The Research On Pension Fund Investment Of China

Pension is one of the cores of the social security system, which is directly related with social stability and economic development. Take the State Council document no. 26th in 1997 "The Decision About The Establishment of A Unified Basic Pension System for Enterprise Workers "as a symbol, China began the pension system reform for the combination of social pooling and individual accounts. However, the practice of pension reform faces great pressure: on one hand, the state did not clear how to resolve the history debts of the pension of the "old" and the "middle", making the community co-ordination is forced to embezzle the accumulated personal accounts funds for the pay-as-you-go of social pooling, resulting in personal accounts "empty account"; On the other hand, the inefficiency of pension fund investment aggravates the tense situation of pension payment. The years the development of foreign pension inspires us that reasonable investment can make our pension fund keep value and increment, and only reasonable investment enable us to share the fruits of economic development.In this paper, on the basis of pension fund theoretical framework and international comparisons, I make a demonstration towards China's pension fund investment options, investment income objectives and investment portfolio, and discuss the investment risks and regulatory issues on the pension funds. There are total 8 sections.Chapter 1, Introduction: A brief statement to the purpose and significance of the topic, the research results at home and abroad and the logical structure and lack of this paper.Chapter 2, Summaries of pension fund investment theories and concepts: pension fund financing mode, keep value & increment, investment principles, investment risks and investment regulations.Chapter 3, Case analysis of foreign pension fund investment operation: select three representative countries: private ownership & operation—Chile, private ownership & public operation—Singapore, and private & public combination—USA; analysis their pension systems, investment operations, investment risk control, investment supervision and the evaluation of each country.Chapter 4, Analysis of the three pillars of China's pension and the current situation; A detailed analysis of China's basic pension funds and the National Social Security Fund's investment operations; expound my own views on the "empty account" problem of China's pension.Chapter 5, Focus on how to keep value and increment for pension funds and through what kind of financial instruments and investment portfolio.Chapter 6, Analyze the investment risks of China's pension funds: three levels of China's pension fund investment risks: external environment risks, system risks and technology risks.Chapter 7, Analyze China's pension fund supervision, introduce the current trinity supervisory system, analyze the existing problems and put forward specific measures to the supervisory system.Chapter 8, Conclusion and suggestions, through the three levels : healthy pension law system, better capital market and specialized operation.