The Research Of Investment And Management Operation For Pension Funds In Individual Account Of Basic Old-age Pension

With the tendency of aging society, it is necessary to operate a real individual account in the Basic Old Age insurance. The real individual account is the most important part of social security. Because living condition of employees who are retired directly depends on the ability of investment, enhancing management and operation of individual fund is key process.China currently take stringent measures to limit the investment of the individual account fund. Investment is limited to treasury bonds and bank deposits, such stringent mandatory measures limit the investment scope and ignore its profitability while protect the security of old-age insurance funds. The actual effect of the investment is not satisfactory. The actual rate of return of Individual account fund was even negative after removing the inflation rate in some years. In this case, the funds do not even against inflation, and can not expect the value-added.Individual account fund must break through the old strict restrictions on investment, learn from other countries, and invest into the stock market besides government bonds and bank deposits, it is necessary to find an effective investment to deal with the "wave of silver-hair" .The investment of Individual Account Fund does not only involve the operation of the investment strategy, the scope of investment, and risk control, the management of Individual Account Fund also affects the operation of the investment. It is important to learn from the experience and management from foreign success management mode. Through comparative analysis, combine with China's actual conditions, this article summed up the management can be useful for China.The major of this research follow the principle of fully consider not only pure theory but also practice, either qualitative or quantitative. On the whole framework in research and analysis of investment operation in Individual Account Fund, this article separate research on three stages which are ex-ante, interim, ex-post in pension of investment process. Asset allocation is the most important issue in ex-ante. The return of pension depends on asset allocation. Market risk and is the major factor in interim. Investment performance assessment is the key issue in ex-post, it consider risk adjust performance indicator, attribution, etc.The main innovation reflected in this article include: analyzing the existing investment strategy and management of the Individual Account Fund and find that the investment operation is not enough to make the Individual Account Fund to achieve a fiscal balance, it is necessary to improve the traditional investment scope and management, then use the model with a combination of the entropy theory and CAPM to analyze the asset allocation of Individual Account Fund, and use the method of dynamic portfolio insurance strategy for the empirical analysis. In the capital markets the investment of Individual Account Fund should use different strategies at different times; Refer to the Individual Account Fund risk management, the Investment Management of Individual Account Fund may face variety of risks ,this article use different means to deal with these different risks ,in particular for the market Risk management the article refers to the financial derivatives options; in the Individual Account Fund investment performance evaluation, the article recommends a comprehensive performance evaluation mechanism and index system for aspects of quantitative and qualitative which comprehensively interpret Individual Account Fund performance evaluation. Introducing the Brinson attributed measure to evaluate the performance of Individual Account Fund.According to the final conclusion of the study: it is first thing to establish and improve Chinese investment environment for Individual Account Fund. The work should start with building a system to monitor operation and other aspects of the institutions involve Individual Account Fund, improving the ability of investment and management by building income security system and expand the scope of investment.