Research On Portfolio Sstrategy Of Pension Fund

With the aging of the global population intensified,China’s lack of old basic conditions of the old China’s current pension system and financial structure is facing a huge impact.The low investment income,narrow investment channels,these two aspects of the problem,for a long time in China’s basic pension insurance fund investment operations exist.The rate of return on basic pension is long-term in the low yield state,or even negative,the basic pension insurance fund income can not catch up with the growth rate of inflation,the most basic hedging objectives can not be achieved,let alone value-added goals.Therefore,how to further improve the pension fund’s ability to pay through the financial reform of related financial measures,financial policies and financial system,and fundamentally promote the value-added of basic pension assets so as to realize the goal of increasing pension value,Which for China’s financial industry and pension industry has a very important practical significance.This paper analyzes the investment and operation of the basic old-age insurance fund in China under the background of the financial policy of the pension fund market,based on the objective conditions and the realistic environment of the old-age pension system.Through the analysis of the status quo found that,on the one hand,the serious depreciation of basic pension,fund balance of payments and fund gap and other issues,seriously restricting China’s basic pension insurance fund value-added development,on the other hand,the basic pension insurance fund The implementation of the national co-ordination process hindered,including differences in economic development in different regions and urban and rural differences and so on.In the regulatory aspect,China’s pension management supervision status is not optimistic.Based on the successful experience of social security fund,from the feasibility and necessity of diversified investment,it is found that diversified investment is applicable to the operation strategy of basic old-age insurance fund in our country.And use the modern investment portfolio theory to SPSS software as a tool to select the stock,government bonds,and bank deposits three investment tools,select the relevant indicators from 2005 to 2015,respectively,to CPI for the preservation of the optimal investment portfolio Proportion,and the social security fund for the value-added target under the optimal portfolio ratio.The optimal investment ratio is 90.23% of the bond investment ratio,3.51% of the stock investment ratio and 6.26% of the bank deposit.The proportion of investment in the annualized rate of return of social security fund is the optimal investment proportion corresponding to the value of the social security fund.Respectively,the bond investment ratio of 32.03%,stock investment ratio 37.50%,bank deposit investment ratio of 30.47%.According to the results of empirical analysis and the analysis of the status quo,the paper puts forward relevant policy suggestions for the investment and operation of the basic old-age insurance fund in China,from the aspects of perfecting the innovation of market and investment operation strategy and supervision.