The Supervision Of The Pension Funds Entering The Capital Market

From the late 1970s, most countries in the world run into crisis of the public old-age ension system, the waves of reform sweeping through the world. Chile, as one of the epresentatives of private pension system reformer, which subvert the previous simple deas that pension system should provided by the government only. Then people started to reflect and gradually began to promote the new model of market offers public goods. ubsequently, Western countries'practice has provided the philosophy guarantee of ndowment insurance system's operation on capital market. Practice has proved that under the conditions of completely capital market, Old-age insurance fund entering the market will be advantageous in guarantees price the increment, will enhance its operation fficiency, simultaneously will be also advantageous to the improvement capital market investment main body structure. In terms of national conditions, since the social security fund entry in 2003, it has roduced good economic returns, fund investment income has been noticeably improved, and the social security fund has gradually become an important capital investor in the market. However, at the same time, the high-yield of pension funds entry is also ccompanied with high risk. Since the existence of capital market risk, coupled with China's deficient capital market, the lack of operation and management experience of endowment insurance funds in the capital market, resulting in the operation of endowment insurance fund market involves of various problems and have become the focus of attention of society. Therefore, how to maintains the high income while control the risk , how to supervises and manages the old-age insurance fund effectively the capital market operation, has already become the important question which our country old-age insurance fund reform needs to consider.This paper mainly uses the standard analysis method, in view of hot spot reform issue of old-age insurance fund entering the market system. Firstly,it starts from the logical of"the safety of superannuation fund——the demand of fund guarantees andincrement——the request of fund entering market——the request of supervising and managing of fund entering market", and elaborates the necessity of supervising and managing to the old-age insurance fund entering the market. Next, analyzes the questiones and the origin of the market supervising and managing of China's old-age insurance fund entering, discoveres it's problems such as inperfection of legal system, insufficiency of information, as well as problems of internality of government and so on. Finally, according to the actual situation of China's old-age insurance fund entering the market, proposes corresponding countermeasures of supervising and managing. Including establishes a set of complete supervising and managing frame system, explicit the goal and principle of old-age insurance fund entering the market's supervising and managing; according to the actual situation, uses method of strictly restriction of supervising and managing in the initial period of old-age insurance fund entering the market,but in the long-range view, should transform the restriction medol into decentralization medol. In general , the paper make an assay of old-age insurance from the aspects such as its objectives and principles, the main supervision, the choice of supervision, and specific measures, then talk over countermeasures to improving the Supervision of China's old-age insurance fund entry.