| Enterprise annuity is one of the pension system that enterprises provide retirement income security to some extent for their employees according to their own economic strength and economic conditions. Enterprise annuity funds consist of employer's and/or employees'contribution and its investment earnings. Recently,China's old-age security systems are formed by the state basic pension system, enterprise annuity and business annuity or voluntary retirement savings. Enterprise annuity is the key part in the Multi-tier old-age security system and play an irreplaceable role in attracting and retaining qualified personnel and motivating talented people.As the enterprise annuity system gradually standardize, enterprise annuity market has started to show rapid growth momentum.However,we still need to face the reality that enterprise annuity funds' investment dilemma:because of the relevant laws and regulations, China's enterprise annuity fund invests excessive concentration on bank deposits and treasury bonds,which put the funds under great interest rate risk exposure.As capital market reform,such risks may will bring losses to enterprise annuity beneficiaries.Based on the situation of individual housing loans in China and empirical methods,this paper puts forward that enterprise annuity funds invest individual housing loans can not only expand investment channels but also increase the return of portfolio without substantially increase the risk.In terms of structure, this paper is divided into three parts without introduction:The first part is the introduction to enterprise annuity fund investments theoretical basis and the use of the statusy in China's enterprise annuity fund.The enterprise annuity fund investments'problems are focused on two points:first, Investment tools focus too much on bank deposits and government bonds, that is lack of new investment channels;second, at present, enterprise annuity fund investments'income is very unstable, mainly due to great impact on capital market. The second part demonstrates the feasibility that enterprise annuity fund can invest individual housing loans from qualitative and quantitative angles. Qualitative analysis described individual housing loans market status and their development processes in China; based on the Markowiz model, quantitative analysis tested that enterprise annuity funds invest individual housing loans can increase the return of Portfolio without substantially increasing the risk.The third part discussed the risks of individual housing loans,including collateral risk, liquidity risk, credit risk, interest rate risk, inflation risk and social risk. At the end of this part, this paper puts forward measures to prevent these risks.This paper mainly uses static methods on the enterprise annuity fund portfolio to conduct empirical research on strategic issues.Based on the Markowiz model, which uses the mean, variance and correlation coefficient described in the relevant variables, for a time on the optimal combination of assets. The model also verifies the feasibility for enterprise annuity fund investing in individual housing loans and confirms that enterprise annuity fund investment will be benefited from individual housing loans.Innovation in this paper is mainly reflected in the following areas:This paper demonstrates the need, feasibility, and risk control mechanisms for enterprise annuity fund investing in individual housing loans and mainly carries out the empirical test on enterprise annuity fund investing in individual housing loans. |
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