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论文编号：	12519
作者编号：	2320180657
上传时间：	2021/6/15 10:08:34
中文题目：	J公司职业年金资产管理优化研究
英文题目：	Research on Optimization of Occupational Annuity Asset Management of J Company
指导老师：	齐岳
中文关键字：	职业年金；现实挑战；资产配置框架；优化建议
英文关键字：	occupational annuity；Realistic challenges;Asset allocation framework;Suggestions for improvement
中文摘要：	我国的老龄人口人数飞速增长，占比不断提升，进入了人口老龄化社会，养老问题逐渐成为政府和社会亟待解决的难题。中国政府采取措施支持养老金参与股市投资，分享中国经济飞速增长的红利，帮助养老金保值增值。从国外的实践来看，多支柱养老模式是目前发达国家和发展中国家主要的养老发展模式。中国的养老金制度建立较晚，采取了三支柱养老模式，以第一支柱为主导，二三支柱养老金制度发展缓慢，长期不平衡发展导致养老金储备不足，支付压力大。因此采取税收抵扣减免等措施鼓励和支持二三支柱壮大，减轻第一支柱支付压力，成为政府部门和社会学界的共识。职业年金作为第二支柱的重要组成，于2019年中开始进入运作。职业年金从成立时便要求绝对收益。现有的考核模式多为短期，为获得稳定可观的收益，管理机构在进行资产配置操作时更倾向于短期性，忽视了长期价值，投资回报较为一般。资产配置决定组合收益率的80%以上，是资产管理的核心因素。本文首先介绍了资产配置方面的理论观点，选取了生命周期理论和资产组合理论。然后分析了我国职业年金的建立原因，介绍了发展现状，总结了存在的问题。本文选取了J公司这个案例。J公司作为试点机构，成立于2015年末，公司的愿景是专注养老事业，致力民生改善，成为国内最佳，国际一流的养老金管理公司。2016-2018年公司管理规模逐步扩大，受托、账管、投资等合计规模由0增长到3500亿。公司管理的组合投资业绩在全部年金管理机构排名中位居前列。J公司发展的同时也面临一些挑战：试点优势不明显，定位不够清晰，没有享受特殊试点政策；特别是在投资管理能力方面，与基金公司、养老保险公司仍有较大差距；管理基础仍薄弱，信息化、规范化程度不高。2019年、2020年公司投资管理业绩快速下滑，逐渐暴露出问题，2020年投资部门核心人员陆续离职加剧了公司的困境。本文重点描述J公司在职业年金资产配置实践情况，包括情况简介、投资决策流程、资产配置策略框架、具体实践。通过模型分析和求解，得出影响职业年金组合资产配置目标收益的最重要因素为成本计价类的信托及债权计划类资产、权益类资产。简要描述国内保险公司和基金公司在职业年金资产配置上的实践探索，列举了美国、日本、香港的成熟经验，希望为J公司资产管理提供宝贵经验。最后重点阐述了J公司资产管理中存在问题，包括前期资产配置策略制定的不科学、后期遇到问题不能及时调整策略、投研能力较弱、资产储备不足等方面问题。针对问题进行原因分析，并提出改进建议：一是加强职业年金资产配置管理工作，集全体投研人员之力做好资产配置策略的拟订。二是多元化投资配置，优化结构。三是主动管理扩大投资范围，获得经济发展红利。四是用长期业绩考核激励引导。五是积极创新，创新可以推动职业年金资产配置策略、结构飞速发展。
英文摘要：	The number of the aged population in China is growing rapidly and the proportion of the aged population is constantly increasing. As China enters an aging population society, the problem of supporting the aged has gradually become a difficult problem that the government and society urgently need to solve.The Chinese government has taken measures to support pension funds' participation in stock market investment to share the dividends of China's rapid economic growth and help pension funds maintain and increase their value.From the practice of foreign countries, the multi-pillar pension model is the main pension development model in developed and developing countries.China's pension system was established relatively late, adopting the three-pillar pension model, with the first pillar as the dominant one. The development of the second and third pillar pension system is slow. The long-term unbalanced development leads to insufficient pension reserve and great payment pressure.Therefore, it has become a consensus of government departments and social circles to take measures such as tax deductions and exemptions to encourage and support the expansion of the second and third pillars and to relieve the payment pressure of the first pillar. Occupational annuity, an important component of the second pillar, began operation in mid-2019.An occupational annuity requires an absolute return from inception.The existing assessment mode is mostly short-term. In order to obtain stable and substantial returns, the management institutions are more inclined to short-term asset allocation operations, ignoring the long-term value, and the return on investment is relatively average.Firstly, this paper introduces the theoretical viewpoint of asset allocation, and selects the life cycle theory and portfolio theory.Then it analyzes the reasons for the establishment of occupational annuity in China, introduces the development status and summarizes the existing problems.This paper selects the case of J Company.As a pilot institution, J Company was established at the end of 2015. The company's vision is to focus on pension undertakings and improve people's livelihood, and become the best domestic and world-class pension management company.From 2016 to 2018, the company gradually expanded its management scale, with the total scale of trustees, account management and investment increasing from 0 to 350 billion yuan.The performance of portfolio investments managed by the company is among the highest among all annuity managers.Company J also faces some challenges in its development: the pilot advantages are not obvious, the positioning is not clear enough, and it does not enjoy special pilot policies;Especially in the investment management ability, there is still a big gap with fund companies, pension insurance companies;Management foundation is still weak, the degree of informatization and standardization is not high.In 2019 and 2020, the company's investment management performance declined rapidly, and problems were gradually exposed. In 2020, the core personnel of the investment department left one after another, exacerbating the company's difficulties. This paper mainly describes the practice of J Company in asset allocation of occupational annuity, including the brief introduction, investment decision-making process, asset allocation strategy framework and specific practice.This paper briefly describes the practice and exploration of domestic insurance companies and fund companies in the asset allocation of occupational annuity, and lists the mature experience in the United States, Japan and Hong Kong, hoping to provide valuable experience for J Company's asset management.Finally, the paper focuses on the existing problems of J Company, analyzes the causes of the problems, and puts forward suggestions for improvement. First, it is necessary to strengthen the management of occupational annuity asset allocation and draw up asset allocation strategies with the efforts of all investment and research personnel.Second, diversify investment allocation and optimize the structure.Third, actively manage to expand the scope of investment and gain economic development dividends.The fourth is to use long-term performance appraisal incentive guidance.Fifth, active innovation, innovation can promote the rapid development of occupational annuity asset allocation strategy and structure.
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