Explore Investment Operations Dilemma And A Way Out Of The Pension Fund In China

In past two decades, there is one problem that lies in social security system in many countries. This problem, the burden of old-aged insurance, leads to financial crisis in these countries. To solve this problem, these countries turn to pension reform. Most of the countries and districts adopted the three-tiered pension system, the fundamental pension plan~ the supplementary pension plan and personal deposit plan. During the process of setting up such three-tiered system, amazingly, almost all of them focus on the investment management of pension. Although the specific operation strategies are different in different countries, governments of these countries generally entrust some specialized institutions to investment huge pension funds. Through the technical operation of pension funds in the capital market, most of these countries get rid of the dilemma. China, with the domestic economic reform, has made a great progress in many respects. Unfortunately, the social security reform is lagged behind. The key problem in this matter is the heavy imbalance of pension funds. On one hand, there lacks the adequate sources for pension funds. On the other hand, the payment requirement for pension funds is getting higher and higher. Obviously, many other reform measures are adversely influenced by this problem. Specially, the progress of national enterprise reform is blocked to a certain extent. In addition, pension funds is the biggest part, almost 65%, in the whole social insurance funds. The accumulation of pension funds is increasing dramatically in those years, amounts to 100 billion RMB at the beginning of this century. Since single investment way such as deposit would not increase the real value of pension funds, how to use such huge funds is another problem appeared naturally. Meanwhile, the current narrow investment method, L imperfection of Chinese capital investment, without the protection of law etc are many obstacles incurred by pension funds investment in China. Faced by the current dilemma, the author suggests that investing pension funds onto the other areas except the previous ways of deposit and security is one effective mode. To strengthen this point, the author collects and analyzes the real statistics and data concerning pension funds investment around the world, then, contradicts the fundamental theories of traditional investment conception. Consequently, the author discusses the feasibility and necessity of multiple investment of pension funds, and suggests the ways to pension investment structure construction. The basic thoughts of the research are to combine the practice of Chinese pension investment with the practice of international practice. The main train of thought is to follow a clue of 揅hinese pension system reform is lagged behind敆攚hy pension investment is in plight?--攈ow can we get out of plight敆攈ow can we establish a effective investment system for pension funds? Following are the fundamental structure and main views: In the first chapter, the definition and features of pension investment are expounded at first hand. Then, related investment rules concerning pension funds are showed. Through the analysis of abundant data, the second chapter mainly showing that the market-oriented investment of pension funds is an unturned trend in...