| Enterprise Annuity developed from market economy countries, it is employer voluntary established staff welfare programme. After the 1970s, many countries began to improve enterprise annuity as a means to perfect retirement security system, ease the financial crisis and deal with the ageing of the population. The World Bank and other international organizations formed the "three pillars" theory to old-age insurance system broad the basic old-age insurance, the establishment of enterprise annuities and individual savings and pension insurance.With the ageing of the population increased level of China's old-age, security system is undergoing profound change, China's Enterprise Annuity System changed from the government and enterprises operation mode to the market mode. Government promulgated the "Measures for Enterprise Annuity" and "Enterprise Annuity Fund Management Measures". In 2004, China's Enterprise Annuity Trust Management used mode of operation of the enterprise annuity, there is a complex relationship between the agency. On the one hand, the members of the enterprise annuity funds manage the fund assets to form the first level agency; On the other hand, corporate fund assets entrusted to the fund managers and investment banks to asset management hosted a second layer of principal-agent relationship. Enterprise annuity, investment management companies, trust banks have different interests of the economic entities, they determine their own actions for the realization of all the main maximize their own interests. Among the principal-agent relationship as poorly designed, the behaviour of agents can easily damage the interests of their clients in order to create risks, in the enterprise annuity operation of the agency faces risks. Enterprise Annuity operation in the course of risks facing the agency is the content of this paper.This paper is divided into five chapters. Chapter 1 introduct on the topics of the background and significance , the status of Chinese and foreign research, as well as research methods and ideas. Chapter 2 introduced the basic problems of enterprise annuities and corporate pension funds outlines the financial flow chart, from the enterprise annuity process, we can identify the financial enterprise annuity fund operator facing risks. Enterprise Annuity risks include external risks and internal risks, and agency risk is the risk of one of them. Chapter 3 introduced the agency risks from the manifestations, the formation of a different agency model. Agency risk usually have two forms: the adverse selection and moral hazard, the cause of agency risk is uncertainty, information asymmetries, limited rationality. Chapter 4 further analysis the enterprise annuity agency risks caused by the the subjective and objective reasons, and descript the agency of the enterprise annuity design risk management and investment operation of the performance. In the enterprise annuity principal-agent relationship, the professional investment institutions is a very important role. At present to participate in the enterprise annuity professional investment institutions, the main institutions are management companies, securities companies, insurance companies, trust and investment companies, commercial banks, financial companies of enterprise groups and joint venture companies or foreign companies. They have their own development and risk characteristics, it is meaningful to study main characteristics of seven professional institutions. Chapter 5 is how to guard against the risk enterprise annuity. First to research the United States, Japan and Australia, and proposed China should improve the enterprise annuity agent's incentive mechanism, establish and strengthen the operation of the enterprise annuity links restraint mechanisms, at last constraints on the mechanism of the content such as the legal, information disclosure, market access and exit mechanisms, social intermediary organizations. |
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