The Research On Investment Risk Management Of Occupational Pension Fund In China

With the reform of endowment insurance system, occupational pension acquire a great progress. The entry into capital market of occupational pension funds brings to a increasing risk, which becomes the great focus of whole society. As the substantial guarantee of occupational pension plan, the safety of pension fund determines whether it can succeed. Therefore, who should control or manage the risk? What measures should adopt in the course of management of fund? These questions are the research of the thesis.The following steps are the elementary clue of the study. At the beginning, I analyze the investment actuality of occupational pension fund in China and demonstrate the necessity of investment risk management. In the following chapters, I analyze how to manage the investment risk of occupational pension in the light of common flow of risk management. That is, I analyze the origin of the investment risk and risk measuring first. And I analyze the mechanism of how the investment risk is produced. Then, I compare the function and effect of different subject in the course of fund management. The intention of these steps is trying to find out that the crucial subject and what measure he should adopt to deal with risk. Finally, I analyze a case of strategic asset allocation on the basis of the former analysis.This thesis includes six chapters. Chapter one is a part of introduction. In this part, I state the process of the topic selection, the significance of the study and the framework of this thesis. In chapter two, I demonstrate the investment importance by quantitative analysis and qualitative analysis method. Then, I analyze the investment fact of occupational pension fund in China and find out the hidden problems. Chapter three of the thesis is risk identifying and risk measure. In this chapter, I define investment risk first, and analyze the origin of investment risks and classify these risks into inner risk and outer risk in the view of trustee. And then I analyze how to measure risk by VaR method. The chapter four is the core of this paper, it focus on risk control and risk disposal. In this chapter, I analyze the cause of how the risks are formed first, and compare the function and effect of different subject. And I conclude that trustee is the crucial subject. In the last part of this chapter, I analyze the relations between the measures of risk control and risk disposal. Then I conclude that strategic asset allocation of trustee is the key of risk management. The chapter five is the extend ofthe chapter four. In this chapter, I analyze a case to prove the risk management effect of strategic asset allocation. The last chapter is the conclusion of this thesis. It conclude and summary the analyses and discussions in the former chapters, and I point out the innovations and deficiencies in this thesis.