The Research On The Investment Portfolio Of National Social Security Fund

At present, China is carrying out the socialist modernization construction, thebuilding of a harmonious society and practice the scientific outlook on development arethe two important directed thoughts of society. The development of a harmonioussociety and social security undertakings are inseparable, at the same time, thedevelopment of the social security system directly affect China’s economic development,social safety and stability. Therefore, the establishment of a sound social security systemand the long-term social security fund investment income mechanism, strengthen thefinancial market risk management, improve the coordination of social security fundsand the financial market is the inevitable requirement of the development of socialsecurity, are of positive significance to improve the living standards of the people andbuild a harmonious society.With the development of economy, people’s living standards continue to improve,the pension payment level also gradually improve. But in the face of China’s hugepopulation base and the increasing aging population, the social security fund is facingenormous pressure to preserve and increase the value. In order to realize the goal, thesocial security funds must be invested to the financial markets to obtain investmentincome and expand the size of the social security fund. At present, the social securityfund has selected the various financial tools, aiming at the risk-income ratio of differentfinancial instruments, set the proportion limit, and forming a certain rule of theinvestment portfolio. But with the fluctuation of macroeconomic and financial market,various financial instruments returns showed a certain degree of volatility, so theinvestment portfolio has to make some appropriate adjustments, in order to adapt toexternal changes, and to maintain a better investment yields.In this paper, based on the current social security fund investment, indicating thepresence of the social security fund investment, analyzing the causes of the problems,and introduce the investment modes used by countries with different social securitymodels, by the inductive method and the empirical analysis, finally puts forward thefuture social security fund investment portfolio, to provide a reference for the socialsecurity fund investment. The detailed structure is as follows.Chapter1is introduction. Mainly explain the purpose and significance of this topic,introduce the domestic and foreign research status, as well as the concrete structure andresearch methods, and point out the inadequacies of the paper and the innovation point. Chapter2is the theory part. Firstly, the national social security fund relatedconcepts are introduced, and then elaborate the necessity and principles of socialsecurity fund investment, finally introduce the related theories of social security fundmanagement, operation and supervision.Chapter3is current situation and analysis of social security fund investment.Firstly, the existing social security fund investment scope and proportion are introduced,and introduce the operation and management of social security fund, explain socialsecurity fund investment income, then construct the social security fund investmentmodel, calculate the income and standard deviation of various portfolios, the risk andreturn of different portfolios can be analyzed more clearly through the empiricalanalysis.Chapter4is analysis of the causes of social security fund investment problems.Mainly explain from four aspects, the loopholes of Chinese social security legal system,the problems of social security fund investment mechanism, Chinese financial marketstarts late and develops slowly, and either the Chinese economy or the global economycan not avoid the economic cycle, then expound the influence of above four reasonsover the social security fund investment.Chapter5is social security fund investment experience. Introduce differentinvestment modes of the social insurance, welfare state and compulsory savings, andput forward investment methods that can be used for reference in the process of the fundinvestment.Chapter6is the social security fund portfolio selection. Through the descriptionand analysis of above five chapters, put forward investment tools and investmentproportion which can be used, through the comparison of risk and return of differentinvestment portfolio, determine the portfolio that we use.