Establishment Of The Pension Market In China

Sustainability of the current pension system has been in trouble, and threatened efficiency and basic-fairness of the system. In the pension reform by the government in recent years, the market-oriented efforts has been under heated debate and taken the focus of academic research. Based on this the study wants to discuss the pension market building in China, to realize the pension and complete structure and market mechanism, and break the limitations that general research only focusing on pension market of a particular field.For this purpose, this article reviews that the related literature in chapter 1 firstly, and find that although preliminary researches this paper puts forward the ideas of the construction of pension market, but there is little rigorous argument. And then, this article analyzes the reason of build pension market in chapter 2: On the basis of the use of detailed data reduction current system operation condition, research sustainability of the system from two aspects of theory and empirical respectively. Then, this article writes the chapter 3 for the construction of China's pension market exploration through theoretical analysis and system: First, defines the pension market and analyze its efficiency; Summarizes the Japanese experience to construct the pension market secondly; Describes the development of China's pension market conditions, and to emphasize its defects thirdly; Clears the responsibility of the government and personal in the pension market. Finally, this paper uses empirical method to realize the responsibility of individual and government respectively in chapter 4 and 5: Uses the capital asset pricing model to establish the optimal portfolio of pension funds, and achieves rational investment responsibility of the individual, to play the pension market efficiency; At the same time, establishes the actuarial model to accounts the expend scale, providing the quantitative criteria for the government to realize out the responsibility that keeping the basic fairness of the system.The paper puts forward the following main points clearly during the research: First, the pension system in China has been unable to adapt to a series of important economic characteristics of the change, and the market-oriented pension by government t could drift into north paradox, which leads to the lack of efficiency reform. Second, the pension market segment can form a complete chain, to constitute an efficient and systematic pension market, with the transmission mechanism of” endowment resources-pension-endowment resources”. Third, due to market failure that it is unable to guarantee basis-fairness, government must provide out protection, and avoid the direct financial subsidies.