Research On Chinese Company Pension Investment Management Operation

The company pension system was an important supplement of the basic old-age insurance system, along with social economy development and population old age is day by day seriously, the basic pension system is unable to withstand the heavy burden. More and more attention is paid on the development of the company pension which is regard as the "the second prop" The scale of the fund is becoming larger and larger, so how to guarantee its value focuses more attention. Seeking the effective way of investing with the company pension fund not only relates the annuity beneficiary's benefit, but also the development of itself.Annuity foreign enterprises over several decades, or even a century's development, the company pension in the foreign countries becomes more and more meritoriously. In these countries, company pension plan have been the main pillar of pension system and have formed a set of stabilized systems. Company pension occupies one third of a retired person's income and an important source to secure the life of retired persons in these countries. But in China it is only on the initial stage. May 1, 2005, 2 "measures" about the company pension was implemented which marked the beginning of a new stage, and from that time the investment of the fund was based on the market operating mode. However, because of lacking experience and with the imperfect of China's socio-economic and capital market there are some problems in its management, such as: using unreasonable investment tools, low investment yields; lacking of sound legal system and preferential tax policies; having no effective regulations, which seriously affected the company pension investment efficiency. How to resolve these problems is the significance of this Article. Company pension investment law is the main line of this paper. From the company pension investment profile and the general theory, we know the need of establishing company pension and aggregate investment strategy and management practices of foreign countries. In the contrast there are some problems in China's investment. Then we introduce Maikeweier, Shitutebeike events, as well as Enron to carry out the analysis, draw appropriate lessons and insights, and then give some suggestions in order to improve the development of the fund investment in China: improvingcompany pension investment portfolio and balance risks and benefits; corresponding preferential tax policies; perfecting laws and regulations and multi-tiered regulatory system; transiting from a separate operation to the Mixed Operation smoothly. Finally, we summarizes conclusions: legislative work must be strengthened in the investment of company pension in China, strengthen the management of investment risk awareness and risk management, and also sum up experience in practice constantly, in order to make investment management of company pension run on an standardized path.