Research On The Investment And Operation Of National Social Security Fund In Post-crisis Era

After the2008global financial crisis, significant changes have taken place in the economic environment at home and abroad, which also has had a huge impact on the investment and operation of the national social security fund. The suspended deficit of the national social security fund in the year was39.372billion yuan. In response to the economic downturn in post-crisis era, Chinese government has instituted a series of special operational policy measures to stabilize external demand and expand domestic demand from the second half of2008, which has achieved some results. As of December31,2011, the total assets of the national social security fund have been up to868.9billion yuan. With the unprecedented expansion of assets of social security funds, the assets of the fund can be invested not only in domestic stocks, bonds, equities, but overseas. But with the complication of the economic environment in post-crisis era and appearance of the aging population, the pressure of fund payment has become more and more, the security, liquidity and value-added ability of the fund assets are worrying. Currently, the Chinese government has let go of the investment of Chinese social security fund in the capital market, which has made the investment and operation of social security fund become increasingly prominent.The investment and operation of China's social security fund belongs to the category of various thoughts, usually centers on the fund investment risk and return, maintenance of value and increase in value. In order to avoid talking generalities, on the basis of existing research this paper focuses on the three main lines, that is, the construction of capital market, investment focus and strategy and investment performance evaluation.The paper adopts the comparative research approach. In the paper the experience and lessons of investment and operation of social security fund in typical foreign countries are compared transversely; the change of investment and operation of the national social security fund before and after the2008financial crisis is compared longitudinally. The paper not only uses the "Questionnaire" to investigate and analyze the meaning and investment way of the national social security fund through the empirical and normative methods, but also analyzes the portfolio changes and the performance evaluation indexes of the national social security fund before and after the2008financial crisis through the EXCEL and Eviews system. Through the induction and analysis methods, the paper finally puts forward the suggestions on the investment and operation of the national social security fund which are suitable for China's national conditions and economic environment.The first chapter of this paper points out the writing direction. This chapter studies and analyzes the background and significance of the national social security fund investment, further clarifies the research questions and objectives that call for immediate solution. The article thinks, the national social security fund should pay attention not only to the focus and strategy of the investment and operation in the post-crisis era, but also to the impact of changes in the capital market on the direction of investment and investment performance evaluation in order to achieve the ultimate goal, namely, the added value of the national social security fund. After sorting, summarizing and commenting the domestic and foreign literature collected, the paper refines the research content around the ultimate goal, arranges the research structure and ways, summarizes the research methods and innovations.The second chapter lays the theoretical foundation of the writing. It deciphers the basic theories of the national social security fund investment from the angle of economics, finance, etc. Based on collecting the domestic and foreign literature, it extracts the literature related to the investment philosophy of social security fund to form the concept system, and then compares with the results from the online "Questionnaire" investigation to seek theoretical support for the relationship between the national social security fund and the capital market, portfolio investment and performance evaluation. In the author's opinion, the investment and management of the national social security fund are closely related to the changes in capital market. Changes of the investment portfolio are the object of performance evaluation, while the investment performance will affect the investment portfolio. The third chapter and the fourth chapter analyze the present situation and problems of the investment and operation of national social security fund from the qualitative perspective. The third chapter points out the impact of the global financial crisis in2008on the capital market and the investment of the national social security fund through the analysis of the development course of the national social security fund investment, meanwhile compares the changes of the investment and operation of the national social security fund before and after the financial crisis. After analyzing the change of the national social security fund assets before and after the2008financial crisis, the fourth chapter analyzes the problems of the national social security fund from three aspects, that is to say, the investment environment, the investment operation and the investment performance evaluation.In the fifth chapter of this thesis a model is established to analyze the investment and operation conditions of the national social security fund from the quantitative point of view. There are risks in any investment, the investment and operation process of the national social security fund will inevitably encounter various risks. Therefore, the analysis of the principle and scope of the investment and operation of the national social security fund is made in the first place, and then the financial products of the national social security fund investment are analyzed from different angles of investment risk. Finally, with the help of Excel and Eviews software, the empirical analysis of the social security fund investment portfolio risk and returns as well as fund investment performance is made. It points out that after the global financial crisis in2008, the national social security fund investment tends to be safe, the profitability is low, the investment performance declines.The sixth chapter discusses the enlightenment of the experience of foreign social security fund investment and operation to China. This paper selects three developed countries-the United States of America, Chile, Singapore, then analyzes the successful experience and failure lessons, finally comes to the conclusion that although the anti-risk ability of different national social security funds is different, the ideal state of investment performance can only be reached by choosing a variety of investment t(?)bls and channels according to the different market environment and risks. Finally, the seventh chapter puts forward the countermeasures and suggestions of the national social security fund investment and operation respectively from the investment market environment, investment and operation strategies and performance evaluation, etc. in accordance with the actual situation of the national social security fund investment and operation.