The Designing Of Passive Management Model Of Social Security Fund Investment Based On Hs300 Index Futures

With the population structure changes, our social security system faces serious challenges. Increasing the value of social security funds is the most urgent task of the social security system. Practical experience has demonstrated that participation of capital markets to increasing the value of social security funds is historically inevitable. However, because of the importance of the social security fund to the society, It is difficult to achieve a good investment returns under the environment of the increasing of the system risk of capital market and huge management costs. Thus, with the developing and improving of capital markets, It is the most important problem for us to improve the social security fund investment income based on reducing of systemic risk and management costs.With the development and continuous improvement of capital market, the paper gives the strategy of passive management of social security sund to realizing the increasing of the value of social security fund, with the using of financial derivatives hedging the systematic risk and the premise of effectiveness of the capital market. The paper has three major components in structure. The first part is the first chapter. it includes the study of the problem, researching significance and innovation of the article; The second part is the part of the describing of the theories, including second, third and fourth chapters. These chapters respectively have introduced the basic concepts of social security funds, investment theoretical basis, feasibility to give necessary theoretical support of further study. The third part is the core of the paper,. it is the fifth chapter of the paper. by comparison, This part gives the passive management model of the social security fund based on the Shanghai and Shenzhen 300 stock index futures as the tool to decrease system risk and PE as the index. At last, contrasted with positive management model of social security fund, The paper has confirmed that social security fund passive management model is feasible with financial derivatives hedging systematic risks.