1.In September 2000, China established the National Social Security Fund and the National Social Security Fund Council, which were directly led by the State Council. National Social Security Fund: refers to the social security fund managed by the National Social Security Fund Council, distributed through the reduction of state-owned shares and equity assets, allocated by the central government, raised by other means with the approval of the State Council, and formed by its investment income, which is centrally managed by the central government.

2. Risk characteristics of social security fund (4 items, optional): 1, replacement rate risk (mainly refers to the risk that the final accumulated amount of endowment insurance fund cannot reach the predetermined replacement rate under the assumed life condition, thus affecting the living standard after retirement). 2. Investment risk (refers to subjective reasons [investment decision mistakes, improper portfolio selection] and objective reasons [business cycle changes, interest rate fluctuations, government policy changes, etc.] in the process of social security fund investment. ] the risk of uncertain return on investment). 3, inflation risk (refers to inflation, social security fund after a long period of accumulation of its actual purchasing power decline, leading to depreciation). 4. Solvency risk (refers to the risk that the fund management company is unable to pay the principal and creditor's rights due to poor management or other reasons).

3. The main principles of social security fund investment and operation (IV. Selection): 1, safety principle 2, liquidity principle 3, profitability principle (the investment rate of social security fund should at least exceed the current inflation rate) 4, public welfare principle.

4. Advantages and disadvantages of social security fund investment operation system (short answer): There are two operation modes of social security fund: one is centralized monopoly operation mode, that is, the government system or public institutions authorized by the government centrally operate social security fund, such as the United States and Singapore. The social security fund under this model is highly centralized and monopolized. Its advantage is that the government can effectively control investment risks and be open and transparent. Its disadvantage is that it may lead to a new bureaucratic system and affect efficiency. Second, the decentralized competitive operation mode, that is, the government usually determines a number of qualified private institutions to operate social security funds according to legal qualifications, allowing inter-institutional competition, such as the pension operation in Chile and other countries and the commercial operation of compulsory provident fund in China Special Administrative Region. The advantage is that efficiency is paramount, but the disadvantage is that neither the government nor the insured can control risks, because the private sector's pursuit of profits and the concealment of operation have laid hidden dangers.

5. Investment risk monitoring system (6 items, optional): asset separation, information disclosure, external audit, investment restriction, risk rating and income guarantee.

6. National social security fund investment action mode: It is one of the successful experiences of international pension management to adopt direct investment mode for less risky investment and entrusted investment mode for more risky investment. The National Social Security Fund Council directly underwrites bank deposits and primary market bonds, and entrusts professional investment management institutions to invest in stocks, corporate bonds and financial bonds. In 2002, six fund management companies were identified as investment managers and two banks were identified as custodian banks. The proportion of entrusted investment in the total assets of the national social security fund is 24.4%. At the end of 2002, six fund companies, Nanfang, Boshi, Huaxia, Penghua, Changsheng and Jiashi, became the first social security fund managers. Bank of China and Bank of Communications became fund custodians.

7. There are four main problems in the operation of China's endowment insurance fund: the problem of "empty accounts", the low level of investment income, the imperfect legal system, the lack of standardized and perfect supervision system, market manipulation and insider trading.

8. Portfolio construction (9, short answer): 1, bank savings deposit (characterized by complete asset liquidity, low risk, but low return. Only as a short-term investment tool to meet liquidity demand, the investment ratio should not be too high. It is difficult to resist the impact of inflation and depreciation, and the rate of return is negative). 2. Various bonds issued by the state (with the advantages of being backed by the state finance and banks, strong security and liquidity, with fixed interest higher than the bank deposit interest rate and higher income). 3. Short-term loans entrusted by financial institutions (the advantage is that you can grasp the investment target of funds, have certain authority, ensure the safe recovery of loaned funds, and have high loan interest rate). 4. Corporate bonds (China's securities market has not yet formed, and investment is risky, so it is not appropriate to get involved). 5, stocks (high returns, high risks. The proportion should be controlled within a certain range and adjusted according to market conditions). 6. Securities investment fund (a diversified investment, which can highly avoid non-systematic risks and has good liquidity through scientific investment portfolio). 7. Establish social insurance banks for direct foreign investment. 8. Direct investment in the field of production or circulation (the value-added rate is higher than the bank deposit interest rate and there is investment risk). 9. Real estate investment.

9. Supporting measures to improve the operation system of social insurance funds (V): 1, and formulate scientific regulations on the operation of social insurance funds. 2, reform and improve the existing social insurance fund investment management system. 3. Strengthen the quantitative research and investment forecast analysis of social insurance fund operation. 4. Establish an independent social insurance fund accounting system in the national budget. 5. Establish a safe and reliable supervision system.

10. Enterprise annuity: China's original name is supplementary endowment insurance, which is established voluntarily by enterprises and employees according to their own economic strength and situation with the support of national policies, aiming at providing certain retirement income protection for enterprise employees. It is an important institutional arrangement for the establishment of multi-level old-age security in China.

1 1. Necessity of establishing enterprise annuity (4): 1. Enterprise annuity is the supplement and expansion of basic old-age insurance. 2. Enterprise annuity is a means to improve labor productivity and enhance enterprise cohesion. 3. Enterprise annuity pursues efficiency on the basis of fairness. 4. The investment and operation of enterprise annuity fund can promote the perfection of capital market.

12. The operation modes of annuities mainly include: treatment-determined DB (according to the conditions of beneficiaries and a certain formula, the pension benefits they will enjoy in the future are calculated, and the actuary calculates the amount to be stored every year according to this treatment level). Payment-determined DC (determine the amount that enterprises and individuals participating in the plan should pay in advance, establish a personal account for each employee participating in the plan, and the level of treatment that beneficiaries will enjoy in the future will be the sum of total payment accumulation and investment income). Combined with the characteristics of the first two models, several mixed pension plans are designed, including joint plan, cash balance plan, pension right plan and target benefit plan. ).

13. Theoretical basis of enterprise annuity (P258—260): paternalism theory; Theory of human devaluation; Theory of deferred payment.

14, China enterprise annuity system construction (see): 199 1 the State Council promulgated the "decision on the reform of enterprise employees' pension insurance system", which stated that "the state advocates and encourages enterprises to implement supplementary pension insurance", which is the first time that China officially mentioned the establishment of a supplementary pension insurance system. Guo Fa [2000] No.42 officially renamed the supplementary endowment insurance for enterprises as "enterprise annuity", and on February 30, 2003, the Trial Measures for Enterprise Annuity was adopted by document No.65438. On May 1 2004, "Trial Measures for Enterprise Annuity" and "Trial Measures for Enterprise Annuity Fund Management" were officially implemented, which marked the basic establishment of China's enterprise annuity system framework.

15. investment principles of enterprise annuity (3): safety, liquidity and profitability.

16. Investment tool of enterprise annuity: bank deposit; National debt; Stock; Investment funds; Financial bonds and corporate bonds; Financial derivatives such as futures and options; Infrastructure construction;

17. There are two main modes of enterprise annuity supervision: 1, prudential supervision mode (that is, the fund is supervised according to the principle of prudence. It is suitable for countries with mature economic development, perfect financial system, developed capital market and various intermediary organizations, developed fund management institutions to a certain extent and sound relevant laws. Countries that adopt this model are developed countries such as Britain, the United States and Canada. 2. Strict and limited supervision mode (characterized by strong independence and great power of the supervision institution, which not only requires the fund to meet the minimum prudential supervision requirements, but also strictly restricts the structure, operation and performance of the fund. Countries adopting this model include continental European countries and Latin American countries such as Chile and Peru. Published in: Self-taught Exam _ Exam Editor: onmars Error Correction