| ABSTRACTThe purpose and The Clue of the DissertationThe population structure of today's China and the "birth control policy" will lead to an aging population in no time. If we don't establish a new public pension system which based on the individual account at present, the government will not afford to pay the every increasing security costs in future. In addition, it is very hard to appreciate the pension funds. If China's government doesn't reform the present pension system, it will pose threats to the growth of China's economy and will result in the pension security system crisis in middle of 21 century. So the innovation of pension security system is very important to the development of China's economy. Because of the large population and limited financial abilities, it is a good way to establish a multi - - pillar pension system combining individual account and social pooling, in which individuals should play leading roles.How should we run the individual account funds efficiently? The author suggests setting up the model of trust fund association to manage pension funds. How to manage pension funds has solved, the next question is how ~o invest them. The operation of pension funds has a close relationship with capital markets. Because pension funds can promote the constructing of the capital markets, it is necessary for individual account pension funds to go into the capital markets. Consider the present condition of China's capital markets, whether can the individual account funds enter the markets? Whatare the restrictive factors and how should we overcome them? How to choose investment tools in capital markets and how to control risk in capital markets? How should we supervise the management and investment of individual account funds? The above questions will answer in the dissertation.The Main Contents and ViewpointsThe dissertation is consisted of four parts. In the first part, the author introduces the reform of China's pension security system and the present problems in the reform. In the second part, the author discusses what model we should choose to manage the individual account retirement. The third part plays a key role in the dissertation. The author discusses whether it is possible to enter capital markets and hoe to enter it. How to control the risk and how to set up a supervision system are introduced in the fourth part.There are two sections in the first part: the reform progress of China's pensions security system and the problems existing in the presefit pension security system. The old-age pension system was a pay-as-you-go system, and it was feasible at that time. But with the transfer from planned economy to market economy and the change of population structure, the defect of the old - age pension system has been exposed. The government is confronted with the rapidly increasing pressure from pension payment. Combining the social pooling with individual account was put forward by the State Council in 1993. The transfer from pay - as - you - go to fully funded individual savings needs an interim cost, which has not been settled, therefore, "empty - account" has occurred. Moreover, the difficulty in raising pension funds, the waste and improper appropriation of funds, the difficulty in keeping value and incrementing are also serious problems. The author gives detailed... |
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