Research On The Enterprise Annuity Investment Risk Management In China

China’s Enterprise Annuity System as the second pillar of the pension insurance system, inessence, is a supplementary pension insurance system. On the background of China’s agingpopulation, pension insurance already can not make ends meet, so in this case, the establishment ofthe enterprise annuity system which enters the market investment operations has a very importantsignificance.But the late start of China’s enterprise annuity system, the capital market is not welldeveloped,there are still kinds of risk factors,mainly from the investment tools, and managementaspect. In investment tools, risk is mainly from policy, economic cyclic fluctuation, interest raterisk, concentration risk and associated risk, which resulted in fewer type tools of China ’senterprise annuity investment, and the most invested in bank deposits and national bonds and otherlow yield investment tool, ignored the requirement of maintain and increasing the value.the equityinvestment tool such as stock and fund has high yield,but as well as,with much more bigger risk.In fact, bank deposits and national bonds also are eroded by inflation, not free of risk. Stock indexdeveloped in wavy trends, and stock’s yield is unstable. The only way to disperse risks and improveyield is by reasonable portfolio.In the risk of management, mainly in trust mode, the complex relationship combined with fivemajor roles: trustor, trustee, account managers, fund custodians and investment managers, whichobjectively increase the risk of decision making mistakes, subjectively exist moral hazardgenerated by asymmetric information, all aforesaid increase the management risk of the investmentoperation of enterprise annuity.In order to effectively play the role of supplement function of enterprise annuity,to promotethe sustainability of the pension insurance system in China, China’s enterprises should strengthenthe risk management of annuity investment, and improve risk control mechanism of enterpriseannuity investment.First, from the view of the risk control management of enterprise annuityinvestment, choose a reasonable regulatory mode,and improve the information disclosure systemand whistle mechanism; second, from strategic asset disposition of enterprise annuity,followingthe abroad experience, diversification strategic asset disposition is carried out; third is from thepoint of view of the risk control of enterprise annuity investment tool, complete the securitymechanisms and risk reserve fund system. By continuous improving the technology of portfolio,fully realize risk control and risk circumvention on China’s enterprise annuity investment, andachieve a win-win situation of high-security investment operation and high yield.