Enterprise annuity is the first supplementary endowment insurance for enterprises and the main policy of national endowment insurance. For a long time, China has mainly adopted a single old-age security model, with a large replacement rate, which eventually led to a gradual increase in the pressure of old-age care and a large corresponding income gap. In the social development, the enterprise annuity model also exposes some problems, such as low total amount and coverage, irregular internal management and operation, unbalanced regional development and so on. In the innovation of management mechanism, it is necessary to improve the level of management and control through mode adjustment and optimization, and improve the overall quality of operation and management.

First, the basic situation of enterprise annuity fund

(A) the particularity of enterprise annuity funds

At present, the domestic enterprise annuity fund mainly consists of two parts, one is the annuity expenses paid by enterprises and employees according to the plan, and the other is the fund income generated by investment managers, which is accumulated by employees before retirement. After retirement, employees can get the corresponding pension from the exclusive account. Enterprise annuity fund has the particularity of management service, the ultimate goal of operation should be to ensure retirement income, and the actual operation management needs to put safety first.

(2) The operating entity of the enterprise annuity fund

The enterprise annuity fund is mainly composed of six subjects: the principal, the trustee, the investment manager, the custodian, the account manager and the beneficiary, in which the principal mainly undertakes the entrusted management responsibility, the trustee mainly participates in the portfolio planning management responsibility, the investment manager participates in the asset management related work, and the custodian and the account manager mainly perform the account management and obtain the account income. In the whole operation management system, the trustee is in the core position and plays a decisive role, and it is necessary to complete the link among enterprises, employees and diversified operators in the system. The multi-agent enterprise annuity fund management model finally formed the basic pattern of collaborative operation management.

(3) Business coordination of enterprise annuity fund management

At present, cooperative operation in enterprise annuity fund management mainly includes two meanings. One is the multi-agent participation in the industrial cooperative development of annuity fund investment and operation, which needs to analyze and control the influence between the annuity industry boundary and the external environment of the system; The second is the coordinated development among different enterprises and institutions involved in multi-agent operation, which requires that the annuity operation plan should be coordinated wholeheartedly. Through the cooperation and game between the subjects, the development and optimization of annuity fund management are finally determined, and a benign bond is built to promote the professional ability of fund management. It can be considered that in the current systematic management and operation of enterprise annuity funds, the cooperation mode in the form of game has become the main strategy in multi-agent management cooperation. Accordingly, in the model construction and optimization selection, it is necessary to adhere to the cooperation model analysis with game as the main body.

Two, the main cooperative operation mode of enterprise annuity fund management

(A) the basic process of collaborative operation

Enterprise annuity management needs to be invested and operated in accordance with the relevant national regulations, and at the same time, it should be subject to corresponding external supervision, in which the actual income generated from investment and operation will be merged into the fund and reinvested into the fund itself to obtain greater income. At present, the operating funds of enterprise annuity come from three aspects, namely, enterprise payment, individual payment and fund income generated in the process of investment operation. At present, multi-agent collaboration in operation management mainly designs four types of agents: trustee, account management, custody and investment management, which undertake the functions of overall entrustment, account management, fund custody and investment management respectively.

(B) the main types of collaborative management

Article 6 of the Measures for the Administration of Enterprise Annuity Fund clearly stipulates the Measures for the Administration of Annuity Operation, which requires that the enterprise annuity plan should allow the trustee to assume multi-functional management responsibilities, and the trustee can concurrently hold multiple functions such as account management, investment management and entrusted management. Based on this requirement, there are a variety of mixed management modes for annuity collaborative management, and the common collaborative management mechanisms are mainly divided into the following types.

The first is the full split mode. In this collaborative management mode, the trustee mainly undertakes the entrusted management work and does not undertake other management functions. Other functions are undertaken by other cooperative entities as independent financial institutions, and finally a management mechanism of functional equivalence is formed.

Secondly, the full-bundling mode, in which the fund management institution mainly provides all fund management service functions for the client, and the trustee completes the function intensification to form a full-coverage and full-process service. This service model can improve customer satisfaction and realize the optimal integration of resources. Among them, there are fewer partners involved in management, higher utilization rate of internal resources and better cost control.

The third mode is partial splitting. Multi-agent participation can share a part of service content, which is in the middle of full splitting and full bundling, reducing the number of participants to some extent, strengthening internal communication and realizing effective control of operating costs. The management mode is relatively flexible, and the management functions can be undertaken by other subjects in the cooperation of different subjects.

Third, the game model and the coordination goal of multi-agent participation

In collaborative operation, provide corresponding operation management services, and finally realize operating income. However, multi-agents themselves have different stakeholder responsibilities. The main body itself pays more attention to its own benefits in the operation process, and makes management and operation plans based on its own benefits. Once there is a conflict of interest with the client, the operating entity will give priority to protecting its own interests and take actions that harm the interests of the client, thus leading to operational risks. Under the modern trust mechanism, the interests of the trustee and the beneficiary are the same. In order to avoid risks in actual operation, they must participate in risk management and control, and rely on the supervision mechanism to control and analyze the whole operation process. However, since the trust functional environment has not been effectively established, the client still needs to consider his own income and maximize the benefits by reducing the supervision cost.

Fourthly, thinking about the management and operation strategy of enterprise annuity fund based on multi-agent game.

In order to effectively reduce the possibility of rent-seeking, protect the interests of beneficiaries, and reasonably control the cost of annuity fund management fees in operation and management, combined with the optimization of game model, corresponding work can be carried out in the following aspects in the subsequent fund operation and management.

(A) choose the appropriate investment management model

For the investment management and operation of annuity fund, we should optimize the investment environment of annuity fund by giving enterprises and employees the ability and right to participate in the selection independently, build an independent board of directors of annuity fund to participate in the game model analysis, and analyze the actual situation and possible cost input and risk problems of annuity fund management investment.

(2) Actively broaden the investment channels of annuity funds.

At present, the investment channels of enterprise annuity funds are relatively limited. In order to ensure safety, there are relatively few large wealth management products to choose from, and the restriction that the stock holding ratio should not exceed 30% also limits the liquidity of wealth management products to some extent.

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Generally speaking, the board of directors needs to build a professional management analysis ability, which can proceed from the actual situation of the enterprise itself, comprehensively consider the overall scale of the enterprise annuity fund, and make a strategic layout from two aspects: management ability and operability. At the same time, relevant laws and regulations should establish access mechanism and standardized management for management subjects under the multi-agent operation mode of the market, regularly review the qualifications of each subject, ensure the management ability and qualification of the subject, and strengthen the management ability. Combined with foreign experience, we can try to choose bone chips or other equity securities with high value-added ability to ensure returns and hedge risks. With the rapid development and improvement of China's capital market, the operation of the capital market is more standardized, and the internal and external supervision system is more efficient, which can provide higher-yield annuity products. At the same time, the investment tools are more abundant and are in the stage of gradual improvement. Choosing to broaden investment channels can effectively reduce the increase in management costs brought by management operations, effectively reduce various risks in management, and improve the income level of annuity funds.