The Research On Investment Portfolio Of National Social Security Fund

Nowadays in our country,while aging population is increasing fast,inflation is continuous and people's need for better living conditions is also growing.Within this background,National Social Security Fund,as supplements for aged insurance when coming into peaks of aging population,is facing the pressure of preserving and increasing the value is growing gradually.Especially in 2016,with the influence of downturn of capital market,NSSF's return rate is only 1.73%,which is around one tenth of the rate in 2015.This means that the subsequent adjustment for NSSF's portfolio is becoming more and more important.So this thesis chooses investment portfolio of NSSF as research subject,which has great practical significance.By collecting,rearranging and generalizing the related concepts,theories and data,the thesis starts with analysis of current situation for NSSF's investment,pointing out that it has some problems such as instability of investment yields,comparatively larger room for rate of return to continuous increasing,the direct cause of which is that the existing portfolio of NSSF did not meet the needs of safety and profitability,then diving deep into the main reason from the point of portfolio.After this,based on analysis of types of investment available for NSSF's portfolio,the thesis does empirical study using the latest historical data with Mean-CVaR model,trying to get the adjusting measures that NSSF could choose for its portfolio in the future,and does comparative study by analyzing experience on portfolio from Sovereign Pension Funds of USA,Japan and France with firsthand information in Foreign language,trying to get the experience and practice that NSSF could consider about borrowing from for its portfolio.Combined with the results analysis of both empirical study and comparative study,aiming to optimize portfolio of NSSF in order to make it preserve and increase the value on the premise of safety,the thesis proposes that NSSF should take the following policy suggestions for its portfolio.The first is to perfect the related laws and regulations.The second is to increase reasonable proportion of entrusted investment.The third is to set periodical investment targets.The forth is to gradually perfect its investment portfolio structure.And the fifth is to cautiously and steadily increase the proportion of overseas investment based on current situation.