Research On Investment And Regulation Of Occupational Pension Fund

As an important part of social security system, occupational pension is a great system arranging to implement multi-leveled strategy of social security. Since the populations aging and the burden of social security being more and more serious, the development of occupational pension is concerned by government and the society fully. With the increasing of occupational pension's scale, the demand for increasing occupational pension's value will be higher. To seek the effective investment of occupational pension fund is very important not only for the partner's interesting, but also for occupational pension's sustainable development. In the paper, writer at first overview the occupational pension fund's investment, then analyze occupational pension fund's investment and regulation emphatically, and on the basis of using fund investment successful experience of the foreign occupational pension for reference, according to the concrete conditions, put forward the suggestion of improving the occupational pension investment fund's structure of our country.Occupational pension fund's investment has its necessities, the inherent reason is to maintain the partner's right through the income of investment, and the investment demand based on the commission - agent relation reflect the character of occupational pension fund's investment: rentability, risk, mobility and transparency ,etc. At the same time, occupational pension fund's investment is the necessity for the development of occupational pension and capital market interactive, to increase the value of occupational pension needs safe and effective capital market, and occupational pension fund's investment will promote the improvement of capital market.The core of occupational pension fund's investment is its investment's tactics. That to say, based on the theory of effective market and portfolio and according to the change of securities' market, the invest manager use many kind of methods, technology and tools to fulfill the occupational pension's targets. Through theselection and application of the investment's tactics based on stocks and bonds, managers may avoid the investment's risk.With the enlargement of the fund investment range of occupational pension, how to enhance regulation has been an important subject. In the field of regulation of occupational pension fund's investment, according to the degree of limited to the tools and ratios of investment, there are two classical regulation modes: prudent regulation mode and strict limitation regulation mode. How to select the regulation mode is affected by the perfection degree of financial market, principle inside of investment manager and law environment. Both of the regulation modes have advantages and disadvantages, different countries can select different mode due to their own conditions. And now, with the change of politic and economics, the regulation modes of occupational pension fund's investment have been changed, and the mixion of the two modes has being a tendency.Since our country set up the system of occupational pension relatively late, there are many disadvantages, such as the pension fund's small scale, low coverage rate and narrow channels of investment, etc. It is necessity to reference foreign counties' successful investment experience, for example, multiplying portfolios, limiting the investment's rate, abiding by principle of the minimum investment return. We should set up compensation mechanism of the risk of occupational pension fund's investment, make the investment tactics with reasonable science and realize the regulation mode from strict limitation mode to prudent mode.