it is still very low.(2) From the perspective of system, combining with the coordination theory, enterpriseannuity fund operation system is analyzed, this paper expounds the formation conditions ofenterprise annuity fund operation synergy and the meaning of related concepts, clear theimportance of using synergy theory to guide the enterprise annuity fund operation in our country and its important value. Since earnings is through the entire operation of thecorporate pension fund, the factors affecting the revenue synergies is analyzed from thesource of profits, the management fee rate of the limit, the investment type and proportion,the risk reserve set and competitive of the enterprise annuity market a total of five aspects.Based on these, the research in our country at this stage of the operation of the enterpriseannuity fund revenue synergy mechanism, analysis of the dynamics and characteristics ofChinese enterprise annuity fund operation are done; According to our country’s currentpolicy and market status quo, research in our country to participate in the main body ofenterprise annuity fund operation coordinated process and collaborative way, conclusionthat part into the mainstream, the whole bundle for the main body of the futuredevelopment trend of collaborative approach; Combining with the current laws andregulations in China, with the perspective of legal relations, analyzes the type determinationby the trust of the advantages and disadvantages of cooperative mode.(3) Quantitative research based on qualitative analysis, game theory and scenarioanalysis is used to establish the main collaborative model. First of all, through the analysisof the main body of enterprise annuity fund operation returns the collaborative process,trust model based on the current collaborative model, detailed analysis is given priority towith the trustee, trustees, and investment managers in the game process, establish threesquare optimization game model between the main body; And on this basis, the result of themodel is derived from the math theory, analysis of the sensitivity of each independentvariable and dependent variable. In enterprise funds to participate in the operation processbetween the players as basis, the selection and adjustment of different parameters, theformation of different scenarios; For each scenario analysis the rationality and probabilityof occurrence of an assessment, by using computer simulated computation, produce a largenumber of scenario analysis results, thus image and intuitive reflect the result of the change.The evaluation of different effects of various variables and the relationship betweenvariables, to verify the judge concluded that the parameters of the structure, and found thefactors that change the results produced by the change in the future some of the trends andinfluence. For the operation of the enterprise annuity fund profits synergy, and can improvethe coordinated development of policies and measures to provide certain theoreticalfoundation and basis.(4) As the enterprise annuity fund operation, which is composed by many players, is acomplex system. To achieve its safety and profitability thinking from the perspective of dynamic is necessary. Coordination on the operation of the enterprise annuity fund profitfor multi-objective complex evaluation, through the comparison and analysis of theperformance evaluation of different method, from two dimensions of coordination andeffectiveness of the composite model is set up. Based on the analysis of the enterpriseannuity fund operation is nonlinear economic system, build a model can reflect the dynamicchange of coordination degree, evaluation of the operations department inspectioncoordination between each index or subsystem, illustrate its operation effect; Withobjectivity characteristics and advantages of entropy method to evaluate the effectivenessof the enterprise annuity fund operation, illustrates the efficiency of its operation. Combinethe two, the establishment of a composite model based on entropy weight method andcoordination degree. The axis of a two-dimensional is established and the possible resultsof the model is analyzed and compared, and put forward the optimization to improve theresults of path.(5) Finally, combining the result of above analysis, with the concept of "broadeningsources and reducing expenditure", some effective measures and suggestions are made fromthe three aspects of investment management, coordination and supervision to improve ourcountry’s enterprise annuity fund operate safety.
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