Study On Capital Market Operation Of Social Insurance Funds

This thesis focuses on problems of the investment of Chinese Social Security Funds. With the transform from pay as you go to fund pooling of the funds raising system, the funds scale has been larger and larger rapidly. How to guarantee or increase the value of the social security funds, that's a significant question. And the funds investment is a necessary means.The thesis analyzes the characteristics of the social security funds. By according, it studies various restrictive elements of investment, including risky, principles an appropriate means. And more deeply, it analyzes investing strategies, including decision, portfolio and management.The thesis elaborates on the current Situation of the investment of Chinese Social Security Funds. And it indicates three questions. First, the social security funds scale has been larger and larger, but the channels to absorbing funds are not enough. Second, the investing means has been more serious, but the rate of return on investment is too low because of the incomplete capital market. Finally, the investment rights have been delegated to a lower level, but the management system is too lagging to administrating successfully.The thesis introduces many countries, such as the welfare states in Europe, America, Japan and Chile, which the means of the investment.Finally, the thesis brings out several advices according to the questions in the investment of Chinese Social Security Funds. The channels of absorbing funds should be widened continually in order to offer substance base. The social security funds should carefully enter the capital market. The capital market should be developed actively in order to provide a favorable external environment for social security funds. The management system of social security funds should be optimized.