⊙ Yang Changhan's investment management of China enterprise annuity fund has only experienced more than three years of practice. The performance benchmark of enterprise annuity fund investment management faces some problems, such as non-uniform standards, non-uniform methods, lack of data, lack of benchmark and lack of professional design. At present, there is no unified standard and method for institutional investors' investment performance standards at home and abroad. Although the CFA Institute of the United States (formerly Investment Management and Research Association), which is recognized as a global authority, has formulated the evaluation technical standard-GIPS global investment performance standard; There is also the performance statement standard PPS of the Investment Management and Research Association. These methods tend to be simple, and their applicability needs to be further improved in China institutional investment industry, especially in the field of enterprise annuity fund investment management. The investment of enterprise annuity fund has some returns exceeding 1%, some negative returns and different returns. How to objectively and fairly evaluate the return on investment, what investment objectives should be determined for enterprise annuity, how high the return on investment and how large the risk tolerance range should be, is an important issue for enterprise annuity investment. The author thinks that in order to determine the investment target and the basis of measuring investment performance, we must first determine the investment Performance Benchmark. Investment performance benchmark can be used as a specific form of expression and a specific content of investment objectives. In passive investment, the investment benchmark is the target tracked by the investment manager; In active investment, investment benchmark is used to evaluate the ability of investment managers to grasp market opportunity and choose securities. In general, the investment benchmark can refer to a general market index. Enterprise annuity limits the proportion of investment bank demand deposits, central bank bills, short-term bond repurchases and other liquid products and various assets such as money market funds. Therefore, the performance benchmark of enterprise annuity investment cannot be directly based on common indexes such as stock index and bond index. Of course, the actual return on investment of enterprise annuity cannot be directly compared with the return on investment of stock funds, bond funds, mixed funds, social security funds and insurance investments. The objective possibility of enterprise annuity fund investment and the expected demand of investors can overcome inflation for a long time. In the long run, the interest rate of time deposit can't beat inflation. Choosing a fixed performance benchmark, such as the three-year fixed deposit interest rate, as the performance benchmark does not give full play to the institutional advantages of enterprise annuity fund investment. Moreover, the financial market is dynamic, and the fixed performance benchmark does not match the dynamic market. Under the background of fixed performance benchmark, investment managers may have two situations: one is to expand investment risks and try their best to exceed the performance of benchmark portfolio; Another approach is to imitate the benchmark portfolio as much as possible without making active investment. The performance evaluation performance of similar funds, bank deposit interest rate, national debt interest rate, inflation rate, stock index, bond index, etc. can not be used as the performance benchmark of enterprise annuity fund investment, but only as a reference index for performance comparison. Enterprise annuity is the "life-saving money" for employees. The investment safety is the first and the profitability is taken into account. Its investment goal can only be to pursue appropriate income on the basis of safety. The expected rate of return of enterprise annuity can not be separated from the constraints of market conditions and investment ability. Unrealistic investment income targets may not only create risk incentives for investment managers, but also bring potential risks to enterprise annuity funds. Only an appropriate investment return rate target can make the beneficiaries of enterprise annuity fund get a higher pension replacement rate when they retire, and realize the institutional goal of enterprise annuity fund. The expected rate of return on the investment of enterprise annuity fund is not as high as possible, and it needs to be balanced with the risk target. The reasonable income target is to pursue the maximization of income under the given risk. The performance benchmark of enterprise annuity investment is generally divided into two categories: the first performance benchmark is an absolute indicator. Knowing the average retirement years of employees participating in the annuity plan, the amount they can invest now, the amount they can invest in the future, and the average amount they need for retirement, we can calculate how much return on investment is needed every year to meet the investment objectives of the clients, which is the absolute benchmark index. The second performance benchmark is a relative indicator, namely an index. Index reflects the comprehensive performance level of selected securities and is also the most common investment performance benchmark. The asset allocation of enterprise annuity investment has legal proportional restrictions, and different enterprise annuity portfolios have different investment styles and types, so it is necessary to adopt customized investment benchmarks. Customized investment benchmark should help to understand the investment target and style of a specific enterprise annuity fund, which can be the weighted sum of several market general indexes, or the weight of each component of a single market general index can be adjusted. Taken together, the scientific design of the performance benchmark of enterprise annuity investment should be based on the asset allocation ratio of enterprise annuity investment, and weighted by monetary market index, fixed income market index and equity market index. Such a benchmark not only conforms to the limitation of the proportion and scope of enterprise annuity investment, but also can dynamically track the objective changes of the market, and also can objectively and fairly guide and evaluate the investment performance of enterprise annuity.