企业年金基金投资运营的收益协同机制研究

Since the development of enterprise annuity fund has been 20 years, it is still in the initial stage. And its development is closely related to the endowment insurance system, which is significant to the national economy development. According to the Chinese actual situation, it focuses on the interest synergy among the participators in the operation of enterprise annuity fund. Qualitative research includes the investment mechanism and operation process of all parties involved in the enterprise annuity fund operation, their behavioral characteristics and the existing provisions and so on.It analysises on the influence facts and their relationship. Quantitative research includes the following：Building profit synergy model of the enterprise annuity fund investment based on the number of different subjects. Specifically, for two main participants, bilateral investment contract synergy model is built based on contract; for more participants involved, synergy optimization model of game subject was built. For the characteristics of multiple variables such as uncertainty, we will use the formula derivation or simulation to make variables fuzzy and analyze their sensitivity. Finally, we would do empirical analysis based on practical case and data, and then put forward policy recommendations for China's enterprise annuity fund investment operations of capital markets. The revenue synergy theory proposed in this project will be theoretically and practically significant to the actual investment operations.

企业年金基金在我国经过20多年发展还处于初期发展阶段，其发展关系到养老保险体制改革能否顺利和国家经济的健康发展。本课题结合我国的实际情况，围绕整个投资运营过程中的各主体方开展定量和定性相结合的研究。定性研究包括企业年金基金投资运营过程与机理的研究，从企业年金基金管理中涉及各方的需求、行为特点、现行规定等方面进行定性研究，分析影响因素及协同关系；定量研究主要根据参与主体数量不同，构建企业年金基金投资运营的收益协同模型。对于2个参与主体，将从契约的角度出发，构建双方投资契约协同模型构建，对于多个参与主体将进行主体博弈协同优化模型的构建。对于考虑到多个变量的不确定性等特点，采用公式推导或模拟的方法对变量进行模糊化处理和灵敏度分析。最后，根据实际案例和数据进行实证分析，提出适合我国企业年金基金投资运营资本市场的政策建议。本课题提出的收益协同理论，将对实际投资运营具有重要的理论指导和现实意义。

在人口老龄化背景下，社会养老保障体系的改革与完善受到广泛关注，企业年金作为我国养老保障体系的第二大支柱，在具体运营过程涉及设立、实施、投资运营、待遇支付多个环节、多个主体、多重要素，在庞大的养老保障体系中，如何协调企业年金各组成要素是学术界研究热点。论文基于复杂系统及协同学原理，采用理论模型和实证分析相结合的方法，研究了企业年金运营系统的动因、要素及运营协同机理，研究企业年金基金在运营中各主体间的收益协同，从而实现企业年金基金的保值增值，确保企业年金基金在投资交易中达到安全性和流动性。提出了企业年金内外部协同与主体运营协同模式及影响企业年金运营目标的关键路径。构建了企业年金主体协调度测度体系和企业年金运营效果评价体系，给出提升企业年金主体协调度和增强运营效果的相关对策，对企业年金体制高效运营具有重要意义。

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