The Research On The Legal Issues Of Pension Funds Investment Regulation

China’s new endowment insurance system has been established since1995,with the rapid development of China ’s economy, the amount of the accumulatedsavings in the account of individual has become very huge.But because lackingappropriate regulatory mechanisms on investment, it has become a restriction for ourpension fund to enter the capital market. At present, part of China’s social securityfund in addition to operate independently, the Social Security Board have carefullyselected18financial institutions on behalf of investment operations, the amount offunds up to41%.Practice has proved that this mode of operation is successful with theproceeds up to7%, not only achieve its appreciation but also pass the level ofinflation at the same period. Under the background of National Social InsuranceFund’s high income, provincial pension accounts also present the trend of investmentin capital markets, Guangdong pension pioneered the first "test the water" step toenter the capital market, and achieved a yield of6%.Therefore, under the trend of thefuture pension personal accounts entering the capital markets, which regulatory modelour institutional will take is very well worth exploring in depth.This paper compares the international pension fund supervision system andmode, Combined with different examples of foreign regulators to analysis andsummarize, trying to sum up investment regulation law for China’s pension fund.Meanwhile, to explore and research the field of our pension funds in corporate governance as institutional investors, proposing that pension can try to prevent theactive risk instead of avoiding the negative risk, making our country better use of thismechanism. In this paper, in addition to the introduction and epilogue, the total isdivided into four parts.The first chapter puts forward the problem. The problems of pension fundinvestment problem putting in front of China explain the crisis and future trends ofour pension funds in this moment. Analysis the controversy of Chinese pensioninsurance fund’s entering capital market and reveal the management problem ofpension fund investment in China from the paradox between the current situation andfuture trends.Chapter II provides an overview of investment and regulation of pension fund.The basic question of China’s pension fund investments including fund composition,mode of raising money, investment, regulatory and so on, and combined with thepresent legal regulatory system in China, it analyzes the limitations of the pensionfund regulatory system.The third chapter analyzes the regulatory system of pension insurance fund inforeign countries. The mode of regulation includes the prudent man rule andquantitative restrictions rule. The investment supervision system include the directgovernment control, indirect government control, complete market type. At the sametime, select three pension fund investment case(the Chile pension fund, the SingaporeCentral Provident Fund and the America pension fund), and analyze the mode ofraising money, the supervision system and supervision mode in each case. Finally, thenew trend of the endowment insurance funds to participate in corporate governanceare discussed.The fourth chapter is the thinking of perfecting the corresponding supervisionsystem of China’s endowment insurance fund investment. Starting from the choice ofthe relevant system of our country, analysis on how to improve the investment andsupervision system of Chinese endowment insurance fund And how to participate inthe company governance as pension fund.Finally, the conclusion sort out opinions of the full text, and draw the refining conclusions.