Research On The Individual Account Fund Investment Of Pension Insurance In China

Presently, the proportion of 60 years old people in our country is already surpassing 11% above the total population. It means the age structure of the population enters the old age stage. Our country is occupying the economical switch and the social reforming time. The retired increases year by year, social security and old age service relative is lagging, many families withstand with this difficulty. The pension insurance system proposed the most stern challenge to China, but simultaneously also impels us to seek newly cares for the aged the way. The prompt establishment cares for the aged the safeguard system, strengthens to the pension insurance individual account fund investment management, which has the extremely important time significance.This article divides into six major parts, each part of main synopsis as follows: The first part is the theoretical analysis part. First, summary the pension insurance rationale, then introduced the neoclassicism economic theory, which involves neoclassic expense theory in research pension insurance individual account fund aspect. Franco Modigliani proposed Life Cycle Hypothesis of Saving in the 1950s. Diamond and Samuelson establish Over-Lapping Generation Model and so on. Second, explains our country pension insurance individual account fund investment on the present. Introduced how our country scholars do carry on the exploration in the question of inflation proofing and appreciation of the pension insurance individual account fund. Finally, explanation the concept of pension insurance system, pension insurance individual account, and pension insurance individual account fund management.The second part is the part of anglicizing background. Reviewing founding of the nation our country pension insurance system's historical evolution, and summarized the pension insurance system's three chief features. the respectively is: To implement the society to plan with individual account unifies; The social overall plan and individual account unify system, however is the fund raising pattern which essentially the part accumulates; put in the secure principle the first place which is "the security, the ratability, the fluidity"in the three principles of pension insurance fund management.The third part is the present situation with the individual account fund management of pension insurance in our country. At present, what our country individual account fund management of pension insurance implements is the government management pattern, the social security manages the organization to undertake the individual account fund management responsibility completely. However, the existing management system has restricted individual account fund operation largely.The fourth part briefed the overseas individual account fund management of pension insurance. At present, there are two kinds of pattern of public pension management on the international, one is the centralized management pattern, and the representative has Singapore, Denmark. Another is disperses management pattern, the representative of the country is Chile, Argentina. First, this article carries on the analysis to these two kinds of management pattern, through the research various countries and funds the best investment operation, which is worthy of profiting from. 1. The security puts in the first place; 2. The cardinal principle is the fluidity of the pension insurance fund investment; Expands the channel of invests is the individual account fund investment of pension insurance which realizes the means of security, the ratability, the fluid.The fifth part carries on the analysis to the individual account fund investment of pension insurance. The superannuation fund enters the capital market, not only has certain significance to the pension insurance system and the social security system reform, moreover to solves in our country economical switch process the difficult question also to have the positive sense. However, our country's capital market development time is short; many aspects are not standard, which are restricting the individual account fund operation of pension insurance. Therefore, the author proposed in the part that must consummate the policy of the pension insurance fund investment operation, the regular system and the supervision system obtains target-oriented establishment effective risk restraint system and legal framework. Based on the above five parts of elaboration, in the article the last part the pattern, which should choose individual account fund of pension insurance in China, has carried on the proof. We draw the following conclusion through the analysis: I thought the individual account fund in China should adopt the centralized management pattern. First, it is easier to establish the centralized management pattern than the disperser management pattern, and the management pattern may transform to the centralized management pattern transition at present, which does not involve pays expenses the person, only with government department related. Next, the centralized management pattern is better than the disperser management pattern, which cost is low, and the risk that undertakes the investment is small. In the choice to the management, I suggested that the individual account fund investment operation of the pension insurance is in charge of the National council for social security fund, P.R.C.. In addition, we should strengthen custody and keep risk away during the pension insurance investment.