Study On Risk Of The Fund Of Social Insurance Investing In The Capital Market In China

This dissertation researches about the risk of the fund of social insurance entering into the capital market in our country. The basic mentality of the dissertation is as follows: according to the theory model and the review on the fund of social insurance investing in the capital market, and as the base of consulting relative literature widely, the dissertation utilizes the canonical, positivistic, qualitative and quantitative researching methods to analyzes the risk performance and its negative influences when the fund of social insurance in our country enters into the capital market, then analyzes the origin of the risk and points out the policy measure to corresponding risk control.1, Basic conclusion(1)Social insurance fund in our country entering into the capital market is the inevitably choice to keeping running the social insurance fund. During the process of improving the fund enters into the capital market, unceasing innovations on the finance system and the social security system is necessary, then advancing the development and consummation of capital market can gradually form the aspect which the fund and the capital market interacts as double to win.(2)Social insurance fund in our country entering into the capital market adopts two kinds of patterns: to request fund management company indirectly invests and to request the organization of society managements directly invests. Since social insurance fund entered into the capital market, social insurance fund adopts many kinds of methods to participate the capital transaction, however, the overall scale of social insurance fund still small and is limited to influencing the market.(3)Social insurance fund in our country entering into the capital market have to facing some risks, mainly including: systematic risk on the market (including policy risk, legal risk, purchasing power risk and interest rate risk); the non- systematic risk and the multi-layer entrust agent risk and the fund management company's operation risk.(4)The reason of the risk origin to the immature growth of the capital market, chaotic management of the social insurance fund, the fund management company lacks the effective method to manage the risk, and the public supervising and managing system of the social insurance fund's investing is incomplete and so on. If society does not control the risk of the social insurance fund in our country entering into the capital market, the risk will bring many negative influences.(5)The main purpose of establishing the risk early warning system on social insurance fund entering into the capital market is to forecast the booming condition that the investing risk of the social insurance fund accumulates and moves towards the crisis unceasingly. In this dissertation, the early warning system consists of four subsystems, including of the risk early warning on macroscopic factor, the risk early warning on the company in the capital market, the risk early warning on the fund management company and the risk early warning system on social security management.(6)Keeping away from the risk of the social insurance fund in our country entering into the market is an complex system engineering, it should profit from the international experience and think about the actual situation of our country. Needs to point out, the measure to keep away from the risk of the social insurance fund in our country entering into the market must have the persistent effect, instead of pilling up a lot of emergency procedures.(7)At present, the social insurance fund in our country entering into the market mainly refers to the investment operation of the national society insurance fund. The national society insurance fund's policy significance on entering into the market is more than its economic function. The author believed that with the development of the market reform and the system reform on the social insurance, the main body of the social insurance fund entering into the market in our country will present the multiplex pattern2, policy operation(1)Standardizing the capital market, and enhancing the quality of company in the capital market.