| Since 1995, China's basic old-age insurance system has been changed from pay admission system to accumulation of using some of the basic endowment insurance system. In the Process of transformation, the "implicit debt" is not compensated effectively, with the aging population speeding up, our personal account funds faces serious enterprises pressure. Considering individual account funds'safety principle, Government strictly limited the investment proportion and investment means, so the investment means is single, Cause personal account funds profitability objective is difficult to achieve. In order to achieve personal account funds'profitability objective and alleviate personal account funds'payment crisis, personal account funds'must be invest in capital market. The market can allocate resources with the most effective form of existence, but the capital market may be allocate resources failure, make the personal account funds at risk. Among them the principal-agent risk caused by information asymmetry is the most obvious.The investment management of personal account funds exist the principal-agent relationship, because of the incomplete contract relation, the information between principal and agent is asymmetrical, and they are pursuit of different goals but they shouldered unequal risk responsibility, causes principal entrust the right of operation and management to agent. In order to get its maximum interests, there will appearing adverse selection and moral hazard in personal account funds'investment management. Due to the agent possessed information what the principal doesn't know so it's difficult to put agent under effective supervision in individual account funds investment management. Because of the principal-agent risk caused by asymmetry information, the Personal account funds investment management is different to obtain enterprises, make the personal account funds' "age" function can not be achieved. In order to avoid personal account funds the principal-agent risk effectively, realize its profitable based on safety, Government needs to effective intervention for personal account funds investment operation.Government intervention methods included beforehand intervention, course intervention and afterwards intervention. Because of the asymmetry information between the investment management institution and local government, so that the local government methods of beforehand intervention and course intervention is relatively difficult,but an investment management institution's performance is relatively easy observation, government is generally choose to make afterward intervention.This article through the design of the incentive-restricted mechanism:through certain method and means to arouse the enthusiasm of the investment managers, the pursuing goal of agent from personal utility maximization to personal account funds value goal realization. setting up the reasonable incentive coefficient K (0 |
