Research On Investment Management In Corporation Annuity Of Our Country

Recently,aged population is climbing worldwide.It is hard for endowment insurance to deal with payment difficult. Corporation annuity, which is major source of income in aged time, shares responsibility of aged care, as the important part of multilevel endowment system. DC model is implemented of Corporation annuity in our country. Treatment in retirement is related to the profit of individual account. The efficiency of Investment and operation in Corporation annuity is vital.Corporation annuity is born in our country at early 90’s and the formal step is 2004 around. Principal-Agent theory and Portfolio theory link to Corporation annuity’s investment and operation closely. Corporation annuity in our country is invested diversified and operated in Trust-type, striving to stabilize the profits and spread risks. A decade has witnessed the rising scale and the smooth profits. Among the above, equity asset takes over much, which resulted from its matching with long-time term. A number of financial institution has participated in Corporation annuity’s operation, especially the insurance institution, making devotion to Corporation.At the same time, some problems still exit. Firstly, the profits of Corporation annuity’s investment and operation tend to be steady, but it is low. Secondly, less attraction in tax treatment results in lacking motivation, hidering the growth of accumulation. At end, multiple risks resulted from deficiency of information disclosure is difficult to handle in Principal-Agent theory. Comparing with success of developed countries, the history of Corporation annuity’s investment and operation is short,lacking experience. Also, support from law is necessary. In addition, the capital market is in initial stage.How to improve Corporation annuity’s investment and operation is the focus in future.Based on the latest stastistics of the ministry of Human Resources and Social security,this thesis analyses characteristics of Corporation annuity’s investment and operation and provide some suggestions. Corporation annuity’s investment and operation of our country is in initial time. It is normal to face issuses and weaknesses. With technical support, Corporation annuity’s investment and operation will develop in good momentum in next decade as the vital component in endowment insurance system.