The Research On Investment Portfolio And Risk Of Endowment Insurance Fund In China

Endowment insurance fund is the important public funds in our country,which attracts broad attention across society.And it is the money hardly earned by people for the aging time.Along with the system of social endowment insurance fund,pension surplus has been accumulated to be a huge "reservoir".In the beginning of endowment insurance fund operations,the economic system of our country is imperfect,financial market regulation is relatively in chaos.In order to ensure the safety of important public funds,the investment tools are very limited.At present,our country is facing unprecedented challenge of the aging of the population,the proportion of young population the structure of population is not rational,which lead to the proportion of youngers is declining.In the face of the burden of spending stability in the long term,the endowment insurance fund has become a hot topic in the current society.Reviewed the development process of endowment insurance fund investment in China,this paper summarizes the past and the present investment management policy,and summarizes the related to the endowment insurance fund investment during the period of the theory and concepts.Combined with 2015 the third plenary session of the 18 requirements and the work deployment of the state council,this paper also analyzed the feasibility of endowment insurance funds into the market to invest.The current policy only takes care about the proportion of the investment,and there is no in-depth analysis of how to invest and specific investment proportion.Also,our country have different development goals in different stages of social development.The development of our country also need portfolio plans according to specific situations,and this point was not involved in the research in the past research.Based on the imperfect research,this paper chose three representative investment tools and analyzed the fixed deposits,government bonds and high-yield high-risk stocks.We used the Markowitz portfolio theory,starting from the angle of returns and the market risk,comprehensive theoretical model to simulate the concrete portfolio.This model can reflect the current general situation of the social development,more conducive to effective and reasonable pension value.Through further study,we found the existing way of portfolio in the concrete calculation are not fully consider the probability of value realization,and the hypothesis does not conform to the concrete national conditions of our country.Aiming at this problem,this paper modified on the basis of the original model,introducing the risk function for further analysis.According to the investment of operational risk problem,this paper puts forward various regulatory measures,to ensure the security of pension investment.Pension is about people's livelihood and social interests.Combining with previous academic research as well as further exploration,this paper put forward a reasonable and effective endowment insurance fund portfolio model.Through the careful calculation and analysis,this paper proposes some reference opinions for future practice provides,which is more conducive to the endowment insurance funds into the market and make it more healthy and reasonable.So that we can better hold "survival money" of the people and make money fully embody the vigor and appreciation ability of capital on the premise of safety.