A Research On Investment Portfolio Of National Pension Security Fund

The investing operation of the pension insurance fund is important to maintain and increase the value of the pension insurance, and an effective investment operation of it is the basic ensuring factor that leads to the sustainable development of China's pension system. The pension insurance fund's investment operation system need to be re-located and China are facing this challenge currently. China's investment of the pension insurance fund is now operated in a narrower coverage according to the imperfection capital market that contains significant investment risk. Otherwise, the investing operation of pension insurance funds issues have not really been integrated into the legal track so long as a variety of conditions and constraints are still exist. So the process of full access to the stock market of pension insurance funds can not be done overnight, but should be a gradual and slow process. of their The pension insurance systems of the major developed countries can not be exactly the same according to the different aspects of their traditions, culture, institution and so on.In the study of the pension insurance fund's investment operations, the thesis noted that the basic pension insurance funds, corporate annuities and the National Social Security Fund are different many aspects of their nature, so they should have different of its investment modes when operate. The thesis made analysis of the investment portfolio of China's pension insurance funds by using the Capital Asset Pricing Model. By calculating the investment risk and the level of returns, the thesis came to some important conclusions, which make it necessary for the investment portfolio of China's pension insurance funds to be optimized and upgraded. By fully studying of the pension insurance fund investing system of the corresponding countries, through fully learning from international experience of them, this thesis made deep analyses and raised some suggestions and policy recommendations to optimize our pension insurance fund's investing system.To improve and optimize the investment operation model of China's pension insurance funds, there are some important ways. Firstly, it is necessary to select a scientific model of pension insurance funds'investment management, that leads to the establishment of a public-private management system and reasonably in the overall level of pension insurance funds and to optimize the investment management structure. Secondly, we should operate these funds in line with principles of safety, profitability, liquidity and sociality. Thirdly, we should chose the scientific investment portfolio with right investment strategies. Fourth, it is necessary for China to establish and optimize the corresponding supervision system and a sound legal system.