企业年金如何选择基金公司作为投资管理人

How Does Enterprise Annuity Choose the Mutual Fund Company as Its Investment Manager?

基金公司是我国具有企业年金投资管理人资格的主力机构,如何选择基金公司作为投资管理人是企业年金面临的一个重要问题。考虑到企业年金的风险特征及不同行业企业在经营特征和职工年龄结构上的差异,我们借鉴随机占优思想和VaR思想提出企业年金选择基金公司的新思路和方法。我们的研究表明,从企业年金角度看,除了个别例外,已获投资管理人资格的基金公司总体上优于未获投资管理人资格的基金公司。进一步,我们以电力、热力的生产和供应业为例,结合企业年金特点分析,发现养老支付和情形设定对基金公司的选择有很大影响。这为企业年金在选择基金公司作为投资管理人以及基金公司作为投资管理人的资格管理制度建设提供了参考。

Mutual fund company is the majority of the institute qualified for managing enterprise annuity. How to choose the appropriate mutual fund company as the manager is of importance for the enterprise annuity. We initiate novel idea and method to select mutual fund company based on the principles of stochastic dominance and VaR, incorporating the risk, performance, and staff age structure of annuity enterprise. We find that most mutual fund companies qualified for managing enterprise annuity, with few exceptions, dominate the ones not qualified from the views of enterprise annuity. Furthermore, we analyze the industry of electricity, and thermal power. The pension payment and scenario setting have great effect on the selection of fund company for annuity in this industly. This provides reference for the selection of mutual fund company by enterprise annuity, and the management of qualificatiou of mutual fund company.