Research On Yield Of Annuity Investment In China Under The Perspective Of Regulation

The challenge of population aging is a global problem that humanity needs to face together.The establishment of a multi-level pension system has become a common practice in the world to deal with the challenge of population aging.General Secretary Xi Jinping pointed out in the report of the Nineteenth National Congress of the Communist Party of China that there should be continuous education for children,education,labor,medical treatment,old age support,living accommodation,and weak support Make new progress.At present,China has basically formed a three-pillar pension system,but the development of the three pillars is seriously unbalanced.The first pillar occupies a dominant position,the second pillar has a small coverage and development is slow,and the third pillar is seriously missing.The second pillar of enterprise annuity is an important supplement to the economic source of retirement life The long-term investment and operation of enterprise annuity assets to maintain value and increase value is essential to ensure people's retirement life and happiness.From the perspective of policy management and control,this paper analyzes the impact of the government policies of the second pillar enterprise annuity on investment management and control on the rate of return of the enterprise annuity plan,and conducts modeling research.Based on the empirical analysis results,it proposes countermeasures for reasonable management and control of the enterprise annuity collection planIn this paper,a two-way fixed-effect model that incorporates time trend items is used to estimate the unbalanced panel data of investment and operation of enterprise annuity collection plans.A total of 11 independent variables are selected in three categories.The three categories are policy regulation factor,corporate annuity fund collection plan idiosyncratic effect and capital market trend index.The weighted average rate of return of the collective plan of the enterprise annuity fund is set as the dependent variable The results of the study show that after adding the time trend term,a total of 9 of the 11 explanatory variables are statistically significant.For the dependent variable rate of return,the variables that have a key impact are notably quantitative investment restrictions,types of investable products,registered capital restrictions,the proportion of risk-free reserve plan assets and pension product management.Based on this,this article puts forward three countermeasures:gradually liberalize quantitative investment restrictions and promote global asset allocation;enhance the efficiency of pension product management and prudently increase the types of investable products;expand the participation of SMEs and promote the diversification of annuity plan investment portfolios.