The Chosen Study Of Basic Endowment Insurance Fund Investment Management System In Local Government

Endowment insurance fund is a financial basis of endowment insurance system. It is the cornerstone of the stable use of the endowment insurance system, so the success or failure of the endowment insurance fund investment management is related to achieve the goal of endowment insurance and the whole social stability. International investment management of endowment insurance fund in many countries have adopted a more cautious attitude, or directly by the government investment operations, or using the principal-agent theory to choose professional financial investment management institutions which is responsible for fund investment operations. Many countries have established much strict risk prevention mechanism and investment restrictions, to ensure the funds under the precondition of security and stability of earnings.Now, our country has established a universal system of basic endowment insurance. The fund size is more and more big. However, the investment management system of the fund is confusion, and all the local governments shall be responsible for this. Meanwhile, China’s population structure has changed dramatically. With the population aging silver wave swept through, the pay for pension is facing a huge crisis. In addition, the fund investment management process also has many problems, seriously affected the insurant elderly life basic guarantee in the future. As a key component of the endowment insurance, the selection of investment management system is caused wide public concern from all walks of life.This paper consists of five parts. The main content and view of each part are as follows.Part one:Introduction. This part mainly narrates the research purpose, significance and methods of this paper. The research status and the development trends at home and abroad are briefly summarized.Part two:Basic theories of endowment insurance fund investment management. This part defines the meaning of the basic endowment insurance fund, and summarizes some general theories and principles which should be obeyed by investment management for basic endowment insurance fund, in order to ensure the safety of the funds and earn profits.Part three:The problems exiting in local government’s basic endowment insurance fund investment management and the research for abroad experience. Firstly, this part gives a brief view of china’s basic endowment insurance fund balance of payments in recent years. Secondly, some problems exiting in fund investment management are discussed, thus to seek to provide improvement measures. Finally, the characteristics of abroad pension fund investment management model are studied, including the trust fund management mode of U.S, Singapore’s Central Provident Fund mode, Chile’s commercial management pattern and Swedish’s mode of Clearing House. From the experience of the international analysis, the paper gets some general revelation, which is reference for our country.Part four:The comparative study of basic endowment insurance fund investment management models by local government. This part put forward the general principles and standards which should be adopted by local government to choose available pension fund investment management models. Then, focusing on three kinds of available models, including the local government investment management model, the investment model commissioned by the Social Security Fund Council and the model that local government directly entrust a specialized investment institutions to manage, this part makes a carefully comparative analysis on their advantages and disadvantages, etc. All of these provide the support for the formation of the paper finally perspective.Part five:Choice and suggestion of basic endowment insurance fund investment management system for local government. Commission agent is a more desirable approach which should be taken, but according to the actual situation in various places to make a flexible selection of the investment manager. In the long run, paper argues that the Trust model, market-oriented operation and specialization are an inevitable trend for pension fund investment management. This part finally puts forward some suggestions for the fund investment management system. The unique features and innovations of this paper include:1) The paper is based investment management system, and the research angel has certain innovative. The paper comprehensively analyzes the problems existing in the basic endowment insurance fund investment management in our country’s local government and several typical pension fund investment management mode’s characteristics in the world. On the basis of the above analysis, the paper considers that the selection for investment management system is the key to the success of basic endowment insurance.2) The topic is perspective. The selection of basic endowment insurance fund investment management model in our country has been controversial. The paper gives a comparative analysis of the three models. Research emphasis includes the admittance standards of investment manager, investment restrictions, risk prevention mechanism, incentive and constraint mechanism and government responsibility, etc. The paper points out that the trust model, market-oriented operation and specialization is an inevitable trend for pension fund investment management, and puts forward some feasible proposals to the system.