Analysis And Controlling On Investment Risk Of National Social Security Fund In Capital Market

Under the pressure of maintaining and increasing the value, National Social Security Fund is now broadening the investment channels that access to capital markets for investment. In the investment process, social security funds that invested in the capital market faces a variety of risks, and its investment principle is to pursue the receipts goals only in the guarantee of fund's safety. So it's very urgent and profound to analyze and control the risks of the social security fund's entrance to capital market.From the point of view of investment managers, this paper firstly analyzed the various risks that social security funds likely to be encountered in the investment process, and introduced measures of risk, and than tried to build the risk control mechanism of fund investing in market from four levels. Finally the writer made an empirical analysis by illustrating the status of the China's social security funds entering to capital market to promote the healthy development of investment.This paper made full use of management science, economics, finance, mathematics, and stressed the use of theoretical analysis with empirical analysis and quantitative with qualitative to analyze the Investment Risk of the National Social Security Fund.From the risk control mechanisms level of social security fund investing on the market, this paper construct the risk constraint mechanism, spreading mechanisms, risk supervising mechanism, risk protection mechanisms and supply a broader thinking of the non-quantifiable risks control. In addition, risking measures of social security funds investment by VαR model, making an optimal portfolio of the social security fund investment by CVαR model, and doing the empirical analysis, provide referenced data for the quantitative risk management.