Mode Of Operation Of China's Enterprise Annuity Investment Research

Pension, is a supplementary endowment insurance, which is sponsored by companies for the purpose of improving employee'retirement living standard according to national regulations and their economic conditions.The pension market is and will be prosperous in the foreseeable future.Firstly, we make quantitative analysis on main investment tools in present pension market for discovering factors influencing pension yield. It is found that nominal yield influencing actual yield positively, therefore an effective capital collocation should have relatively higher percentage of investment tools with higher yields when nominal yield falls.What is more, CPI has stronger influence on actual yield than nominal yield, therefore investment tools such as national bond, which can resist on inflation, is suitable for pension investment.From an economic view, the most efficient institution is the one under which cost and yield are belong to one individual.Government in the world starts to share with the hold of public pension project and financing source with enterprises and individuals and start to permit pension capital into financial market for higher yield.401K project investment mode in America, pension privation reform and investment mode in Chile, HongKong mandatory provident fund and Japan pension investment mode are typical,whose successful experience and unsuccessful lesson are worthy our learning and thought.Pension project has close relationship with welfare of millions of individuals, so a moderate pension capital allocation is extremely important. An asset investment model comprises of capital allocation, asset and liability management as well as risk management.Firstly, we build a pension capital allocation model under regulations in China based on classical capital allocation model-Markowitz Model.It is discovered that if we strictly comply with the regulations of pension investment, the yield is blow 10%. It is true that the regulations guarrant safety of pension capital under the incomplete financial system in China, it is also true that the regulations make the dream of higher yield almost hopeless.Finally, we introduce advanced techniques of asset& liabilities and risk management, such as cash matching, duration immunity and gap matching. Moreover, we present risk measurement method-VAR and recommend suggestion correspondingly.