| Innovation of endowment insurance system in China begun in the middle of 1980's, and it has lasted for more than 20 years. During this period, the innovation started by taking several cities as experimental units, and social security system with basic safeguard, wide coverage, multiple levels, stepwise unification, complex source of fund, specified safeguard system and social management and service is established stage by stage through planning and guiding by relevant departments of the government. Where, about 95% social security fund is retirement pension, which makes the importance of endowment insurance stand out increasingly. Furthermore, population aging has been a world-wide problem, which impacts sustainable development of pay-as-you-go endowment insurance system. Our country became an aging society in 2000. However, attention was not really paid to aging problems by the government with continuous dropping of support rate due to experiencing in demographic bonus at present. Time for our country from aging society to aged society is much quicker than other countries due to specific situation of our country, and demographic bonus will translate to demographic debt rapidly. Hence, attention shall be paid to payment crisis of retirement pension that may occur 20 years later. Presently, concealed problems, like excessively great debt, excessively high paying rate of enterprise, difficulty in extension of coverage of endowment insurance, exist in endowment insurance system, which bring about the phenomena like financial difficulties and retirement pension in the red. Moreover, the problems are in the trend of aggravation further. In order to solve the problem in shortness of retirement pension, retirement pension is allowed to enter capital market in recent years to share the benefit of economic increase and fulfill value maintenance and increase. Although capital market enjoys high benefit, it also suffers from high risk, which requires establishing rational, strict and complete monitoring system objectively. In this paper, above problems are discussed from the following six aspects. Chapter I is the overview of endowment insurance. In this chapter, historic development of domestic and oversea endowment insurance system are reviewed first, and three main modes are given, i.e., pay-as-you-go mode, completely accumulative mode and partially accumulative mode. Personal account combined endowment insurance system established originally in our country is a kind of partially accumulative mode substantively. Relevant theories of domestic and oversea endowment insurance are appraised systematically in this chapter on the basis of summarization of practice, and which are regarded as the theories of political economics school, new classical school and finance theory. Serious problem of endowment insurance in the red happens due to impact on aging population problems of pay-as-you-go mode that prevailed once. Sustainable development problem of endowment insurance fund is further discussed in the chapter. Present endowment insurance mode is thought to be a favorable choice for our county, which can meet reallocation of insurance and income, promote economic growth by any possibility, tackle aging population crisis furthest to fulfill break-even requirements by any possibility, promote economic growth, fulfill social stability and solve the sustainable development problem of endowment insurance.Chapter II is the analysis over property of endowment insurance fund. Occurrence of endowment insurance system is an important manner for the government to intervene the market. In this chapter, the two basic properties, the public property and the market property, of endowment insurance were firstly pointed out, and then analyzed systematically from the gathering, investment, payment and superintendence of endowment insurance fund etc. Based upon the above, the author analyzes its relationship with finance and public finance from the aspects of valuing management, while take into consideration of the actual practice of endowment insurance of our country. At last, series problems that exist in present endowment insurance system in our country are analyzed from the aspect of finance and public finance, and the solutions are put forward.Chapter III systemically describes the gathering of endowment insurance fund and sustainable development. The author puts forward four problems, like operation of individual empty account, high paying rate of enterprise, difficulty in extension of endowment insurance coverage and no expropriation of social security tax, which exist in collection of retirement pension in our country on the basis of comparison and analysis over different collection modes in different countries. The author also indicates that sustainable development will be endangered consequentially, if those problems are not solved. At last, solutions of problems that exist in collection of fund are put forward from the aspect of emphasizing on imposing of social security tax. In the conclusion, the paper points out that fund collection shall be mainly considered from a position of finance.Chapter IV systemically expatiates investment and operation and sustainable development of endowment insurance fund. The author firstly analyzes the importance of endowment insurance fund entering the stock market starting from the advanced experience in Chile and America, and puts forward the possibility of favorable inter-action between endowment insurance and capital market. Then, the author appraises and introduces operation mode of present social pooling, retirement pension in individual account and social security fund, and indicates the problem of empty operation of individual account that shall be solved first among investment problems. Furthermore, risk analysis and control problem of investment of endowment insurance fund are explained in this chapter from theoretical and practice level. At last, investment main body, investment manner, investment object and combination problems of fund are put forward, and effect of endowment insurance fund in treatment structure of a company and how to establish evaluation system of outstanding achievements of investment are analyzed.Chapter V systemically describes the payment and sustainable development of endowment insurance fund. In this chapter, the author firstly introduces the basic problems of the management of payment, such as the condition, standard and method of payment. Then, based on the three modes as pay-as-you-go mode, completely accumulative mode and partially accumulative mode, the possibility and necessity of fund shortage are respectively studied and it is indicated that the population aging and massive changing cost are the main causes of the shortage of fund. Finally, toward the existing problems of the fund payment in our country, six trains of thoughts are given to complement the shortage, i.e., adjusting the structure of financial expenditure, lessening state-owned stock, issuing special national debt, establishing reserve fund, strengthening the tax collection and adjusting the payment condition and standard.Chapter VI systemically describes the superintendence and sustainable development of endowment insurance fund. In this chapter, the author firstly introduces the four superintendence modes abroad, namely, direct superintendence by the government, indirect superintendence by government, capitalized management and combined management, and summarizes the main contents of the superintendence as well as the advanced experience. Based on this, the superintendence system of our country is analyzed. That is, because the legislation related to the superintendence of pension insurance fund and the corresponding laws and regulations are imperfect, which are still being studied, improved and corrected, it is difficult to solve all problems emerging in the superintendence of pension insurance fund, which also in certain degree increases the risk of the superintendence of pension insurance fund. Moreover, the administrative superintendence is of problems as loose superintendence and organization type, disordered actions of superintendence and superintending personnel of low quality, the effect of superintendence will thereby certainly be influenced. As for marketing superintendence, because social agency as accounting firm hasn't really entered the audit field of pension insurance fund, and the public is lack of the awareness of participating into government and political affairs, superintendence in this aspect basically hasn't achieved good effect. The superintendence of fund is the last guard for pension insurance fund. If the problems above are not effectively solved, regardless of the amount of bonus collected, the amount of benefit achieved from investment and the effective payment system established, the problems of pension can not be finally solved. At last, it is indicated that the superintendence work must be strengthened and a scientific legislation, administration and marketing superintendence system must be built, and put them into fund collection, investment and payment to realize the sustainable development of the social insurance system of the country.In the author's opinion, this paper is innovative in the following four aspects:Firstly, sustainable development is a hot topic recently both in theoretical circle and the practical circle, and nearly every sector, including the sector of endowment insurance fund, is postfixed with sustainable development. However, neither the essential qualities of endowment insurance fund and sustainable development, nor their internal relation are effectively elucidated. This paper systematically analyzes the essence of the sustainable development of the endowment insurance fund theoretically and analyzes how to achieve sustainable development from aspects of gathering, investment, payment and superintendence of endowment insurance fund while taking into consideration of the actual practice of endowment insurance fund.Secondly, currently it seems that analysis of properties of certain economic category is no longer the focus of the theoretical circle. There is no analysis of the properties of endowment insurance fund in relevant domestic and overseas researches. The author holds that only with a correct cognition of the properties of endowment insurance fund, can we combine the properties with the actual practice of endowment insurance fund so as to realize effectively the sustainable development of endowment insurance fund. This paper holds that there are two properties of endowment insurance fund, public property and market property; the management of endowment insurance fund shall adhere to the principle of"Giving Priority to Fairness while Giving Consideration to Efficiency". Taking actual practice into consideration and from the aspect of valuing management, this paper also points out how to realize benign operation of endowment insurance fund in both finance and public finance.Thirdly, in foreign countries, endowment insurance fund is mainly invested and operated by mutual fund management companies or alike. Thus, both in theoretical circle and the practical circle, endowment insurance fund is evaluated with traditional evaluation method of fund achievement. In our country, since the social security fund hasn't entered market for a long time, and its operation organization is executive committee of social security fund, which is a governmental organization, the evaluation to it is mostly based on the experience of the western countries. In this paper, systematic analysis of objective and characteristics of endowment insurance fund itself is performed and the idea of constructing Chinese-style achievement evaluation system of endowment insurance fund is given benefiting from the existing evaluation method of fund achievement.Fourthly, there exist problems of in our country, such as, some individual empty account are in operation, partially accumulative mode endowment insurance fund is changed into pay-as-you-go mode endowment insurance fund, and attention was not really paid to aging problems by the government with continuous dropping of support rate due to experiencing in demographic bonus at present. Thus, although social fund collection and fund in individual accounts have been already pointed out as two different funds by the theoretical circle and the practical circle, there is no relevant research on fund management of individual account, especially on its investment main bodies. This paper puts forward the idea of settling the investment main body of individual account step by step: in the present condition with individual account not settled, the executive committee of social security fund can be the investment main body, so as to save the cost of the transformation of management and system; after the account is settled, an independent operation entity should be established and oligarch operation mode should be established through strict audit and approval to achieve the objective of benign competition and operation of the main body of fund investment.Because of the limited level of the author, there are also many shortcomings in this paper, e.g., the theoretical integrality of some problems is not well handled. Although systematic descriptions and relevant solutions are given to problems existing in the gathering, investment, payment and superintendence of endowment insurance fund, the solutions are not practically verified. 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