| At present, our country enterprise annuity and the national social security fund have access to capital markets in order to realize the investment value. And fund of primary endowment insurance as the first pillar pensions and balance amount big, under the influence of inflation, however, the basic old-age insurance fund depreciation is serious. With the development of the acceleration of aging population, increasing life expectancy and pension benefits of rigid growth, China’s pension demand is growing, as a result, pension situation is very grim. To reduce the pension in our country is affected by inflation, the value of the pension has increasingly become a pension system reform and the focus of capitalization operation problem. In August of 2015, the state council issued 《 The basic old-age insurance fund investment management method》, which means that the fund of primary endowment insurance in our country to invest to achieve its value basically is a foregone conclusion. Whether enterprise annuity, the national social security fund and fund of primary endowment insurance, investment operation, investment manager is crucial one annulus. Due to the large amount of primary endowment insurance in our country, have significant status in the pension system, its investment value more need to tread carefully. The fund of primary endowment insurance to take what kind of investment mode, the choice of investment subject and other issues still exist great controversy. Around the world, a national pension investment operation mode is often limited by the country’s political system, social security system model, the development level of capital markets and institutional investors, the rule of law environment and so on many factors. To be sure, however, no matter what investment model, and the endowment insurance fund is most directly related to the earnings of the fund investment manager management behavior. Endowment insurance fund value is related to the important measures for the sustainable development of old-age insurance system, as to the implementation of the endowment insurance fund has specific investment main body, the endowment insurance fund investment management company in the endowment insurance fund investment operation process and organization system is the core member of status. Endowment insurance fund investment management is scientific or not directly affect the investment operation effect of the governance structure, reasonable and effective corporate governance structure design to reduce the risk of investment and to make scientific investment decision-making, so as to realize the endowment insurance fund value of decisive significance. This article about the endowment insurance fund investment management company management structure of legal issues research make up the blank in the research of the theory, is conducive to the improvement of the legal system, endowment insurance fund for the future of endowment insurance fund investment management system design to provide inspiration and reference.Professional to create value, in author’s opinion, specialization of endowment insurance fund investment management is the only way for the development of future pension investment management institutions. The so-called specialization is endowment insurance fund investment management company with investment decision-making ability, asset combination ability, practical ability to control the investment risk, really responsible to policy-holder. Endowment insurance fund investment company of the professional, however, largely from its own professional governance structure, prudent internal control mechanism and supervision and error correction mechanism. This article through to the endowment insurance fund investment management system of corporate governance structure design, for the body of the marketization of China’s endowment insurance fund operation regulation and guidance.This thesis is divided into five parts: the first part is prevue of endowment insurance fund investment management company management structure, mainly of endowment insurance fund investment management, defining the endowment insurance fund investment management company governance structure, to clear its basic structure of the governance structure. The second part is the endowment insurance fund investment to the special requirements of corporate governance structure, mainly is the particularity of endowment insurance fund social functions, the particularity of endowment insurance fund all relationships and the particularity of endowment insurance fund investment policy in the face of endowment insurance fund investment management of the special requirements of corporate governance structure. The third part is the fund management company current governance structure system, analysis of the current situation of the fund management company is the national social security fund and the investment manager of the enterprise annuity is important, in this paper, the legislation present situation, the basic model of corporate governance structure and the main problems of corporate governance structure are studied, endowment insurance fund investment management company governance structure design needs to overcome the fund management company governance structure of the existing problems. The fourth part is foreign representative national pension investment management investigation and reference of the corporate governance structure, to Chile, South Korea, Canada pension investment management institutions to the successful experience of governance structure are analyzed. The fifth part is the basic endowment insurance fund investment management company governance structure design, respectively, for the company’s investment decision-making mechanism, the transaction execution mechanism, the incentive constraints mechanism and supervision mechanism for the system design, for the shareholders meeting, board of directors and managers, the board of supervisors, inspector general to the specific building. |
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