The Analysis Of Investment Pattern And Portfolio For Pension Insurance Fund

Pension Insurance is the most important and critical contents of the social insurance system. In our country, pension insurance is a multi-layer system composed of national basic pension insurance, enterprise complementary pension insurance and individual saving pension insurance. National basic pension insurance implements the system combined with social unified planning and individual account, establishing basal pension insurance funds by the partially accumulating system in order to guarantee the laborer'essential life. For the sake of keeping and increasing the value and relieving the payment pressure of the pension insurance funds, and facing the challenge of aging population, it is necessary for the pension insurance funds to invest in the capital market.This dissertation analyzes and discusses the investment pattern and portfolio of pension insurance funds investing in the capital market, using the auction theory, principal-agent theory, and modern investment theory and considering it's property and characteristic. Firstly, the dissertation reviews some foundational concepts and theories. The aim is to define the extension and object of the discussion, i.e., the pension insurance funds in this dissertation is the funds that managed by the social insurance office dominated by the labor and social security department all levels in our country. It differs from the business insurance funds managed by the business insurance corporation and from the national social security fund managed by the national council for social security fund, and from the securities investment funds managed by the fund management corporations as well. Simultaneously, with the affiliation of the evolution of the pension insurance system of our country, the dissertation reviews the current raising and operation patterns of the pension insurance funds and indicates the necessity and the feasibility of the investment in the capital market.Secondly, on the basis of the analysis of the investment principle and mode of the pension insurance funds in the capital market, the investment operators and trustees are selected by applying auction theory, and the dissertation emphasizes the auction of the right of investment. Moreover, at the precondition of the analysis of the standarded auction types, the dissertation discusses the auction mechanism of the investment right being the same with pension insurance funds. That is to say, the investment operators of the pension insurance funds in the capital market are selected by the auction of the investment right that make use of the second-price sealed auction. At the same time, by...