The Research On The Collaborative Development Between Pension Funds And Capital Market

With the deepening reform of pension system and hidden reform costs gradually be innovated, the government’s fiscal payment pressure is increasing, coupled with China’s aging population which is far more than the world average rate, aggravated the pension funds’ demand for the value, pressing for the pension funds crossing the money market level, entering the capital market. At the same time, the development of capital market in China also need such a large endowment insurance fund as a rational institutional investors, the interaction of both will be a win-win process if development is reasonable.Based on the existing research and the current China’s pension reform, this paper comprehensively analyzes the necessity and feasibility of the coordinated development between capital market and the pension funds.From the perspective of theory analysis, the security properties、the value-added property of pension funds and the deepening development of the capital markets require pension funds and capital market’s development hand in hand, and the market’s effective operation and external macro environment provide effective guarantee for the coordinated development of both.Visible, the mutual promotion effect of pension funds and the capital market is imperative, In theory, pension funds in the market can stabilize the capital market, reduce the volatility of the market, and then optimize the market organizations, further promote the innovation of the market.And the"high yield" characteristics of capital market can directly increase the yield of pension funds, also can through the development of the real economy to drive the growth of the base of pension funds.In addition, the competition force of capital market make pension funds optimize its own management pattern, standard operation of the funds.According the existence of the interaction in theory, this paper empirical analysis of China’s market, studies the collaborative development of the pension fund and the capital market is still in an immature stage, because there is a series of problems in our current capital market, such as poor quality of listed companies, the poor quality of information disclosure,non-standardized development agencies, resource allocation can not be achieved,restricting the healthy development of capital markets; therefore,there is a lack of regulation, poor investment risk resistance, narrow investment channels, low investment income rate and other issues in pension funds market,these seriously affecting the sustainability development of pension funds. Overall, the process of mutual promoting development of pension funds and capital market in China still very far, needs to be further improved.Combined with the United States, Chile, Singapore and other countries successful interactive experience, in order to guide the capital market and the pension funds’benign interactionin China, firstly,we should perfecting the system of pension reform, thoroughly implement the strategy of sustainable development of the reform, optimizing the capital market, promote the efficiency of operations of capital market; Secondly, from the point of view of the government, we should be adopted a proactive fiscal policy and professional talent training to support the market’s healthy development; Finally, we should accelerate the innovation of the market, provide the inexhaustible power flow for the market’s development of the market.