The Theoretical Mechanism And Optimization Strategy Of The Pension Fund Implementing Market-oriented Investment

The pension fund is related to the national economy and the people's livelihood,social stability and economic development,its importance is self-evident.Especially with the continuous progress of the national pension plan,the pension fund investment has new requirements and challenges.Appropriate investment can not only make pension fund keep value,but also can achieve the purpose of value-added if invest properly,but on the other hand,improper investment may cause huge losses.Since the State Council made it clear that individuals and enterprises should pay the proportion of pension contributions respectively in 1997,the cumulative amount of the pension fund has been increased every year,it increased from 58.78 billon of 1997 to 3564.45 billon of 2014,during which increased 60 times.In August 27,2015,the State Council issued the "The investment management approach of the basic pension fund",the approach specifies that the proportion of investment in bank deposits,bonds shall not be less than 5% of the total investment,the proportion of investment in stocks,equity funds,hybrid funds,stock based pension products shall not exceed 30% of the total investment,The proportion of the investment in the national key projects and key enterprises shall not be higher than 20% of the net assets of the pension fund.Although "The investment management approach of the basic pension fund" has restricted the proportion of the investment projects to insure the security of the pension fund investment,it dosen't specify the specific ratios,this paper will discuss it.In this paper,the infrastructure investment and green investment is defined as the risk investment which is different from the stock and fund,and included in the using relevant software for empirical simulation to calculate the optimal investment proportion.First of all,this paper describes the background of the current pension fund investment,and clarify the research value of this paper from the academic significance and practical scope of pension fund portfolio,then significance,then make an overview of the current academic research.Secondly,this paper defines the concept of pension fund,green investment and infrastructure investment,then clarify the current fund overall operating conditions according to the current operating mode of the pension fund,the accumulated balance of the account and the preserve and increase value.On this basis,the paper explains the necessity of investing in infrastructure investment and green investment.Once more,the article expand two kinds of risks to three kinds of assets based on the Markowitz theory,and the optimal portfolio proportion is deduced theoretically.The fourth part of the paper is based on the theory of the third part,using MATLAB to simulate the optimal investment proportion of the pension fund for infrastructure investment and green investment.Finally,this paper draws the conclusions according to the simulation,then put forward the corresponding policy suggestion to the existing problem of our country at present.The research shows that green investment and infrastructure investment should be brought into the pension insurance fund investment category,and the optimal proportion of stock investment,fund investment,green investment,infrastructure investment and risk-free investment is 3.56%,18.87%,5.21%,11.91%,and 60.45%.under this program,the pension fund can not only maintain and increase the value,but also the security of the fund can be guaranteed.