Research On The Social Security Fund Investment Risk Control And Supervision Based On Accounting Perspective

The social security fund is the key of the social security system. And, the social security fund as a long-term strategic reserve fund, not only has a huge amount but also accumulation and pay has the synchronization feature. Therefore, the social security fund investment operation and supervision are effective, is not only related to the immediate interests of the people, but also related to the whole society and the economy will run smoothly. Therefore, how to run effectively the social security fund investment, realize its value-added goal; How to control effectively the social security fund investment risk, and how to strengthen the investment regulatory especially accounting supervision, has been an important subject.At present, our country social security funds investment has lots of problems, such as investment system is not perfect, the investment channels and structure is narrow, the investment income is low, the investment regulation is slack and the social security fund cases occurred frequently, not only challenging the value-added goal, but also shows that our country social security fund investment operation and supervision exist many problems and loopholes, which are necessary to study the social security fund investment risk control and supervision. In addition, the previous literature based on accounting perspective to study the social security fund investment risk control and supervision is not much, and have theoretical research can’t keep up with the pace of development practice, it is not only provides research space for this paper, also makes this paper studies has more theoretical and practical significance.This paper studies the social security fund actually is mainly refers to "the national social security fund", commonly known as the social security fund can into the stock market. Due to the special properties of the fund, it is not open to the individual investors, the basic principle of the social security fund investment operation is achieving the goal of value-added on the premise of safety and liquidity.The basic idea of this paper studies:At first, from the basic theory of the social security fund investment risk control and the accounting supervision, leads to the existing problems of the social security fund investment risk control and supervision, and then using comparative inductive analysis method to research the foreign social security fund investment risk control and supervision, and draw the important enlightenment to our country. In order to further research how to strengthen the social security fund investment risk control, based on the CAPM model empirical study and case analysis, the paper study from two aspects of the social security fund investment scheme design and investment regulatory mechanism construction respectively, and draws the research conclusion. On this basis, put forward the improvement measures of strengthening the social security fund investment risk control and supervision.The main content of this paper is divided into seven parts, and the concrete structure and content as follows:Chapter one:Introduction. At first, this chapter introduces the present situation of our country social security fund investment risk control and supervision, and then to draw out the research background of this paper, which shows the research significance. On this basis, this paper constructed what the basic framework, and then to describe the research method in this paper, finally to summarize the innovation of this paper, and clear the theoretical and practical significance of this paper.Chapter two:Literature review. At first, this paper review and comment the current research status of the social security fund investment operation and supervision from two aspects of domestic and foreign respectively, and analyzes the theory research differences of domestic and international social security fund investment risk control and supervision, so as to find the shortages in the theory of the current social security funds investment regulation especially accounting supervision, it provides a theoretical space to further study.Chapter three: The basic theory analysis of the social security fund investment risk control and supervision. At first, the connotation of the social security funds and research scope is defined in this chapter, the paper expounded the social security fund category is mainly refers to the national social security fund. Secondly, this chapter summarizes the basic theory of the investment risk control and the investment regulatory respectively, and on this basis, the paper describes the necessity of strengthening the social security funds investment risk control and supervision. Finally, this chapter analyzes the risk types and investment regulatory model of the social security fund, so as to do theories preparation for the further study.Chapter four:The present situation of the social security fund investment risk control and supervision. To more in-depth research the content, so firstly understand the present situation of the social security fund investment risk control and supervision, which is the only way to clear the problems and insufficiency of the social security funds in the investment risk control and investment regulation especially accounting supervision, thus to provide the basis for further research. Therefore, this chapter study firstly the current situation of our country social security fund investment, and analysis separately from the social security fund investment in scope, the way, regulatory model, distribution and profit condition. On this basis, the paper analyses the three main risk of our country social security fund investment, which is entering the market investment risk, overseas investment risk and principal-agent risk, and then to point out the direction of the social security fund investment risk control. Finally, this chapter explains the present situation of our country social security fund investment regulatory, and analyzes its disadvantages, thus revealing the important problems of the social security funds investment regulatory especially accounting supervision, so as to facilitate the further research of the paper.Chapter five:The experience and enlightenment of foreign social security fund investment risk control and supervision. This chapter in line with "foreign things serve" principle, the paper firstly introduces international three major mode of the social security fund investment operation, respectively is Europe and America mode, Singapore mode and Latin America mode, and the most representative respectively by the three countries that the United States of America, Singapore and Chile, for example. Secondly, in summary based on the successful experience of other countries, combining with the actual situation in our country, it is concluded that the important enlightenment of strengthening our country social security fund investment risk control and supervision.Chapter six:The empirical analysis of the social security fund investment risk control and supervision. This chapter is mainly from two parts of the social security fund investment risk control for empirical research respectively. Part of it is based on the CAPM model of social security funds investment combination for empirical research. That is, through selecting investment tools, and CAPM model calculated, draws the conclusion of perfecting combination investment is an effective kind of way to control the risk of investment. Another part is combined with the study of Shanghai social security fund investment regulatory reforms case. This part of this chapter firstly introduces the case of Shanghai social security, and then reveals that the investment regulatory system malpractice of the social security fund. On the basis, thus introducing Shanghai social security funds investment regulatory reform, and summarizes the achievements of this reform, eventually got to strengthen social security funds investment regulation especially accounting supervision is the another important way to control the social security fund investment risk effectively.Chapter seven:Research conclusion and policy advice. At first, the chapter summarizes the research conclusion of this paper, and based on this pertinently put forward the policy advice of strengthening our country social security fund investment risk control and supervision.The main contribution of this paper:First of all, this paper is based on accounting perspective to study the social security fund investment risk control and supervision, so focusing more on accounting supervision to study the investment regulation, and when referencing foreign successful experience, also focus on accounting perspective to summarize, which make up for the limitations of accounting regulatory study compared with the previous literature to a certain extent.Secondly, in the study of the problem for the social security fund investment risk control and supervision, this paper take combination way of the normative research methods and empirical research methods, and study from two aspects of the social security fund investment scheme design and investment regulatory mechanism construction respectively. Among, the research part of empirical analysis for our country’s social security fund investment risk control and supervision, on the one hand, this paper through the empirical research of CAPM model, draws the conclusion of perfecting combination investment to control effectively the social security fund investment risk; On the other hand, according to the case analysis of Shanghai social security fund investment regulatory reforms, the paper describes investment regulation is key control of the social security funds investment risks. So compared with the previous literature focusing on the normative research methods, this paper studies not only has forward-looking theoretically, but also provides a lot of reference value to strengthen the social security funds investment regulation especially accounting supervision practice. At the same time, it is also possible to make sure of this study more comprehensive and objectivity.