The Research On Pension Fund Investment Running And Investment Superise

At present, the pension fund system of the countries all over the world are facing the impact of aging population in various degrees. In order to counterwork the pension payment risk that already exists or will gestates, some countries starts from establishing fund accumulation system for individuals and corresponding market -oriented investment system ,followed by introducing a new fund-raising mechanism and fund operation mechanism, thus coordinating the insurance system reform with the reform of banking system, fostering the capital market closely. These measures have won initial success.Because of the aging population, the Chinese pension income in the pay-as- you -go system could not satisfy the pension expenditure. China has begun to reform its pension fund system since 1990s. In the new pension system, the period for accumulation becomes longer and the scale of pension fund expands continuously. But the pension fund income in don't meet demands of payment in future. now there are some main questions in pension fund running. They are funds financing disordered, investment running inefficient, low capability of capital market, supervision is weak and so on. All of these questions badly influence the pension fund value preserving and increasing, which make the payment speed of pension fund higher than capturing and running it. Therefore, it is very significant to study pension fund investment running in the capital market on matter in the theory and practice.This dissertation consists of seven chapters. Chapter 1 is an introduction. It mainly introduces the study's background, latest research situation, object, content, structure, intention. The chapter 2 mainly summarizes the pension fund investment running. First it defines the pension fund .In this dissertation, the pension fund includes basic pension fund and national social security fund. Then starts from the running process of the whole pension fund, summarizes that investment running is the emphasis part in running process. It is also the key issue which is studied in this dissertation. This part also designs the frame about pension fund investment, in this frame, the structure of fund firm and social security department are the foundation to ensure pension fund's security. Base on this ensure, pension fund can chooses its investment style, investment tools and how to compound these tools, it is to say ,how to decide these tools'proportion. Besides, It is necessary to strengthen supervising to investment. All these factors ensure the pension fund's investment safely. All these will be studied in chapter 3, chapter 4and chapter 5. Chapter 3 studies Chinese pension investment practice from three aspects. The first part analyses its investment running style, the second is investment instruments and the last one is arranges suitable investment structure. Chapter 4 studies the content of investment running practice. Secondly, design the reasonable fund operation style, picks up workable investment instrument, and arranges suitable investment structure, according to the request of security, liquidity and profitability. Based on the analysis of the previous chapters, chapter 5 analyzes the disfigurement in investment running, then puts forward the policy proposals from tow aspects to enhance Chinese pension fund investment performance. Making use of the frame of reference of the previous chapters, chapter 6 analyzes the case of shanghai pension fund investment running. Chapter 7 illuminates the conclusion, indicates the disadvantage in the study, finally, shows clearly the expectation in the future.The innovations of this dissertation include summarizing the form's structure to safeguard pension fund based on the theory of institutional vicissitude and putting forward the new investment tool.