The Study On Investment Operations Of China's Society Security Funds

The social security system in china have been grope reforming since 1993, the social security system has set up preliminarily, and established the Chinese characteristics social security system that adapted the social marketing economy. The social security funds, as the base of the social security system, through ten years of accumulation, the fund accumulation have a certain scale. But because of the social security fund set up a short time, the social security system is not perfect; the social security fund investment operations are confronted with many difficulties. At the same time, the quickening of China's aging population for the elderly, the social security funds expenditure will increase sharply. Since 2001, the social security fund case, China appeared many different pieces of theft, misappropriate social security fund, the case of social security funds for the outlaws idle, provided precondition for the social security funds case. The social security fund rate is not high, the social security fund returns in 2004 to offset the yield level of inflation, In the social security fund rate is not high, "personal account" , or have a lot of "personal empty account", social security fund face the pay crisis. It is under the background of social security fund investment operation requirement, also the importance of maintaining and increasing the value has been raised to an unprecedented height by the issues mentioned above. According to a mature international experience, to invest the social security fund in the capital market and carry out the market-oriented management is the only practical choice to realize the value maintaining and increasing. And large-scale social security funds to invest in the capital market as a whole will not only have a profound impact on the socio-economic, but also the social security fund under various risk. Therefore, it is of great importance to make an effective investment and control risks.The social security fund mainly include social insurance fund, social relief fund, social welfare funds, pension funds and preferential social service fund five parts, etc. Another definition is refers to national social security fund was established, which was established by the government in September 2000. In recent years, the national social security fund from zero to certain scale, from single investment tools to multiple investment variety, and starting from the domestic market to the overseas market. Social security fund also has its unique, basically have mandatory, law, justice and maintaining and increasing the value, China's social security fund investment operations research focuses on the theory of social security fund, supervision and management, portfolio, and risk control,social security fund investment operations include social security fund investment mode choice of investment tools, etc.China's social security fund investment in the actual operation situation mainly base on the national social security fund investment operation analysis, mainly from the investment subject and investment tools, investment returns, investment mode to analysis on China's social security fund investment operations, Thus compare with international social security fund investment operation, which their operations are representative. We can enlighten from the representative international social security fund investment operation.Current of China's social security fund is mainly focus on the research of social security fund investment in the securities market, so as to maintain and increase the value of social security funds, CAPM model theoretically told us high yield and high are always coexist, China's social security fund in 2003 go into the securities market, in each year yield performance are not the same, sometimes high and sometimes low, sometimes even to offset inflation, but in 2007 with the bull market, the social security fund investment yields also hit record highs, 2008 with the bear market of social security funds yields are at record lows, we see clearly, the social security fund investment returns and risks of securities market is coexisting. So if we abandon high risk because of its investment in the securities market, the social security fund investment in national bonds and bank deposits? The answer is no, and if so, even the value of social security funds cannot maintain value, even to increase the value of the social security fund, we can invest securities market within the scope of the risk, which we can accept. According to the empirical analysis results, as long as control the proportion of the social security fund investment we put into the securities market, to make risk can be controlled which its range we can accept, Then the social security fund invest into the securities market is desirable. Due to the social security fund investment in the securities market is different from general speculation, and so on, to a certain extent, also can promote the healthy development of the securities markets. Due to the short history of China's capital market as well as the lack of relevant statistical data, there may be a certain gap between conclusions and the actual situation. In addition, when China is in a rapid socio-economic development and capital market is experiencing extremely profound change, our conclusions based on historical data are relative and temporary, therefore, in our view, the types of assets restrictions on the proportion of investment in the future development of the market should change with the timely adjustment. Nevertheless, we still believe that this conclusion is of practical significance, because we may not need social security fund specific asset allocation ratio; what we need is a relatively large proportion of the scope for reference.Finally, through the social security fund investment operations at home and abroad, and the study of China's social security fund investment operation on empirical research, China's social security fund investment, the main problems are the sources of social security funds , According to this problem , we put forward the corresponding countermeasures.