Summary: China was entered 1999 aged social cavalcade, and the aged population is measured grow rapid. Basis ” Chinese mouth is aged development forecasts research to report ” point out: China arrives population of countrywide the aged was achieved 2016 210 million, will achieve 2039 410 million. Occupy authoritative organization additionally to forecast: Arrive when 2037, 65 years old of proportion that reach population of above old age will come from 7.1% litres of present 14.2% . The accentuation with aged population will give a society a series of issues. From the point of the angle of social security, be affected above all, it is problem of provide for the aged, and the operation problem that the core in problem of provide for the aged is endowment insurance fund. The operation of endowment insurance fund whether benign movement, already made economy of influence China countryman but durative development and the main factor with stable society. It is however in the practice procedure of operation of fund of provide for the aged, appeared a few problems that are worth to take seriously and be badly in need of solving. Study these issues, to perfecting the operation system of endowment insurance fund, resolve the difficulty that encounters in real work, coach endowment insurance job is carried out, have mix actively far-reaching meaning.
Keyword: Endowment insurance; Fund; Operation
　
Introduction
Social security system develops to move with economy as society of a country ” relief valve ” , the economy that is an as close as people interest connection guarantees a system. So-called endowment insurance, it is to show country and society are passed build corresponding legal system, after leaving labor post to ensure laborer to be in, can acquire a kind of system that basic life of the country guarantees. Endowment insurance regards social security as the main component of the system, suffer the attention of world each country fully, it is the research target that became economist height attention more. Since Germany since system of the first pension was being built on the world, people never has halted the research to system of provide for the aged, in ceaseless reform and exploration. No matter be,we see in developed country or developing country, put in a common problem, it is burden of provide for the aged heavy, the country is assumed completely feebly really, must begin to reform energetically then. In 20 centuries 50 time, china built system of primary endowment insurance, the structure to endowment insurance system undertook for many times modification during, the basic frame of system of active endowment insurance, be what promulgated 1997 according to the State Council ” the decision of the system of company worker endowment insurance that integrates about building ” build, fundamental pattern is will original the share that controls to pay those who make change be united in wedlock to plan as a whole with the individual as a whole with the society to be a feature now now is accumulated make, bring into endowment insurance fund finance only door, to its income and expenses executes two line management. This kinds of mode is decided really, the operation that is endowment insurance fund provided legal basis, make the operation standardization of endowment insurance fund, standardization, to maintain social stability, progress of stimulative countryman economy produced positive effect. Seventeen big report points out: “Accelerate build the social security system that covers urban and rural dweller, safeguard people lives basically, social security is the main feature with stable society. Social security is the main feature with stable society..
Social endowment insurance is the main component of social security system, also be the part of its core, and the Chongzhongzhi that endowment insurance fund is social insurance fund undoubtedly is heavy, the moving state of endowment insurance fund, the relation wears each to join the personal interest that keeps a person, the relation is worn the long period of order and stability of social stability and country, affecting Chinese compose to build the course of harmonious society.
One, the issue that shows operation of fund of level China provide for the aged to appear
Show level China socioeconomy to developing in high speed ground, the economic atmosphere of common people got ameliorative, its income rises considerably, and because the government increased the allowance strength to social security, the amount that enters endowment insurance population is in gradually grow in quantity. Consequently, the remaining sum nature of annuities is bigger and bigger like snowball (see a table 1) :
From on the page is expressed 1 in can see, to the end of 2010, annuities accumulates amount to achieve 15 000 100 million yuan. Annuities of giant to such brushstroke numerary, how to appropriate is treated and make its maintain value rise in value, it is a problem that is worth to take seriously very much, because have a bit inadvertent, with respect to the development that can affect endowment insurance fund. The main problem in showing operation of level China annuities is:
1. Invest channel stricture, fund keeps a cost appreciation pressure is enormous. According to raise fund actively system computation, the enterprise presses total wages 20% and the charge of 8% pay endowment insurance that on-the-job worker presses individual salary. Such coming down, income of annual endowment insurance fund can achieve 2 000 many yuan of RMB, and expand as what cover a range, enter the increase that keeps a number, this number still can increase. Accordingly, manage fund of good endowment insurance, the task that makes it maintains value rise in value is very formidable. If endowment insurance fund cannot maintain value rise in value effectively, face the concussion with coming aged population hard not only, also can drop individual account the appeal to laborer.
At the beginning of fund of Chinese endowment insurance is built, its side key depends on the problem that how makes provide for the aged ensures the security of fund to rise, be on instead to its appreciation problem next, but be in in fact, endowment insurance gold is faced with huge to devalue however risk. Its reason is the consideration that stems from pair of fund security, at present fund of formulary provide for the aged can buy accomplishment to actor or actress besides few part beyond, the majority still can stock a bank only or buy national debt.
The characteristic of bank deposit is fluidity strong, security is high. But the deposit interest of the bank is smaller however, and meet inflation to lead high period, never mention it appreciation, protect a value to also be accomplished hard repeatedly namely. Accordingly, the country is met without which on the world endowment insurance fund use entirely put a bank. And although national debt interest rate wants the interest rate of prep above bank deposit, but what perfect as a result of lack is secondhand the market, not as charming as bank deposit instead. In the meantime, enjoy the national debt of the allowance that keep a cost to be able to be bought by the individual only, the orgnaization investor such as annuities is eliminated outer, when be in inflationary period, the investment of endowment insurance fund is benefited to often be led under inflation, be in ceaseless shrink condition. Accordingly, fund of will major provide for the aged casts the goal that achieves rise in value hard to bank and national debt.
2. System is not suitable, cost of operation of endowment insurance fund is higher. No matter be the endowment insurance system that implements below traditional system, the society that after the course is adjusted, still forms plans as a whole the endowment insurance system of mode, integrate the endowment insurance system of mode to the inflation that using today therefore, it is will manage by the government sector. In formally, consolidate management by the country, specific work is handed in by each sectional be assigned personal responsibility for. In execute initial stage, because level of the politics at that time, economy is not high still, the government serves as ” all-round ” spokesman, arrived to urge action actively to driving the development of social security career to rise.
After reforming and opening, career of Chinese politics, economy, culture got flourishingly development. Below market economy, governmental part produced very big change, change to supervisor part by the original person that carry out, “The part of governmental night watchman is progressively establish, environment of market of demand government standard, solve market malfunction, correctional economy is external malfunction. Although ought to be,offer social welfare by the government, but the handlers that representing a government must be every particular segment. Especially at present, the professional competence of governmental clerk is general not be very tall, give specializationed investment with its they will run, be inferior to giving more professional orgnaization to run these projects, introduce competitive mechanism, the government sector appears as the part of supervisor only, such effects will be better, improved efficiency already, reduced cost again. Those who although execute,show level country is provincial plan as a whole, but various places the interest for oneself, each does what he thinks is right, rise fund very hard centrally management, according to investigation, thousands of endowment insurance fund of Chinese of 100 million is dispersedly in many counties of 3 000 and 8 industries, so dispersive situation nature is used of fund of influence endowment insurance as a whole, produce scope effect hard. In the meantime, cost of management of fund of provide for the aged is very high, according to statistic, the administration meets the fund of provide for the aged of each places collect the administration fee of 2%~6% from inside endowment insurance fund commonly, average government cost exceeded 4% , if fund of will same numerary is handed in,act as agent by fund company, so cost fluctuates for 1/4 only. Reduced cost not only so, still improved the efficiency that move, deepened investment specialization, what is there against it?
2, operation of fund of perfect endowment insurance thinks
(one) the necessity that endowment insurance fund enters capital market
Seize world bank forecast, the amount of fund of Chinese endowment insurance will reach 18 trillion dollar 2030, the problem of the appreciation that keep a cost of fund appears increasingly outstanding. But in reality, the depart of capital market and fund of provide for the aged affected the operation of fund of provide for the aged and management. As a result of the long-term sex that annuities pays, press international convention, the investment of annuities basically ought to be bought in long-term bond, stock, praedial etc, such ability achieve the goal of the appreciation that keep a cost, and the majority of fund of Chinese provide for the aged is used at buying national debt and bank deposit, so apparent income is not high, accumulate a risk big. The generation of behavior of any a kind of economy and the system with develop to need to have regular and market will prop up and be promoted, and oneself of system, organization also should have run main body to advance its development to expand alone. Endowment insurance fund and capital market should achieve pair of winning goals through interacting. On one hand, endowment insurance fund enters capital market to undertake gains will achieve the goal of endowment insurance investing acquisition, on the other hand, the development of capital market and perfect also need to have endowment insurance fund the orgnaization of so abundant actual strength. The to capital market influence expression after endowment insurance fund enters town is: Above all, endowment insurance fund enters capital market to be able to solve fund to invest the case with single channel. The article has been mentioned, the operation of fund of Chinese endowment insurance is confined to investment bank deposit and state bond, this kind of investment makes very hard fund maintains value rise in value. And the financial tool that investment can offer on capital market is various, this undertakes for endowment insurance fund diversity changes investment dispersedly, avoid to was not systematic risk to offer good condition. Next, growth of stimulative capital market is perfect. Pension income is defer of compensatory of a kind of labour force pays, this decided the operation of endowment insurance fund ought to seek the investment return rate that stabilizes for a long time, the investment that passes demonstrative effect to strengthen whole market is rational, the long-term sex of market of capital of this undoubted meeting aggrandizement invests, decrease short door nearsightedness behavior, raise capital configuration, improve the moving efficiency of capital market. \
Carry preceding part of the text, we had concluded: Endowment insurance fund of China ought to enter town, but did the condition that enters town mature? The author thinks to be able to enter town. The reason has 2: (1) the long-term sex of endowment insurance fund, dimensions sex, decided fund of provide for the aged can enter capital market to invest. The mode that the inflation that China executes now combines, of individual account accumulate fund the meeting is increasing, the emeritus level that gets from individual account fund after worker is retired can be calculated, can have plan and control beforehand consequently, that is to say, the fluidity of fund of individual account keep is relatively inferior, this accumulates a part to entered capital market investment to create a condition with respect to what be fund. (2) capital market is normative with each passing day, the legal laws and regulations related is being perfected stage by stage, this created advantageous exterior condition into city with respect to what be fund. In the meantime, capital market of China had expanded certain scope, the diversity that invests a tool makes endowment insurance fund OK have a variety of combination choices, those who be endowment insurance fund run provided market space.
(2) the proportion that increases applicable to economy room
Current, the whole world gives crisis of cash be in harmony, the fluctuation of tool of high risk finance such as the stock is bigger, and economic globalization makes capital market of China also can be in certain again get on degree the influence of foreign money market. To ” help money ” for endowment insurance fund, if large proportion is cast,wait for tool of Gao Feng danger into the stock right now. The result expects hard. The author thinks, couple shows the national condition of level China, want to make fund of Chinese endowment insurance can appreciation, can increase praedial to China investment proportion, specific and character, the comes to invest in China partly economy that can take out endowment insurance fund is applicable room.
1. Economy is applicable the market competition advantage of the room. We know, although landed investment is a kind of pay back period grows, and the investment project with capital big demand, but from estate land for building cannot in light of the characteristic of second birth sex, estate value is total remain those who show ascendant trend, and when although be in,producing inflation, estate value is had very strong fight inflationary ability, its price can rise along with prices and rise. The author understands all cost that company of Wuhan VK estate built commodity house 2003 to be 1 500 on average through concerning a material yuan / square metre, but work off price achieved 2 500 truly yuan ~3 000 yuan / square metre, profit vacuum is giant. So, as do not be purpose economy with gain the sale outstanding achievement of applicable room still does not say to go up actually is a problem.
2. Population and price advantage. Look from active demand side, china is a population big state that has 1.3 billion person, and according to predicting, 20 years population will achieve future 1.6 billion, without doubt, this is tremendous to the requirement market of housing, and according to building a newest research the report shows, to 2020, have 300 million ~3.5 about 100 million add town population newly to need to solve housing problem; Additionally area of housing of town dweller average per capita will be added from the 23.8 square metre 2003 to 35 square metre. From the point of passive demand side, because at present the welfare of Chinese tradition divides house system to had been changed to buy house system place to replace by the money, at the same time because town dweller income is general not tall, bear hard consequently high commodity house price, economy of undoubted meeting choice is so applicable room. Reason China must be built large quantities of economy is applicable room, in order to satisfy so numerous dweller requirement.
3. Policy is advantageous. Stem from balance estate company and the interest between the dweller that buy a house, the country offerred proper favourable policy on land access and taxation, in order to reduce economy the cost cost of applicable room. Build 1 500 of commodity house cost with Wuhan city place yuan / all cost that square metre regards economy as applicable room construction, although press 1 800 yuan ~2 000 yuan / square metre sells, its invest return rate still is quite considerable, and, because offer the price far under commodity house price, still be happy to accept for the town dweller that serves as much so.
Applicable room builds economy is a when China shows level particular country policy, the housing problem all through the ages of low income family in solving is an important matter that Chinese government takes seriously very. Below market economy condition, build and perfect economy the blemish that applicable housing supplies a system to be able to make up for market economy not only for mutiple level housing of the center, and the stable solidarity that can maintain a society, healthy development that also can promote estate market economy more. Economy is applicable at the same time since housing is as a policy existence won’t issue an order in the morning and rescind it in the evening, a kind of measure that should implement for a long time instead, so the author has reason to believe to be inside very long period of time, applicable housing can keep economy in all the time. Anyhow, economy of invest in of endowment insurance fund applicable room is built, it is the problem that solves insecurity of housing of Chinese town dweller no matter, still be pair of winning businesses to fund investment rise in value.
Brief summary
Population is aged brought not little impact to each national capital, what pay to answer annuities is difficult, each country undertook reform according to his national condition. Want annuities maintains value rise in value, must undertake investing operation to endowment insurance fund, the author thinks endowment insurance fund ought to increase in the investment of capital market, the investment proportion that increases economic to economy house especially will optimize operation structure, guarantee the end that is worth appreciation in order to achieve.
　　
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