我国企业年金投资运营中的问题和对策分析
Analysis on the Problems and Countermeasures of the Investment and Operation of Enterprise Annuity in China

近年来，我国企业年金在投资运营的过程当中，取得了较为优异的成绩，但是企业年金各年的投资收益率仍然呈波动起伏，蕴含不稳定因素。企业年金的投资运营合理与否关系着企业年金投资和使用的效率，对实现更高更平稳的收益目标具有重要的经济社会意义。本文通过宏观地分析我国企业年金投资运营过程中存在的问题，包括资产配置结构不够合理、短期投资行为较多、多层委托代理关系复杂以及风险管理存在缺陷等，提出优化建议，以期为我国企业年金的投资运营管理的科学化提供一定的参考。
In recent years, China’s enterprise annuity has achieved excellent results in the process of investment and operation, but the annual investment rate of return of enterprise annuity still fluctuates and contains unstable factors. Whether the investment and operation of enterprise annuity are reasonable or not is related to the efficiency of enterprise annuity investment and use, and has important economic and social significance for achieving higher and more stable income goals. This paper analyzes the problems existing in the process of Chinese enterprise annuity investment and operation from a macro perspective, including the unreasonable asset allocation structure, many short-term investment behaviors, complex multi-level principal-agent relationships and flaws in risk management, and put forward optimization suggestions in order to provide a certain reference for the scientific investment and operation management of Chinese enterprise annuity.