The Research On The Investment Portfolio Of National Social Security Fund

With the rapid aging of our population,and the gradual miniaturization of modern families,individual residents and governments are facing enormous pension pressure in China,so the ability to pay pensions has been questioned.In order to cope with the rising social security pressure and alleviate the funding gap,the National Social Security Fund was approved by the State Council in August 2000,and the strategic reserve fund of the social security fund was established,and the National Social Security Fund Council was set up as the same time.National Social Security Fund as a future pension gap when the supplement and swap funds,security is particularly important,so its investment risk and investment income is also of concern.In order to improve the investment income of the National Social Security Fund and reduce the investment risk,the main research direction of the article is how to optimize the investment structure of the National Social Security Fund.How to effectively select the investment standard and the distribution of the subject matter of the investment in the national social security fund investment process Between the investment ratio.The article is divided into five chapters,the specific content of the chapter arranged for:The first chapter introduces the concept of the National Social Security Fund and the concept of its investment structure.Then it analyzes the theoretical basis of the social security fund investment,the effective market hypothesis,the investment portfolio model,the asset pricing theory and its performance evaluation index.Through the analysis of the social security fund investment to find out the way in China's national social security fund to guide the significance of these theories in order to establish a scientific investment model.And then introduced the investment basis,investment principles and investment philosophy;The second chapter mainly analyzes the investment practice of the National Social Security Fund in the process of investment.According to the investment basis of the National Social Security Fund,the current investment operation structure is expounded,and the investment income situation is analyzed by comparing with CPI and GDP growth rate under the current investment structure;The third chapter mainly analyzes the problemsand reasons of the investment structure of the National Social Security Fund.In the National Social Security Fund market operations are mainly faced with systemic risk,such as market volatility risk,inflation risk,interest rate volatility risk,commission-agent risk,operational risk caused by the operator.Through the analysis to find out the National Social Security Fund investment structure of the problems and analysis of the main reasons for these problems;In the fourth chapter,it mainly introduces the investment structure of social insurance fund of three typical countries in the United States,Singapore and Japan,which is conducive to perfecting the operation and management mode of China's national social security fund;The fifth chapter is mainly for the national social security fund investment policy recommendations,including sound laws and regulations,improve the regulatory model;innovative investment,the implementation of diversified strategies;improve the investment structure,optimize the investment ratio.In order to make the national social security fund to establish a more scientific investment portfolio,to achieve the preservation and appreciation of funds,this paper established a mean-variance model,based on quantitative analysis,trying to find a more reasonable portfolio strategy to raise stocks and other high-risk assets Of the proportion of investment,bottom bank deposits and bonds to increase the proportion of investment portfolio to improve the yield.