| Enterprise annuity which is one of the three pillars of endowment insurance system in our country has played an important role in improving the living standards of the people retired. However, financial market of our country is still not sound enough and short of investment vehicles. Meanwhile, enterprise annuity market lacks effective supervision and restriction mechanism, and faces the challenges of mixed operation. All of these breeding the investment of enterprise annuity fund in our country is high risk. To effectively avoid the risk and to gain high investment return, the measures for controlling the risks are proposed in the thesis based on researching the risk control mechanism and learning success about enterprise annuity fund investment operation in developed countries.Exploring the measures for controlling the investment risks in enterprise annuity fund is the main line of the thesis. Firstly, the thesis introduces the function of enterprise annuity and analyzes the study situation of the investment and operation of the enterprise annuity funds at home and abroad. Secondly, the thesis describes the content of enterprise annuity briefly and points out the relationship between enterprise annuity and enterprise annuity funds. Through studying the typical cases, the thesis clarifies the investment risks of enterprise annuity fund. Problems about controlling the investment risks in enterprise annuity fund of our country's are analyzed, such as financial market imperfections, short of investment vehicles, absence of effective supervisory mechanisms and the challenges of the mixed operation. From the objectives and principles of enterprise annuity investment risk control and according to the classification of the enterprise annuity investment vehicles given by state, the thesis analyzes the present situation of our country's enterprise annuity investment vehicles and proposed the suggestions about choosing suitable investment vehicles. By comparing the advantages of various financial institutions, the thesis figure out the optimal allocation of financial institutions in the enterprise annuity fund investment and elaborates on the operation of enterprise annuity investment regulators and regulatory elements of our country. Finally, by drawing on the experience of other country's enterprise annuity investment risk control and combining with the present situation of our country, the thesis proposes three enterprise annuity fund investment risk control strategies. They are:establishment and improvement of the investment operation environment, improving the management capabilities of enterprise annuity operation organization, building multi-party monitoring mechanism for enterprise annuity investment.The thesis elaborates on a variety of investment vehicles and financial institutions by adopting the comparative analysis and gives more perfect advices about investment and operation and risk control strategies of the enterprise annuity fund which are suitable to our country's specified situation by drawing on the successful experience of other countries.The thesis deficiency lies in the study of enterprise annuity investment products and the scope of investment is not deep enough. Risk budgeting and asset liability management which are popular in the investment management recent years need to be explored further. |
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