Research On The Legal System Of Pension Fund Portfolio

Throughout the world,a social security system centered on the old-age security system has been established.As a future capital,the pension fund will enjoy the capital of the old age.Its accumulation and appreciation will determine the future of the elderly.It is already an indisputable fact that investing pension funds in the capital market in the form of trusts.Faced with the unpredictable changes in the capital market,countries around the world are exploring different ways to spread risks,making pension funds value-added in a safe environment.With the advent of portfolio finance theory,the development of capital market has been promoted.Its idea of diversifying risk has been deeply engraved in the pension fund portfolio system with a scientific mathematical model,which has set off a new pension fund system.reform.The application of financial theory to practice is inseparable from the cultivation of institutional soil.The reason that the pension fund investment portfolio needs legal regulation is that the investment of the pension fund in the capital market is bound to be plagued by investment risks,which is also an important reason for the reform of the pension system in the world.The pension fund investment is related to the"life-saving money" of future retirement.The primary principle of investment is security,security and risk.The pension fund portfolio system is also established to control the risk of investment.Under the premise of ensuring the security of investment in pension funds,we pursue the preservation and appreciation of assets.The concept of the pension fund portfolio system should be defined to clarify the necessity of the pension fund portfolio system.The pension fund portfolio system is a multi-market,multi-product portfolio investment system that inherently includes quantitative restrictions rules and prudent rules.The prudent rules are the highest requirements for the pension fund portfolio system.However,the development time of China's pension fund investment portfolio system is very short,and it is still impossible to implement the rules of prudent people.Therefore,while improving the existing quantitative restriction rules,it is also necessary to learn from the successful experience of the reform of the pension fund portfolio system in developed countries.The quantitative restriction rules currently adopted in China are consistent with the development level of China's financial market and the maturity of the capital market.Compared with the prudent rules,the quantity restriction rules are not flexible enough in some respects to face the unpredictable capital market.To solve these problems,we need to moderately release the quantity restriction rules and gradually transition to the prudent rules.The operation of the pension fund portfolio system first needs to improve the legal system of investment in pension funds in China,improve the regulations on investment managers and the responsibility of strict and prudent investment.Secondly,improve the existing investment scope and investment ratio,introduce a multi-fund system,and improve the cautious obligations in the relevant laws of China's pension fund investment,and establish an institutional basis for the operation of the portfolio prudent rules.A sound information disclosure system will help regulate the investment behavior of pension funds,improve the professionalism and rationality of the overall pension fund investment portfolio,and reduce the risk of pension fund investment.By standardizing the development of pension fund investment,we will promote the development of China's financial trust industry and form a positive interaction between pension funds and capital markets.Finally,the pension fund investment portfolio system is one of the important systems for the investment and operation of pension funds.In order to ensure the safety of pension funds,it is necessary to improve the control of investment risk management of pension funds.