Agency Relationship Between The Chinese Enterprise Annuity Regulatory Responsibility For The Main Study

In the trend of an aging society, strengthening the supervision of occupational pension has become a trend. the most obvious feature of our annuity is the complex multi-level principal-agent relationship. as the principal, enterprises and workers put operation and management of pension to the trustee.In the familiar way, Trustee has signed agent contract with various agencies for investment and pension management. In the process, as principal and agent have different goals, limited by market information, knowledge and skills and serious asymmetry of information, which make "adverse selection", and "moral hazard "problems possible. Thus, we need to strengthen the supervision of the agency relationship, making the client's interests safeguarded.The article is divided into four parts in total, the first part introduces regulatory status and related theories of the enterprise annuity; In the second part of the article, firstly Occupational Pension supervision involved in each subject were clearly defined. In addition, we have explain the problems which may arise in operation of our enterprise annuity agent. The third part we give a serious analysis of various reasons about why this kind of risk is existing. The main reasons contain conflicting interests, asymmetric information, related laws and regulations are not perfect etc. The fourth part of is the focus of this article. We discussed both the incentives and regulatory mechanisms. On incentive problems, we believe that application of hidden incentive is necessary. However, as to the development of China's current situation, this approach does not has a mature market environment. I mainly discusses the mechanism of dominant motivation on how to establish a rational system of remuneration and benefits system. We believe that the regulation should start with both inside and outside. External supervision includes sound laws, strengthening the information disclosure system and enhance the role of intermediaries. As to our main internal control we set up a form to check and balance the main parties.