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Analysis on the CRISIS and Countermeasures of CHINA’s Pension Fund Investment Operation -A Case Study on the Investment Management of Pension Funds in KOREA-

Vol.1 (No.2) 2016
Author
admin
Date
2016-12-30 12:48
Views
178

Abstract


In the process of the development, establishment and improvement of industrialization, the pension system has played an important role in maintaining social stability and promoting economic development, and it became the safety valve of social and economic operation.
Chinese introduced the pension system under direction of socialist ideology, the reform of the system is mainly carried out by government’s executive order, and distribute to other places. However, with the establishment of China’s market economy system, the pension system has also undergone a structural change, such as the imple-mentation of multi-level pension system, government policy and private account system, and the rural pension insurance system.
South Korea made “National Welfare Pension Law” in 1973, and it was formally implemented in 1988. Prom-inent features of the pension system are as follows: the legal form of the implementation system, expand cover-age on the basis of the number of workers, businesses and individuals share contribution rate of 4.5% of one’s salary. In addition, South Korea has also focused on the financial stability of pension funds, since 1988, invest-ment funds was used, with “profitability, stability, publicity, liquidity, operational independence” as the basic investment principles, pursuit transparent and effective pension fund investment. Also, the country developed annual “Investment Policy White Paper” which clearly defined objectives and long-term asset allocation strategy, investment benchmarks and prevention mechanisms, recruitment agencies and other specially commissioned content, to facilitate investment management and efficiency. From 2007 to 2015, investment income rate has maintained at a high level, reaching an average 5.64 percent.
Even though the People’s Republic of China(hereinafter China) has improved its pension insurance system, the country’s aging population, eroding ability to pay benefits, asymmetric regional financial burdens, and consider-able transition costs present problems in managing pension funds, preserving and increasing their valuations, and improving investment mechanisms. In fund management, in order to improve the effectiveness of fund man-agement, China needs to create investment management suited to China’s Pension Insurance System, seek for diversified investors and investment targets, establish policies and targets for pension fund investments and management and better supervision of investments as South Korea such measures will have a positive impact on the future of reform and design.
This paper based on the basic content of pension fund management and the inherent requirements of the system design. It combines theoretical precedents and case analyses to apply the principles underlying pension fund management in Korea to China. It analyzes the national conditions in China and its pension operations, identifies problems, and proposes solutions.

Keyword:Pension Fund, Pension Fund Investment Crisis, Pension Fund Investment Management in Korea, Countermeasure Analysis, Pension System
  • This study focused on the role of the bystander in the school violence situation and tried to understand the choices of the bystander by applying “Theory of Planned Behavior”. In school violence situations, there are bystanders in addition to bullies and victims, and bystanders play significant roles in the situation. Sometimes their choices can determine the outcome of the school violence. According to TPB(behavior, intention, attitude, subjective norms and perceived behavioral control), the reasons why they choose to be an outsider rather than a defender can be interpreted as follows. They perceive the indifferent behaviors of a bystander and its results as positive and believe that others around will remain outsiders. Also, there is no difficulty in being a bystander, as it does not require an active action. On the other hand, they do not show the behavior of defenders because they perceive the defender's behavior and its result as negative, believe that the students in a classroom have the norm against the defender's behavior. Even if they want to take an action, they do not know what to do. And they may not be confident in taking an action even when they know what to do. In order to resolve school violence, the bystanders should respond effectively to the situation as defenders of victims. To this end, it is necessary to actively utilize the result of verifying bystander selection in school violence applying TPB. In particular, we must improve students’ attitudes toward the outsiders’ and defenders’ behaviors and the behavioral outcomes. And Concrete and explicit norms for helping behaviors should be built in their classroom. Finally, we need to inform students how to help victims and improve their confidence in those behaviors. So, we will be able to solve school violence problems by reducing outsiders and increasing defenders when designing and operating an anti-bullying program based on the TPB in the school environment.
    Keyword:Crisis, Theory of Planned Behavior, School Violence, Bullying, Bystander
  • Purpose; This paper intends to develop evaluation indicators of safety education for the Republic of Kore Army(ROKA) personnel. In Korea, there are a lot of accidents and disasters that Korean people had never been experienced including earthquakes, fire casualties, and marine accidents. There are many physical and psychological risk factors including explosion, injury, fire, traffic accident, and psychological violence, etc. Researchers suggest that ROKA soldiers are vulnerable to daily risk factors but do not receive enough safety education due to the lack of appropriate manual, instructor, and time. This study thoroughly reviewed the literature including the US Army field manual on the safety education and studies of industrial safety. Seventeen areas of safety management in the military bases were described in the field manual and counter-measures of each area were reviewed. Thirty evaluative indicators were presented based on the literature review and the value of each indicator was suggested as a milestone for designing and conducting the safety education. The 30 indicators are composed based on the CIPP(context-input-process-product) model and each of the indicator implies theoretical meanings and practical suggestions. The indicators begin with analyzing the hazard of the workplace and they contain : (1)collecting and analyzing the hazards in the workplace, (2)collecting and analyzing the information about the health management system, (3)making the safety management plan in the workplace, (4)reflecting the opinions of military personnel in making the safety management plan, (5)investigating the implementation of health education and evaluation for military personnel, (6)reflecting the military personnel’s need for health and safety education, (7)evaluating the leader’s interest in the safety and health promotion, (8)investigating the military personnel's consciousness of safety, (9)employment of officer in charge of safety management, (10)percentage of the officers in charge of the safety management, (11)employment of the officers in charge of safety and health education, (12)qualification of the officers in charge of the safety and health education, (13)presence of department of safety and health management and education, (14)volume of contents of the safety and health education, (15)Percentage of budget for safety and health education, (16)implementation of regulations on safety and health, (17)specification of educational objectives on safety, (18)review of the appropriateness of the safety education objectives, (19)diversity of educational method for the safety education, (20)specification of the safety education contents, (21)implementation of the educational plan, (22)checking the military personnel's awareness of the safety objectives, (23)the military personnel's satisfaction in the safety education, (24)participation of the military personnel in the safety education, (25)availability of resources for the safety education, (26)communication about the contents of the safety education, (27)changes in the consciousness of the safety, (28)changes in the knowledge of the safety, (29)changes in the attitude toward the safety, (30)changes in the real actions in the safety management and implementation.
    Keyword:Safety, Republic of Korea Army, Safety Education, Evaluation, Indicator
  • With radical development of information and communication Technology, Internet of Things(IoT) era has come. All the things around us are connected through internet so that it enables objects to exchange data with connected devices and is expected to offer new advanced services that goes beyond the value where each existing objects could have offered respectively. Concerns regarding security threat are being raised in adopting IoT as the number of internet-connected appliances are rapidly increasing. So, we need to consider how to protect and control countless objects. However, traditional security systems including intrusion detection systems(IDSs), firewalls(FWs), anti-viruses(A/Vs), etc., focus on low level attack or anomalies, and raise alerts independently. And IoT services have different types of security frameworks. As a result, it is difficult for human security manager or attack response systems to understand the alerts and take appropriate actions. In this paper describes the analysis of security methods in the area of IoT and describes a mechanism that analyzes logs generated by IoT devices attacks. Data collected from the lightweight application is sent to the network component for further analysis. The collaborative component is used for collecting data in the distributed network and indicates the possible attacks. Also this paper suggests enterprise security management including IoT services which are based on distributed environments, and presents a practical technique to address this issue, and introduces Event Correlation Model(ECM) which is a simple free text causal language. We show how the concept of class in object-oriented methodology is used to provide scalability to our approach. Graph and coding theories are used for correlation.
    Keyword:Safety of IoT Services, Network Security Management, Enterprise Security Management, Log Analysis, Event Correlation
  • The purpose of this study was to overcome the nursing staff shortage crisis at small and medium sized hospitals by examining the mediation effects of organizational commitment and job satisfaction on the relationship between job stress and turnover intention. To do so, this study used Price’s voluntary turnover model and suggested an integrated model by exploring the moderated mediation effects of changes in self–efficacy. Methods: The survey was conducted with 344 nurses working at small to medium sized hospitals in C city. Data collection was conducted for two weeks, from June 1 to 15, 2016, and the collected data were analyzed using Hayes’ macro process models 4 and 8 in SPSS 22.0. Results: The findings indicated that organizational commitment and job satisfaction have indirect effects on the relationship between job stress and turnover intention. Self-efficacy was found to have a moderation effect between job stress and mediating variable pathways and also have a mediation effect on job satisfaction pathways. Conclusion: In order to reduce the turnover intention of nurses in small to medium sized hospitals, it is necessary to develop a practical self-efficacy improvement program and action plan for the nursing work place.
    Keyword:Nursing Crisis, Turnover Intention, Job Satisfaction, Organizational Commitment, Self-Efficacy
  • With radical development of information and communication Technology, Internet of Things(IoT) era has come. All the things around us are connected through internet so that it enables objects to exchange data with connected devices and is expected to offer new advanced services that goes beyond the value where each existing objects could have offered respectively. Concerns regarding security threat are being raised in adopting IoT as the number of internet-connected appliances are rapidly increasing. So, we need to consider how to protect and control countless objects. However, traditional security systems including intrusion detection systems(IDSs), firewalls(FWs), anti-viruses(A/Vs), etc., focus on low level attack or anomalies, and raise alerts independently. And IoT services have different types of security frameworks. As a result, it is difficult for human security manager or attack response systems to understand the alerts and take appropriate actions. In this paper describes the analysis of security methods in the area of IoT and describes a mechanism that analyzes logs generated by IoT devices attacks. Data collected from the lightweight application is sent to the network component for further analysis. The collaborative component is used for collecting data in the distributed network and indicates the possible attacks. Also this paper suggests enterprise security management including IoT services which are based on distributed environments, and presents a practical technique to address this issue, and introduces Event Correlation Model(ECM) which is a simple free text causal language. We show how the concept of class in object-oriented methodology is used to provide scalability to our approach. Graph and coding theories are used for correlation.
    Keyword:Safety of IoT Services, Network Security Management, Enterprise Security Management, Log Analysis, Event Correlation
  • The purpose of this study was to overcome the nursing staff shortage crisis at small and medium sized hospitals by examining the mediation effects of organizational commitment and job satisfaction on the relationship between job stress and turnover intention. To do so, this study used Price’s voluntary turnover model and suggested an integrated model by exploring the moderated mediation effects of changes in self–efficacy. Methods: The survey was conducted with 344 nurses working at small to medium sized hospitals in C city. Data collection was conducted for two weeks, from June 1 to 15, 2016, and the collected data were analyzed using Hayes’ macro process models 4 and 8 in SPSS 22.0. Results: The findings indicated that organizational commitment and job satisfaction have indirect effects on the relationship between job stress and turnover intention. Self-efficacy was found to have a moderation effect between job stress and mediating variable pathways and also have a mediation effect on job satisfaction pathways. Conclusion: In order to reduce the turnover intention of nurses in small to medium sized hospitals, it is necessary to develop a practical self-efficacy improvement program and action plan for the nursing work place.
    Keyword:Nursing Crisis, Turnover Intention, Job Satisfaction, Organizational Commitment, Self-Efficacy
  • With radical development of information and communication Technology, Internet of Things(IoT) era has come. All the things around us are connected through internet so that it enables objects to exchange data with connected devices and is expected to offer new advanced services that goes beyond the value where each existing objects could have offered respectively. Concerns regarding security threat are being raised in adopting IoT as the number of internet-connected appliances are rapidly increasing. So, we need to consider how to protect and control countless objects. However, traditional security systems including intrusion detection systems(IDSs), firewalls(FWs), anti-viruses(A/Vs), etc., focus on low level attack or anomalies, and raise alerts independently. And IoT services have different types of security frameworks. As a result, it is difficult for human security manager or attack response systems to understand the alerts and take appropriate actions. In this paper describes the analysis of security methods in the area of IoT and describes a mechanism that analyzes logs generated by IoT devices attacks. Data collected from the lightweight application is sent to the network component for further analysis. The collaborative component is used for collecting data in the distributed network and indicates the possible attacks. Also this paper suggests enterprise security management including IoT services which are based on distributed environments, and presents a practical technique to address this issue, and introduces Event Correlation Model(ECM) which is a simple free text causal language. We show how the concept of class in object-oriented methodology is used to provide scalability to our approach. Graph and coding theories are used for correlation.
    Keyword:Safety of IoT Services, Network Security Management, Enterprise Security Management, Log Analysis, Event Correlation
  • The purpose of this study was to overcome the nursing staff shortage crisis at small and medium sized hospitals by examining the mediation effects of organizational commitment and job satisfaction on the relationship between job stress and turnover intention. To do so, this study used Price’s voluntary turnover model and suggested an integrated model by exploring the moderated mediation effects of changes in self–efficacy. Methods: The survey was conducted with 344 nurses working at small to medium sized hospitals in C city. Data collection was conducted for two weeks, from June 1 to 15, 2016, and the collected data were analyzed using Hayes’ macro process models 4 and 8 in SPSS 22.0. Results: The findings indicated that organizational commitment and job satisfaction have indirect effects on the relationship between job stress and turnover intention. Self-efficacy was found to have a moderation effect between job stress and mediating variable pathways and also have a mediation effect on job satisfaction pathways. Conclusion: In order to reduce the turnover intention of nurses in small to medium sized hospitals, it is necessary to develop a practical self-efficacy improvement program and action plan for the nursing work place.
    Keyword:Nursing Crisis, Turnover Intention, Job Satisfaction, Organizational Commitment, Self-Efficacy
  • Purpose: This study conducted the exploration using the Colaizzi method, a phenomenological research method to identify the constituents of the experience of the SNB-program, one of Terahertz therapy, which is receiving much attention as a thermal treatment method recently. Method: The data collection method of the first study using the Colaizzi method consisted of literature review for theoretical extraction, narrative observation and interview. For the first analysis of the data, the Colaizzi 6-step analysis method, a phenomenological research method, was used to identify the participants' SNB-program experience and explore the constituent factors of the human body's natural healing experience. Second, a questionnaire was created based on the constituent factors of the participant's experience identified through in-depth interviews, and the principle component analysis of 123 questionnaires collected was conducted to verify the inner validity of the research results. Results: In the results of this study, the SNB-program experience was confirmed based on two categories such as positive experience and uncomfortable experience. In detail, eight types of uncomfortable experiences including eight physical changes, six emotional changes, five social education changes, and improvements were derived. In addition, to verify the validity and reliability of the extracted constituent factors, from the results of constructing preliminary items and conducting exploratory factor analysis, lastly, it was confirmed with two categories, five theme clusters, and 27 formulated meanings. Conclusion: In this study, the SNB-program participant's experience was verified in vivid language through the Colaizzi method, and the procedure was verified through social science analysis. The results of this study are meaningful in that the user's experience of thermotherapy using Terahertz waves has been generalized.
    Keyword:SNB-Program, Colaizzi Method, Health Intervention, Experience, Constituent Factors
  • Purpose: The study induced obesity in 50-week-old white rats with high fat intake for eight weeks. Then for 12 weeks, we analyzed how resistance exercise with anaerobic properties and fermented soybean ingestion with a nutritional approach affect the potential mechanisms underlying body composition, metabolic risk factors, and inflammatory cytokine of aortic tissue. Method: The experimental animals were randomly assigned to four groups: Control(Con), Soybean(Soy), Resistance Expense(Re), and Soybean + Resistance Expense(Soy+Resistance). For the resistance exercise, the ladder climbing is applied, and the soy supplement made up 24% of the total calories of soy protein. After eight weeks of high-fat diets, obesity was induced and treated for 12 weeks. The appearance of inflammatory cytokine was analyzed for IL-6, TNF-α, IL-10, and IL-4 in the aortic tissue. Results: In Soy and Soy+Re groups, the fat content decreased compared to those in Con and Re groups(Figure 2A), and body fat was higher in Soy and Soy+Re groups than in Con and Re groups. The appearance of IL-6 cytokine associated with infectious diseases showed significant differences in Soy, Re, and Soy+Re groups over Con groups(p <0.05). The appearance of other cytokine, such as TNF-α, IL-4, and IL-10, showed no significant differences between the groups. Conclusion: As a result, the positive effects of fermented soybean ingestion on changes in inflammatory factors associated with vascular inflammation cannot be clearly identified in improving the function in the aortic tissue. Therefore, since it cannot be seen as a positive effect, it is necessary to choose the intake and type according to the purpose of the ingestion and to apply it compiling prior studies and literature regarding the form, frequency, intensity, and time settings of exercise.
    Keyword:Resistance Exercise, Soybeans, Obesity, Metabolic Risk Factors, Inflammatory Cytokine