The Research On Public And Private Institution Operating Mode Of Individual Account Pension Funds

On the analysis of personal account fund management consignors’responsibility presence, low management efficiency and difficulty in pension’s maintenance and appreciation, this article suggests a new management mode for individual account through an analysis of both management mode of individual account and investment decision-making model, and by combining property right theory and principle-agent theory. This new management mode is combination of public and private management: setting up a public clearing house which is in charge of fund management in the central level, establishing a number of personal accounts fund investment companies in charge of investment operations. This way has far-reaching significance on the maintenance and appreciation of pension funds and the sustainable development in Pension system. Finally, the author proposed a number of Policy recommendations to improve personal account fund management model. This article is divided into the following sections:Chapter1:Introduction.The author proposed the background and significance of the thesis, makes literature review home and abroad, introduces the research background and research methods and the whole framework of the article.Chapter2:This chapter talks about theoretical analysis of the public and private institution Operating mode of individual account pension funds. It also sets a limit for individual account pension funds. Relevant theories are also proposed in this article such as property rights theory, principal-agent theory and public choice theory.Chapter3:This chapter discusses the present situation and the experience and lessons of Operating mode of domestic individual account pension funds. This article points out the problems in personal accounts pension funds and analyzes its root by exploring the present situation of the management mode of personal accounts pension funds.The author discussed the successful experience of individual account pension funds management modes in Sweden and the United States.Chapter4:This chaper explores basic pension insurance individual account management mode-public and private institution management mode. The author constructed this management mode framework map, analyzed the advantages and disadvantages of this management mode, proposed the precondition of the management mode operated, and researched risk prevention and control of this management mode through Risk Budgeting which is a risk control mode.Chapter5:This chapter mainly discusses insurance measures for operating mode of basic pension insurance individual account public and private institution. Appropriate measures include to sound legal system, clear the rights and obligations of the various entities, strengthen government regulation, protect individual account pension safe operation, optimize the organizational structure, improve the efficiency of the personal accounts pension fund investment, build market environment adaptable to the individual account fund investment operations, and do real personal accounts pension fund further.Chapter6:This chapter draws the conclusion and the shortage.The author thought individual account public and private institution management mode could guarantee the pension increase in value, But there were some shortcomings in Convergence of systems and security...