The Research On Pension Fund Investment Of China

Pension is the core of the social security system, which is directly related with social stability and economic development. With the aging the population development in Chinese population age structure, it brings great challenges to social security system. There is growing concern about how to keep value and increment effectively for pension fund. Nowadays quite a few domestic scholars propose to imitate the foreign fund management experience, to multiple investments for Chinese pension fund. At present, how to solve the guarantee payment, personal accounts "empty account" which exit in China, the key is making effective investment.In this paper, on the basis of pension fund theoretical framework and Chile, Singapore and United States successful experience, we get a notice which is benefit to our pension fund investment. Finally we address specific strategies for investment and operation current situation of Chinese pension fund, in accordance with safety, liquidity, profitability and social principle requirements for pension fund, firstly design reasonable way of fund investment and Operation, secondly choose feasibility investment tools, finally arrange suitable investment construction. There are four sections.Chapter One, Introduction:A brief statement to the reason and significance of this topic, topic research contents and methods and a brief description of the involved relevant concepts. Chapter Two, Introduction of results for research of pension fund investment at home and abroad. Chapter Three, Brief summaries of Chinese social pension fund investment, analysis pension fund investment principle and regulation, financing mode, present "markowitz mean-variance model" and "capital asset pricing model" related theory. Chapter Four, Case analysis of foreign pension fund investment operation:select three representative countries:private ownership& public operation-Singapore, private ownership& operation-Chile, and private& public combination-USA. Discuss reference significance for mature pension fund investment experience of these three countries separately. Chapter Five, Analysis specific strategies for investment and Operation current situation of Chinese pension fund, this is the main part of paper. Discuss Chinese pension fund scale, investment current situation, evaluation of actuality, the feasibility and necessity of pension fund investment. Focus on how to keep value and increment for pension funds and through what kind of financial instruments and investment portfolio.