The Study on Institution Construction of Regulatory System for China’s Enterprise Annuity
|School||Southwestern University of Finance and Economics|
|Keywords||Social security Enterprise Annuities Supervision system System construction|
As the world’s largest developing country, China is experiencing the most important changes in the population structure throughout history. The United Nations’s latest statistics show that by2050, China’s dependency ratio (the ratio of population over65years account for the total population) will increase to24%, equivalent to330million people. Ageing of population will have major impacts on China’s society, economics, culture and other fields, especially on the social security system. The early80s of last century, as the supporting measures of the state-owned enterprise reform, implementation of social pooling as a symbol, China began the reform of the social security system. Along with thereform of the social security system, as an important pillar of the multi-level old-age security system, the Enterprise Annuities system carried out waves of beautiful pictures.Since2007, the global financial crisis made the world’s major state pension suffering losses, also gave us a profound understanding of the Enterprise Annuities that it not only has old-age security function’s social attribute, but also share a high degree of market operation’financial attribute. This requires us to attach importance to and strengthen the supervision system construction of the Enterprise Annuities market, to promote the Enterprise Annuities market’s standardized operation and healthy development, to ensure that the Enterprise Annuities market keep normal and stable operation, and maintain legitimate rights and interests of the Enterprise Annuities’s all parties. Therefore, the choice to build Enterprise Annuities regulatory system as a research topic is both the needs of the theoretical research and the demands of the practice of reform.Enterprise Annuities supervision is a highly practical subject, but also an issue related to fairly wide range fields, this paper attempt to study deeply the China’s Enterprise Annuities supervision target, supervision object, supervision target, supervision content and so on, based on the general theory and practice of financial regulation; Based on response to Chinese Enterprise Annuities’practical issues, try to stand on the Enterprise Annuities regulatory’s point of view, point out the appropriate path and objective choice for Enterprise Annuities’s healthy development; Based on the service for the public’s interest, attempt to explain the inappropriate or inefficient phenomenon that appears in China’s Enterprise Annuities market, explore the scientific method of rational allocation of regulatory resources and improving the efficiency of supervision.The paper is divided into six chapters:After introducing the evolution of international Enterprise Annuities and the establishment background of China’s Enterprise Annuities, Chapter1discusses the Enterprise Annuities’s position and role in China’s old-age security, and analyzes China’s Enterprise Annuities’s institutional framework. Chapter2compares the supervision main body in the world’s major countries and regions, analyzes the status of China’s Enterprise Annuities’s supervision main body and puts forward the idea of reform. Chapter3discusses the market access and exit management of China’s Enterprise Annuities’s management institutions, analyzes the legal relationship between the management of management institutions and the presence risk, and presents the methods to strengthen the management of institutions based on the market regulation. Through a practical case, Chapter3also describes the role, the status and the problem of the Enterprise Annuities council as trustee, and gives some regulatory evaluation correspondly from the perspective of government department. Chapter4based on the comparative analysis to the Enterprise Annuities program and Enterprise Annuities plans, proposes measures to strengthen the compliance and effectiveness of regulatory to Enterprise Annuities program, has important reference value to "Enterprise Annuities Trial Method" being discussed and amended by the Ministry of Human Resources and Social Security. Based on the regulation of western countries’s supervision on investment of Enterprise Annuities, the chapter5analyzes the problems and current status on china’s investment of Enterprise Annuities, provids ways to enhance the investment supervision. This solves one of the key problems in amending "Trial Method for Enterprise Annuities Fund Management". Chapter6gives a brief on the development of foreign enterprises’intergrated annuity plan, discusses problems and current status of china’s integrated plan, and provides the purpose of establishing china’s intergrated annuity plan and advices on supervision. It also gives an important guidance for authorities to declare "Integrated Enterprise Annuities Trial Method" officially.Several features of this thesis:Ⅰ. The thesis compared the essential content of China’s Enterprise Annuities scheme and annuity plan. Depending on the result of the comparison, there come some measures of improving and strengthening the fairness and effectiveness of an Enterprise Annuities plan. The thesis makes an deep analysis on annuity’s fairness, effectiveness, beneficiary, the proportion of employees’payment and investment option, deepens and improves our study of the relevant issues based on the close combination of theory and practice, and this will became an important institutional innovation and value on policy making and the modification of "Enterprise Annuities Trial Method", and has a strong policy of guiding significance.Ⅱ. Refereeing to the full experiences of developed countries and learning lessons on our country on the regulation and supervision experiences on pension fund investment, the thesis analyzes Chinas current Enterprise Annuities fund investment regulation, and put forwards in the Enterprise Annuities fund investment evaluation object that it should be targeted at portfolio corresponding to each employee in order to ensure investments of the fund will not be too much to bear market risk. This advice is in line with China’s Enterprise Annuities market which is still in its start-up phase of the reality, and lays a good foundation for the future development of the system. The author proposes and makes a deep exploration in the direction of the path chosen, the framework and the specific measures in China’s Enterprise Annuities Fund Investment Regulation. The thesis resolves several important and difficult problems in revising "Trial Method for Enterprise Annuities Fund Management", and reflects the combination of theory and practice and institutional innovation.Ⅲ. Refereeing to regulation and supervision experiences on integrated annuity plan of foreign enterprises, on the basis of in-depth management of institutions, a large number of research on enterprises and interviews, this thesis analyzes the current status and problems of China’s Enterprise Annuities integrated plan, discusses the aim, the risk control and the policy framework of establishing China’s integrated annuity plan from the macro-and micro-perspective, provides the purpose of establishment of china enterprises’ integrated annuity plan and advices on supervision. All of these things will have an important, theoretical and policy significance of the forward-looking for authorities to declare "Integrated Enterprise Annuities Trial Method" officially.As to the integrality of china’s supervision system of Enterprise Annuities, the method of supervision is also a crucial factor. Generally speaking, the supervision methods are the way for authorities to regulate objects in order to reach the aim of supervision. However, this section is not mentioned on this thesis for the length, which is an imperfection. The author will mention it in future thesis.