Research On The Value Chain Of Enterprise Annuity Market In China

With the aging of the population has deepened,basic endowment insurance system in many countries of the world has difficulties.All countries began to reflect on the current endowment insurance policy,and they begin to put forward solutions and ideas.So the enterprise annuity system emerged as the times required.In recent years,the scale of the enterprise annuity market development in China was increasing,but in the multipillar pension system,the first pillar has a dominant situation.The pension substitution function of enterprise annuity system is smaller,the potential to be developed.This paper takes the value chain of enterprise annuity market as the main line,and explains from the related definition of enterprise annuity market value chain,present situation and existing problems of value chain of enterprise annuity market,and the construction of the enterprise annuity market value chain system.First of all,combining the research and understanding of the enterprise annuity market and the value chain,this paper defines and explains the value chain of the enterprise annuity market.Using the theory of three pillars of old-age security,stakeholder theory and principal-agent theory,this paper explains the theoretical basis for realizing the orderly operation of enterprise annuity market value chain.The three theories emphasize the importance of the balanced development of the three pillar of old-age security,explain the enterprise annuity system as the second pillar of old-age security function orientation,provide a theoretical basis for improving the pension replacement rate of enterprise annuity fund.Secondly,this paper based on the current situation of the enterprise annuity market value chain,and the value chain transformation from spontaneous to conscious,analyzes the operation mode and operation effect of the enterprise annuity market value chain,finds that there is an empty shell of the trustee in the process of development the main body.What's more,this article analyses problems of double principal-agent risk and imperfects supervision system between the trustor and the trustee,the trustee and each operation organization.Finally,this article from two aspects of value chain maintenance and appreciation of enterprise annuity market,constructing the value added mode,puts forward the value added model of closed loop enterprise annuity market value chain,constructs value creation model based on trust overlay effect model,and gives some advises that the government builds a good legal environment,implements some effective tax policies,strengthens supervision and improves the level of pension market.To realize the healthy development of the market value chain of enterprise annuity,the most important thing is to realize the stable development of value chain,cultural chain and risk chain.