Problems in the investment and operation of enterprise annuity
(I) The total investment scale of enterprise annuity is small. In recent years, the scale of enterprise annuity in China has been increasing, exceeding one trillion in 216. In 219, China's enterprise annuity accumulation fund was 1,798 < P > 533 million yuan, and China's GDP reached 99,86.5 billion yuan in 219, and enterprise annuity accounted for 1.82% of GDP, accounting for a small proportion.
(II) The investment portfolio of enterprise annuity is relatively small. At present, China's enterprise annuity market is excessively divided and the investment portfolio is relatively small. By the end of 219, the actual operating assets of enterprise annuities reached
1.79 trillion, and there were 3,6 investment portfolios, including 3,48 single plan portfolios, with an average scale of < P > 45 million. There are 173 collective plans, with an average scale of 9 million, which is lower than that of Public Offering of Fund in the same period.
(III) The investment income of enterprise annuity is unstable. The enterprise annuity bears an important social function, and it needs a relatively stable investment channel with appropriate income in the operation process. Domestic products available for investment include deposits, bonds, funds, stocks, pension products, etc., which require strong professional knowledge and must be completed by professional investment companies. The management ability of different investment companies, the investment ability of different investment managers, the investment strategies of different investment portfolios managed by the same investment company and different investment periods of the same portfolio are very different, and the economic situation affects the development of enterprise annuity.
(4) The legal system of enterprise annuity is not perfect. In China, enterprise annuity is paid by enterprises and employees independently, following the principle of trust law. Relevant laws mainly include Trust Law and Measures for the Administration of Trust Companies, but when these laws were promulgated, the whole trust system was not mature enough, and no specific provisions were made on enterprise annuity, and a set of sound supporting laws and regulations were not formed for enterprise annuity fund investment. There is a lack of relatively perfect legal guarantee and institutional support in the development and specific operation of enterprise annuity.
(5) The investment behavior of enterprise annuity with weak risk prevention ability is mainly completed by qualified investment managers. Different investment managers have different business scope, management level and risk assessment ability, and are easily influenced by investment managers' personal investment ability and preference, and their long-term operation ability lacks institutional guarantee, resulting in more risks in the operation process. Trustee is an important role in the investment operation process, and the level of trustees is uneven, some trustees pay more attention to management than management, and the trustee's ability is seriously insufficient, which makes the trustee's function hollow. These are the weak links in the operation process of enterprise annuity.
source: innovation and practice of science and education, issue 2, 221.