I 摘要 随着人口老龄化的快速发展，养老成了社会性问题，社会养老责任也一定程度的 落在了企业身上，企业年金的建立及运营过程就是完善社会养老使命，保障职工的退 休经济需求，完善企业的管理制度，加强企业文化和软实力的提升，所以研究企业年 金运营中存在的风险、监督风险的内容，能够有效规避年金投资风险，对日后企业年 金运营的相关活动实现参考价值。 本文运用了采取文献研究法、调查法、规范分析法，论述企业年金的发展背景、 理论内涵、实际作用，总结以往研究学者对操作企业年金的各项风险、风险监督的相 关文献，在此理论基础上调查企业年金的历史相关数据，结合当年发生的经济事件、 政策法规的变更、宏观市场的波动，以及内部、外部对企业年金的风险监督程序，结 合历史规律对企业年金在运营操作中存在的风险进行分析。 通过本文的研究企业年金存在的风险对企业年金的风险进行了分类，然而针对企 业年金运营风险的监督程序却没有充分的发挥功能，使存在的风险不断挤压企业年金 的投资收益，对企业年金的运营规模呈现消极影响，因此针对这些风险与监督环节上 的漏洞，本文进一步提出了针对性的改善措施。 本文研究年金运营的风险与监督，认为我国企业的年金运营仍然处于初级阶段， 所面临的风险也更多、更复杂，所以在监督环节也应该强化年金运营的市场准入制度、 规范年金投资范围、加大企业内部的管控力度、加强运营机构的信用管理、完善年金 的运营流程的操作，从而实现安全保值增值的目标。希望对于我国企业未来年金运营 的相关文献研究有一定的借鉴作用，对于如何强化年金运营的风险监督提出有意义的 思路。 关键词：企业年金；年金运营；风险控制； Abstract II Abstract Withtherapiddevelopmentofpopulationaging，old-agepensionhasbecomeasocial problem，andthesocialpensionresponsibilityfallsontheenterpriserelatively，sothe enterpriseannuityhasbecomeanimportantpillartosupporttheold-ageinsurancesystem alongwiththebasicold-ageinsuranceandpersonalsavingsold-ageinsurance.Theprocess ofenterpriseannuityoperationistoformasocialpensionmission，guaranteetheretirement economicneedsofemployees，improvethemanagementsystemofenterprises，strengthen thepromotionofenterprisecultureandsoftpower，sointheoperationoftheannuityasfar aspossibletoensurethatthispartoftherealizationofvalue-added，avoidtherisksofall partiestoachievehigherreturns，andultimatelytothejob.Thecompanyhasanaccountof theoperationofthecompany.Ofcourse，itispreciselybecauseofthesocialresponsibility ofannuityoperation，sothesupervisionofannuityoperationwillbecarriedoutfromboth externalandinternalaspects.Inoperation，theuncertaintyofpolicy，capitalmarketand operationwillbeavoidedasfaraspossible，soastosupervisetheoperationofenterprise annuityandachievethestateofsafetyandvaluepreservation..Butbecausetheoperationof annuityinourcountryisstillintheprimarystage，andtherisksaremoreandmore complicated，weshouldstrengthenthemarketaccesssystem，standardizethescopeof annuityinvestment，strengthentheinternalcontrolofenterprises，strengthenthecredit managementofbothoperatorsandimprovetheoperationofannuity.Operationofbattalion flow，soastoachievethegoalofsafetyandvaluepreservation.Thispapermainlystudies theriskandsupervisionofannuityoperation，soastoanalyzehowtoidentifytherisks existinginthecurrententerpriseannuityoperationfromatheoreticalpointofview，andto discusstheconstructionofsupervisionrisksystem，hopingtohaveacertainreferencefor therelevantliteratureresearchoffutureenterpriseannuityoperationinChina.Howto strengthentherisksupervisionofannuityoperationputsforwardmeaningfulideas. Keyword：Enterprise;Annuityoperation;risk;supervision 目录 III 目录 1.绪论........................................................................................................................................1 1.1研究背景......................................................................................................................1 1.2研究意义......................................................................................................................1 1.3研究内容......................................................................................................................2 1.4文献综述......................................................................................................................3 1.4.1企业年金发展概述............................................................................................3 1.4.2企业年金类型的研究........................................................................................4 1.4.3企业年金运营管理模式的研究........................................................................5 1.4.4企业年金运营风险研究....................................................................................6 1.5研究方法......................................................................................................................7 2.基础理论................................................................................................................................8 2.1企业年金的内涵..........................................................................................................8 2.2企业年金的特点..........................................................................................................8 2.2.1自愿性................................................................................................................8 2.2.2收益性................................................................................................................9 2.2.3私人性................................................................................................................9 2.2.4长期性................................................................................................................9 2.3风险监督理论的概述................................................................................................10 2.3.1风险的概念......................................................................................................10 2.3.2风险管理相关理论..........................................................................................10 2.3.3企业年金风险监督管理的基本程序...............................................................11 2.4降低企业年金运营风险的意义................................................................................12 2.4.1改善退休职工的生活质量..............................................................................12 2.4.2建立企业文化留住骨干型人才......................................................................13 2.4.3积极应对人口老龄化带来的危机..................................................................13 2.4.4有利于资本市场的发展与完善......................................................................13 3.我国企业年金运营现状......................................................................................................15 3.1企业年金运营规模与参与规模................................................................................15 3.2企业年金的历年投资收益........................................................................................16 3.3企业年金的受托管理分析........................................................................................17 目录 IV 3.4企业年金基金市场分析............................................................................................19 4.现阶段我国企业年金运营风险的监督实施现状..............................................................22 4.1企业年金运营的内部监督........................................................................................22 4.1.1企业年金运营的内部监督流程......................................................................22 4.1.2风险识别操作..................................................................................................23 4.1.3风险检测操作..................................................................................................23 4.1.4企业年金内部风险控制..................................................................................24 4.2企业年金运营的外部监督........................................................................................24 4.2.1外部监督部门与机制......................................................................................24 4.2.2第三方机构的监管机制.......................