Research About Performance Of Stock Portfolio Of The National Social Security Fund

The National social security fund is a centralized social security fund of the Central Government.It is an important strategic reserve of the country and is mainly used to make up for the social security needs of the elderly population in the future.With the advent of the global aging crisis,the research on social security and social security funds has become one of the hotspots and difficulties in the study of modern finance.The core issue is how to achieve the goal of effective maintenance and appreciation.National social security fund has developed rapidly,and the annual average income rate has exceeded 8%.But its rate of return fluctuates with the market situation,and it is unstable.Considering that the social security fund pays attention to security,it can't judge its performance by means of the average rate of return.It is more important to integrate the risk to find its risk adjustment performance.See whether the national social security fund can still get excess returns after risk adjustment.In addition,it is necessary to explore the influencing factors of performance and whether the performance is sustainable.In order to make a comprehensive and systematic evaluation of the performance of the social security fund stock portfolio.Through such research,we can not only provide a new way for Social Security Fund Council to evaluate the performance of social security funds,but also promote social security fund's effective preservation and increment,which is of great practical significance.The reason why I choose the stock portfolio in the social security portfolio is not only because the stock investment management is one of the important components of the asset management,but also because the stock investment is the one of the most risky investment products in the social security investment.The share of the stock investment is high,and its performance affects the benefits and safety of the whole social security fund.Reasonable management of social security stock investment is also an important factor in increasing the value of social security investment portfolio.Therefore,this paper closely combines the actual situation of stock portfolio of the national social security fund with investment portfolio theory and portfolio performance evaluation theory.According to the development context of the theory and different indicators,the risk adjusted performance,influencing factors of performance and persistence of stock portfolio of the national social security fund were analyzed.The evaluation of the overall performance of stock portfolio of the social security fund is mainly based on the method of 2.Taking into account the principle that social security fund pay attention to safety,Va R is used to revise the method of 2,and an empirical study is carried out on the revised indicators.The performance of other portfolios is higher than that of benchmark portfolios except 102 and 111 portfolios.In other words,these investment portfolios have obtained excess returns on investment,and each investment manager has performed relatively well the duties of managing social security funds.The research on the influencing factors of stock portfolio of the social security fund performance is mainly based on the initiative management of the fund and the asset allocation of the portfolio.The empirical results show that the performance is significantly related to the active management degree of the fund,the risk coefficient,and the dispersion of investment.The sustainability test of the stock portfolio performance of the social security fund mainly consists of three levels,namely,individual investment portfolio,portfolios as a whole and phased inspection.Using the autoregressive model,it is found that the performance of the individual stock portfolio of the social security fund is not persistent;the performance of the overall stock investment portfolios of the social security fund is not persistent by the cross plot ratio method.According to the characteristics of the market volatility,the sample period is divided into six stages,and test the sustainability of each stage respectively.It can be seen that the overall performance of the combination is not persistent in different stages,although performance of some stages shows a certain persistent characteristics,but not significant.