Font Size: a A A

The Application Of Dynamic Financial Analysis In The Operation Of Occupational Annuity

Posted on:2005-04-06Degree:MasterType:Thesis
Country:ChinaCandidate:G Q ZhaoFull Text:PDF
GTID:2156360122487565Subject:Business Administration
Abstract/Summary:PDF Full Text Request
After the crisis of energy and social security in the seventies of last century, an upsurge was raised concerning the reform of endowment insurance system. Thereon in many countries relevant policies were put out and carried into execution, which result in current endowment insurance system developing according to a multilateral mode. The reform of our country shows the same trend too.In our country, the research on the operation of occupational annuity has not been perfect for the short more than 20 years history. Realizing the disparity between foreign and our reality and combining the latest policies and regulation, the author tries to apply the dynamic financial method to analyzing risk, which appears in the occupational annuity management. This thesis proceeded from general concept of the occupational annuity at first, introduced the evolution of the annuity and the characteristics of every stage, and has explained separately that current situation and system in the domestic and international operation. The favorable chance is also analyzed by which all kinds of related organizations of our country develop the occupational annuity under the latest annuity regulation frame. In addition, because of the defects in the pension operation in many situations such as government, relevant financial institutions and given enterprise, what must be pointed out is that the risk management needs to be strengthened with the constant development of the pension market.Aiming at the risk problem that will be shown more and more seriously, in this paper the focus is to regard the occupational annuity system as the asset / liability system in whole, using the dynamic financial approach to analyze the risk faced to the pension managers.Aiming at the investment risk concerning the pension, a simple stochastic DFA was set up, in which the four major key elements such as asset, liability, contribution and investment have been taken into consideration. The other factors with regard to risk in this model were also considered. At last a state-owned electric power corporate case was given, from which the author illustrated how to use DFA model to compare the quality of different financial strategies and furthermore pointed out the practical value in the operation of occupational annuity.
Keywords/Search Tags:occupational annuity, risk management, dynamic financial analysis
PDF Full Text Request
Related items