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

As the substantial guarantee of enterprise pension plan,the performance of pension fund attracts all the attentions of the government,employers and employees.With the government's efforts,the operation of enterprise pension is getting on the marketable way.Since 2004,a series of related laws,including the permission that enterprise pension fund can invest in capital market especially in equity market was issued.As the area that enterprise pension fund can invest in is expanding,the risk it exposed to is rising.The investment risk management is playing an increasingly important role today.So this thesis's subject is the investment risk management of enterprise pension fund based on the analysis of the particular socio-economic environment of People's Republic of China.At the beginning,this thesis explains the feature of enterprise pension fund and the necessity of its investment risk management.And then,in the light of common process of risk management,the risk is identified based on its origin,the risk measurement is discussed and the usefulness of the risk management strategies are analysed.At last,this thesis attempt to give some ideas on how to establish investment risk management system of PRC's enterprise pension fund,including the risk-alarming system,the internal governance system,the risk-compensation system and the external regulation system.The main contribution of this thesis shows in three parts:1.The investment risk is analysed systematically based on the feature of enterprise pension fund's operation in PRC.2.The systematic risks enterprise pension fund exposed to are analysed particularly in the case of the current transition of financial market in PRC.3.Some suggestions are made on the establishment of the investment management system of enterprise pension fund in PRC.