The Research Of The Asset Allocation Of The Stock Fund Of Social Guarantee Fund

As the most important strategic reserving in this country, the national social guarantee fund which is the fund centralized by the government has already got more attentions. However, it self may face a lot of problems, too, which among them, the priority is the issue about maintaining and adding the value of the fund. As fast as the progress of the aging in our country, the expenditure of the fund raised quickly that the financial allowance relied on government can barely meet the need of satisfying the social guarantee fund, if only the more efficient investment running towards the fund can pay the increasing need by gaining more profits. Nevertheless, the rate of inflation has been increased quickly these years, and the issue about maintaining and adding the value of the fund also grows quickly, so it is not possible to meet the need of the basic profit rate of the fund by merely the deposits in the bank which has lower risk and lower profits rate as well as the national debts investment. At this situation, if the fund can not make a comparatively higher profit , it must be harmful to the stability of the society as well as development of the society.So the fund must be invested in a wide channel, in order to make more profit. Now in China, the stock market has undoubtfully been a efficient way to increase the yield of investment. But when it provides more profit, it also bring the huge risk of the investment.Then that how to select the stock , and how to conrol the risk when increasing the yield is becoming more and more important .So this article take the group of 101 to 112 for the research objects, and it take the industry allocation, the BETA module , the PE, and the EPS for analyzing and comparing through the research method of analyzing numbers and structures. We can draw a conclusion from the results of the research that in the aspect of industry allocation, the group of 102,103 and 108 mainly take the basic industry as the investment objects such as manufactory industry and traffic and transportation industry which is more like the stable feature of the industry allocation while other groups take great interest in the hot industries which have more risks; Considering the Beta, group 101 is close to those stock that have the BETA more than 1 while group 102 is the opposite, at the same time, other combination have no interest to the Beta; Considering the PE, the group of 102,103 and 108 all take the stock which are lower to the average PE of industry as the investment objects while group110 and 107 have more interest in the stock with high PE, on the other hand, other group chose different PE according to the environment of the market; As to the EPS, all the groups are interested in the stock with more EPS and more profits.This article concludes the configure charactor of the stock through the analysing and comparing the configure character of the social security fund stock. It also link the order of the social security fund operation, bringing forward some suggestion and ideas. Due to research of the social security fund operation by now is mainly restricted to the way that enhancing the profits only by increasing the investing ways. Whereas the amount of the research of the configure charactor of the social security fund is less. So deal with the investing operation of social security fund this is sometimes use for reference.