The Research On The Trust Operation Mode Of Account Of Individual Endowment Funds

In view of the existing situation, pension funds in personal accounts of China may be faced with declining values. On one hand, poor management operation led to management and operation risk and low fund investment return rate caused low risk in proceeds on the other. In this context, investment operation ways to improve the individual account fund were suggested in December 2010, conducting market operation, ensuring the maintenance and appreciation of values of the individual account fund. However, there were many voices on the market operation of the individual account operation mode. Some thought that the investment running of the individual account pension funds should be subject to the National Council for Social Security Fund; the other proposed that taking the trust operation on the learning of the enterprise annuity model. The discussion regarding the question is still proceeding today and this paper discuss around such problems.The basic thought of this study is on the basis of comprehensive research. It analyzed our country's existing problems of individual account pension funds combining with the theory of property rights, the asymmetric information theory, public management theory and portfolio theory. Through the analysis of our advantages, it referenced the successful experience of Anglo-American pension trust, which combined with the characteristics of personal account fund. Lastly this paper puts forward the related system to guarantee personal account fund operation as that individual account fund should adopt the trust mode. Overall, this research roughly divided into the following several parts:Chapter 1:Introduction. As the opening badge, the first chapter mainly introduces the background and significance of selecting the topic, the domestic and foreign literature review and the research methods, the innovation points and research contents.Chapter 2:The analysis of the theoretical basis of trust operation model in pension funds individual account. This chapter defines the individual endowment fund trust and the basic concept of trust model. In theory, this paper is based on the theory of property rights, asymmetric information theory, public choice theory and portfolio theory. Chapter 3:The present situation of account of individual endowment fund trust and analyzed the operation advantages. This paper analyzes the present situation and personal account fund, demonstrates the advantages of individual account fund adopting the trust mode and study the successful experience in Britain and of pension funds trust from personal account fund. The research indicate that the trust operation is optimal investment mode which is able to ensure the value of individual account fund.Chapter 4:Trust management of Individual account endowment fund. In this chapter, the author analyzes the basic principle of operation mode about the individual account fund. It innovates the personal account pension funds trust based on the other scholar's research as well as the analysis of investment management of the main body on personal account fund trust operation mode and the risk control of the operation. In order to maximum the slope and deviate the standard, it selects various assets optimal portfolio to unsystemic risk. And the paper puts forward the method of spreading risk using "delegate-agency theory"Chapter 5:Security measure. Think the government should change their roles, from fund operations people into the fund management and supervision; Perfect capital market, constructing the individual account fund operation market environment; Increasing legislation dynamics, as soon as the individual account promulgates operating regulations; Further consummates individual account fund trust operation mode of supervision; Scientific use portfolio tools, ensure personal account fund of the operation mode of the trust; Further do real personal account fund.Chapter 6:Conclusion and Prospect. Think individual account fund adopts trust operation mode is able to guarantee fund value; Looking to the future, individual account fund the property from individual account, modeling, quantification, risk control, management system, participate in corporate governance and indexing investment several aspects of research.