China Pension Fund Investment Operational Issues Discussed

Since 1980s, because of the eternal factors such as the aging population and the slowing pace of economic growth and the internal factors such as mode choice and institutional design of pension system, the traditional pension system named pay-as-you–go faced crisis. Countries in the world have reformed their pension systems, funded pension system was introduced. The pension fund was invested into capital market. The pension fund investment practices in the world accumulated much successful experience and failing lessons.Because of the aging population, the pension income in the pay-as-you-go system could satisfy expenditure. China has begun to reform its pension system since 1990s.In the new pension system, only the pension fund be invested to achieve certain return yield that the pension system would be sustainable .The lag of the capital market restricted the pension fund enlarging its investment channel and achieving high return .To establish and perfect a pension system ,which is up to the real situation of one country is one of the key issues most countries focus on. Our pension system has taken shape after a couple of main changes.Therefore, the author thinks that national conditions conforms to international tidal current in homeland suitable on the current situation basis, carry out a little new trial and is innovative, the pattern designing that rational fund investment is in motion and does business , the implement choosing feasible investment, improve our country endowment insurance fund investment achievement effect.Starting with the mutual relationship between pension funds and capital market, this article discuss the workability and necessity of marketed operation. Secondly after introducing successful experience of USA, Chile and Singapore pension system, it gets useful advice , Finally, it suggests detailed tactics , that is to say, it designs reasonable fund operation style, picks up workable investment instrument, and arranges suitable investment structure, according to the request of security, liquidity and profitability. Based on the analysis of the previous chapters, this article put forward policy proposals of four aspects to enhance Chinese pension fund investment performance. In view of the fact that the present old-age insurance fund's investment channel is narrow, the sole investment method causes the old-age insurance fund simply not to have the circumvention interest risk and inflation risk ability this prominent question, the present paper take this as the innovation spot, the breakthrough point. Using modern managing finances study, the finance study viewpoint as well as the property right theory and the company govern the theory, proposed that suits our country national condition the old-age insurance fund investment operation concrete strategy. From strengthening capital market system construction, perfect capital market system; The marketability, changes into the goal to establish the new old-age insurance fund investment management pattern privately operated; Establishment and old-age insurance fund investment operation marketability necessary supervision system; The construction old-age insurance fund investment operation risk management system and so on four aspects proposed that enhances our country old-age insurance fund investment achievements the concrete policy suggestion.