The Study On The Control Of Operational Investment Risk Of The Chinese Basic Pension Fund With Comparative Perspective

With the retirement of "Chinese baby boom generation",problems of pension such as low interest rate,limited production efficiency and less yields appear.Chinese pension faces unprecedented crisises in both financial and political conception aspects.On one hand,the increases in life expectancy and the decrease in birth rate lead to the growth of aged people rate;on the other hand,it is difficult to preserve or increase the pension value.The trend of pension investment in market is irreversible due to the problem left over by history like empty account.As the first pillar,basic endowment insurance which is funded by the government is the core of Chinese pension,so its issuance should not be reduced.In the process of deeper combination with finical market,risk control within the investment of basic endowment insurance is the key and core link to assure the successful implementation of social security system.Apart from paying attention to improve earnings during investment,investment security of basic endowment insurance should be thought highly of.The main research of this paper is investment risk control of Chinese basic endowment insurance.Risk preference is the logical starting point of risk control,because decision making is directly influenced by risk preference.So this paper starts from risk preference of fund trustors of basic endowment insurance,enterprise annuity and labor insurance annuity,compares the different decision making of those trustors,and quantitatively evaluates risk control results of the three pensions.Finally,on the basis of empirical study,through recognizng different investment risks and comparing and evaluting investment risk control mechanism,this paper raises how to consult the risk control mechanism of Chinese basic endowment insurance in helping investment risk manager to accurately recognize,evalute and prevent risk.