Chinese Pension Fund's Operation In The Capital Market

Pension fund is tightly related to economy development especially to the capital market through studying the world trend. About our country, with the reform proceeding, our country pressingly needs an efficient social insurance system as our safety guarantee that is not only the way of winning benefit but also avoiding economic shock. Therefore, policy authority ranks the reform and perfection of the social insurance system as an important mission, and pension fund is the keystone. At present, there are some main questions in the pension fund running. They are funds financing disordered, investment running inefficient, low capability of risk avoiding, nonstandard and low efficient supervision measures and so on. All of these questions badly influence the fund value preserving and increasing, which make the payment speed of pension fund higher than capturing and running it. If we don't father these questions they will influence our economy development. Therefore, it is very significant to study pension fund investment running and efficient supervision in the capital market on matter in the theory and practice.This dissertation consists of four chapters. The chapter 1 focuses on the inevitability of the entry for the pension fund into the capital market from three aspects. The first part analyses its inevitability of the entry from the coherence of the pension fund and the capital market. The second part explores the causes of the entry from their interactions. And the last part discusses the win-win effects of the entry. The chapter 2 discusses the pension fund investment running in the capital market. Summarize the theory that principles, aims and tools choices of the entry into thecapital market, then analyses its investment modes choices and risk avoiding by the recommendation of international successful experience. The chapter 3 analyses the investment management modes of the pension fund, including the entry path and government supervision. In the chapter 4 comments and suggestions are given to the pension fund's operating in the capital market in our country.