Study On Management Model And Investing Policy Of Endowment Insurance Fund In China

This paper summarizes our country's endowment insurance fund reform process since 1993, and analyzes the present problems and causes of the fund management, and draws the conclusion that the key to solve those problemsmust is to establish a new and reasonable endowment insuranc fund management model and formulate a reasonable investment strategy. Now, our country implements social pooling and individual account combination model. On the one hand, it considers justice and has the redistribution function; On the other hand, it stimulates individuals'enthusiasm through individual account's accumulation, tallling with our country's national condition. But, in actual operation process, because of the aging phenomenon is getting more and more serious as well as the transformation cost question, and the crack of the management system , the regional endowment insurance fund exists"the confused management"situation, leading to individual account operating at the empty account status for a long time.In order to constitute the operational management mechanism of the endowment insurance fund, this paper analyzes the drive distoration and the interest conflict of the"individual payment, regional management, and the centrol govement being responsible for"model. And then, through comparing different countries'succssful experience, we proposes that our country should implement provincial decentralization mangement pattern in present condition. In this pattern, through the regional tax affairs departments collect the pension from the enterprises and individuals, then hands over separately the overall plan part and individual account household part to the different departments , and Watchdog committee carries on the surveillance to their administrative action. Moreover, through the principal-agent theory, this apaper thinks that the individual account should be operated by individual account household Management committee, to reduces the principal-agent risk.In order to constitute the investing modle of the endowment insurance fund, this paper shows that it is not a good hedge against the inflation and to increase the fund's value by investing in banks and bond market. Then at this stage of the investment market in China, while China's investment market there are still a series of problems, but through scientific research, there is still some room for investment. Finally, through empirical analysis method, we study our country's bond and stock market, and then constitute the two assets risk dispersion model according to Markowitz theory. During 2006 - 2007, China has experienced two years of the bull market, which makes the level of income is relatively high, only 10 per cent of the fund to invest in the stock market can solve the problem of preserving and increasing the value, but also can be found through data that at this stage the investment risk is relatively high too.In conclusion, this paper aims at the historic mission of maintaining and adding the endowment insurance fund value to analyze the operating actuality; existing problems and the rational cause of operating predicament of the endowment insurance fund nowadays in China, demonstrates the game behavior among each part of the endowment insurance fund operating in China and the interaction mechanism, and in terms of relevant theories and research methods of portfolio investment, constitutes the investing and financing model and managing and operating mechanism of the endowment insurance fund based on the interaction mechanism, which has an outstanding explanatory ability for true life and policy support ability.