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1、 On Chinas Enterprise Annuity Risk Management _ the agency networkPaper to write network: Abstract: With the aging population growing phenomenon, the development of enterprise annuity system has become a worldwide trend of China from the 1990s to start building and development of enterprise annuity
2、system .2005 August 1, China formally entered the market annuity business of the operation period. Annuity market-oriented operation, not only make the annuity to be increasing the value of time in storage, but also promote the development of Chinas capital market, but the risk capital market is eve
3、rywhere, corporate pension funds as an important part of the capital market also face many risks, such as market risk, legal risk, risk management and internal risks, and many principal-agent risks in this context, the process for the enterprise annuity fund operations of a class of very prominent i
4、n the risk - the risk management of the agency issues discussed and analyzed from various angles the agency proposed annuity risk management countermeasures. Keywords: enterprise annuity, the principal-agent, risk management Currently, the worlds most developed countries have entered the aging socie
5、ty, Chinas aging trend is equally bleak, aging population by 2014 is expected to reach 200 million in 2026 300 million, in 2037 more than 400 million. Aging population on Chinas economy , social, political, and cultural aspects of development has brought a profound impact in this tough situation and
6、 the global context, the development of enterprise annuity system has become a worldwide trend .2005 August 1, 29 financial institutions have been given business pension management qualifications, marking the formal entry into the Chinese enterprise annuity business during market-oriented operation
7、of capital markets, risk is everywhere, corporate pension funds as an important part of the capital market is also facing a number of risks. This paper will address the process of enterprise annuity fund operations of a class of very prominent risk - the risk management of principal-agent problems a
8、re discussed and analyzed from various angles the agency proposed annuity risk management measures proposed will help the Chinese enterprise annuity Fund to further improve the system, has some theoretical and practical significance. First, the risk of principal-agent status of annuity According to
9、<<Interim Measures for Enterprise Annuity>> and <<Interim Measures for Enterprise Annuity Fund Management>>, corporate pension funds in the investment management of the main body is formed between the major multi-agency chain in the principal-agent chain, first initiated by t
10、he Council and beneficiaries entrust the management of the enterprise annuity annuity business affairs, the trustee is entrusted by the Annuity Board of management of corporate pension fund assets, the trust relationship between the two sides, the trustee discretionary investment managers, account m
11、anagers and custodians people were to exercise the enterprise annuity fund property investment management, account management and asset custody functions, the above may be the main agency entrusted to exercise the relevant functions of the agency in such a complex relationship, the moral hazard of a
12、ny party will directly damage the interests of employees , while the number of parties will conspire to bring more problems. Second, the enterprise annuity Analysis of multi-angle principal-agent risk (A point of view of the complexity from multiple 1 complex multi-agency risk have increased the pro
13、bability of commission in the enterprise annuity principal-agent relationship involves many actors, the complexity of its multi-agency relationship makes the operation of the enterprise annuity risk control chain lengthened. Enterprises and workers voluntarily build corporate pension plans, but the
14、entire project throughout the implementation process through the trustee, agency, effective management of multiple relationships in order to reach the beneficiaries, and various institutions in the communication of information, strategies and other aspects of investment risk is difficult to exactly
15、the same, Therefore, increasing the risk resulting probability of multiple principal-agent relationship between the complexity of making regulation more difficult. In addition to the main operation, the enterprise annuity operations there during the multi-agency monitoring of the operation in the en
16、terprise annuity, because the complexity of the annuity principal-agent relationship between multiple making in the enterprise annuity operations were all operating under the main supervision of different departments, so they are not facing the same regulatory body. weight makes the complexity of th
17、e annuity principal-agent relationship between the operation of regulation, the various regulatory authorities need to complement each other, so its regulatory system architecture to highlight its unity, efficiency. (Two from the perspective of objective and subjective reasons 1 subjective reasons.
18、Annuity principal-agent relationship between the subjective question of risk because the agency annuity benefits between the various actors, inconsistent with the objectives, the enterprise annuity agents to make the existence of subjective interests of the client behavior is not conducive to choose
19、 tendency according to the economic man hypothesis, the Official Trustee as an independent economic interests, their ultimate goal is to pursue their own monetary income and non-monetary revenue maximization due to enterprise annuity market in the actual operation of the process, the trustee and som
20、e special work by the trustees, investment managers, account managers and other agents responsible for making the agents have the opportunity to act according to their own interests selection, so if the agents operating in the fund selection process acts more consider their own interests, while igno
21、ring the interests of the clients annuity, will cause harm client interests. objective reasons because of the interests of all goals are inconsistent, subjective enterprise annuity principal-agent relationship to the existence of an agent is not conducive to the interests of the client the tendency
22、of behavior choices. Links to free download http:/ First, information asymmetry in the enterprise annuity in multi-agency relationship, the client due to the lack of professional knowledge and relevant experience, performance of all agents and job performance, the client is difficult to make accurat
23、e judgments as annuity agent financial institutions who are on the pension funds operating performance, their work effort and financial market policies and the mastery of information has an absolute advantage. Second, the contract is incomplete. The reality of enterprise annuity is often the relatio
24、nship between the principal-agent contract contract is binding from the broad perspective of the powers and obligations of the parties, only the overall objective, widely applicable principles of accident occurs and the decision-making procedures and criteria for dispute resolution mechanism agreeme
25、nt. Third, the residual control rights and residual claims do not match to maximize the return from the pursuit of the final pension point of view, residual rights of control should be handed over to those who have information superiority and higher professional and decision-making capacity of an ag
26、ent side, and the residual claim to the annuity company annuity clients, but in practice to master control of the enterprise annuity fund and the remaining cases do not bear the consequences, have the opportunity to annuity agents annuity specific operational decisions in the pursuit of their own in
27、terests, the enterprise annuity clients interests have been violated. Third, the enterprise annuity principal-agent risk management recommendations (A to accelerate the pace of legislation, improve the legal system Improve the legal system of the enterprise annuity pension system is its smooth and r
28、apid development of an important guarantee. At present, China is not an independent corporate pension laws, laws and regulations, but in other laws and regulations in the management of the business-related content has been involving the Government should gradually increase the legal level, improve t
29、he legal system in China related to the social security annuity business, trust, securities, funds, auditing, monitoring, and other fields, need to create a <<enterprise annuity method>> mainly to <<Trust Law, Contract Law >>,<< >>,<< Securities Investment F
30、und Law>> and other laws to supplement the legal system, give full play to Chinas enterprise annuity orderly development of the protection. (B to create checks and balances, and create a competitive market The scale of development of Chinese enterprises is rapidly growing annuity, the World Ba
31、nk predicts 2030 will be Chinas Enterprise Annuity scale up to 1.8 trillion U.S. dollars, about 15 trillion yuan, becoming the third largest enterprise annuity market, while China is now recognized by qualified enterprise annuity fund management sector is still very limited, thus the formation of la
32、rge corporate pension funds chasing a small number of enterprise annuity fund management institutions of the situation. In order to meet the needs of the development of Chinese enterprise annuities, as well as to create a fully competitive market environment, the government should speed up the pace
33、of building a competitive market the agent, so that more high-quality professional bodies, financial institutions and other agents as enterprise annuity fund management institutions. Meanwhile, the enterprise annuity trustee, account manager, fund trustees and investment managers must establish chec
34、ks and balances between the improvement of internal control system, effective management and control of enterprise annuity operations, consider the introduction of various types of investment managers establish different management system of checks and balances between institutions, the formation me
35、chanism of competition between them, making the trustee has a greater choice. (C establish disclosure mechanism, improve the standard evaluation At present, the Chinese enterprise annuity market is still in its infancy-related laws and regulations are not perfect, in order to better protect the inte
36、rests of the clients corporate pension plans, should establish a strict access system and market exit system, and to cover the establishment of a to all aspects of enterprise annuity operations, and complete disclosure and reporting system. Chinas enterprise annuity principal-agent risk management i
37、ssues involved in a number of actors, accompanied by the agency is also increasing the risk should be different regulatory bodies continue to strengthen coordination and cooperation among each other, through the coordinated regulation of various aspects of , enhance the overall supervision of corpor
38、ate pension regulatory system efficiency, while speeding up the establishment of a targeted enterprise annuity operations supervision and evaluation standards to protect the security of enterprise annuity. (D specification intermediaries, and strengthen supervision Chinas enterprise annuity intermed
39、iary service market has made great progress, but in its process of rapid development, Chinas enterprise annuity intermediary service market, there have been some problems, constraints and hindered the overall level of their overall development, leading to social public service agencies lack of trust
40、 in order to prevent the risk of Chinas Enterprise Annuity principal-agent production, and strengthen intermediary service organizations pension external oversight mechanisms, we should introduce and cultivate a high reputation as soon as possible independent of the enterprise annuity service agenci
41、es, establish a strict access mechanism of social intermediary organizations to improve the overall quality of the degree of organization and the entire industry, to further improve the enterprise annuity market intermediary services, and strengthen its operations in the enterprise annuity market ov
42、ersight functions in society. Links to free download http: / / : 1 Dengda Song, Wu Xiaowu. Synergetics regulatory risk in the enterprise annuity fund in the application of J. Wuhan Finance, 2005, (5). Yang Yan Sui. Annuity Theory and Practice M. Beijing: China Labor and Social Security Publishing H
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44、gent system M. Beijing: China Financial and Economic Publishing House, 1999. Jun Yin, Zhao Social Security Fund Management Theory M. Wuhan: Wuhan University Press, 2007. Tian-Cheng Li based on principal-agent theory of corporate annuity operations research J Tianjin University of Technology, 2005, (
45、4). Cui Shaomin. Supplementary pension insurance principles, operation and management M. Beijing: China Labor and Social Security Publishing House, 2003. Zhao Man. Enterprise annuity system and its governance structure to build J theoretical magazine, 2004, (8). 10 Ba, etc. annuity supervision and c
46、oordination mechanisms J. Economic Theory and Economic Management, 2004, (7). 11 Jihua Lu, the Prince wide Social Insurance Fund in the principal-agent relationship management analysis and recommendations J. Theory Monthly, 2006, (2). 12 Liu Dehao. On the Chinese pension fund regulatory mechanism de
47、sign C. Cross-Strait Symposium on Social Welfare, 2004. 13 Yu Wentao, China Trust Annuity operations and regulatory issues of D. Beijing: Foreign Economic and Trade University, a masters degree thesis, 2006 14 National Laoling Ban in China forecast the development trend of population aging study EB / OL. Pension net, 2008. 15 Yang Lao gold, according to Zou Hong. Enterprise annuity program design and management M. Beijing: China Financial and Economic Publishing House, 2006 Links to free download http:/15