A Research On Envesting Strategy Of Chinese Pension Insurance Fund

Chinese endowment insurance is composed of country basic endowment insurance, enterprise replenish endowment insurance and personal saving endowment insurance. Country basic endowment insurance is the object of study in this thesis. The choice of investment strategy in basic endowment insurance which is composed of social plan and private account is discussed and analysised.First, the thesis briefly inspect the economic and society background and the pension management trend of development in various countries, review the course of insurance system reform development in our country, and anylyze the questions and the necessity of investment which exist in our country.Next, the author elaborate the relationship between endowment insurance fund investment and the finance market, the inhabitant savings ratio, the national economy. The author point out: The endowment insurance fund take as the organization investor, it can expand the stock market investment scale, innovate investment tool, standardize capital market; The effective operation of endowment insurance fund can reduce the savings ratio, enlarge the inhabitant marginal expense tendency, draw effective demand; The endowment insurance fund take as financial reserve of the country, its effective operation can adjust the economy running status .Then, the thesis analysis the mechanism of the endowment insurance investment from the aspects of investment path choice, the trustee' and investor's choice, the principal-agent relationship, the management and supervision etc.Finally, according to the principle of endowment insurance fund investment, using modern investment profolio theory, the author discuss the following questions: the capital disposition process between the non-risk property and the risk property, risk disperses between different risk property disposition realization, capital disposition between one risk property and two non-risk properties. And take the pension as the investment, establishthe simplified case, carry on the quantification analysis, finally in the theory analysis foundation, propose the investment strategy choice directed against the different investment tools.