Study On The Influence Of Financial Structure Of Pension Fund Investment Operation In China

With the tide of the aging of the population, pension funds gradually faced the dilemma of the financial sustainability and the plight of the preservation and appreciation of the assets. From the perspective of the investment operation,one of the ways to ease the plight, this paper discusses the impact of pension fund investment and operation on China's financial structure with the perspective of financial function, and puts forward the corresponding suggestions based on the theoretical analysis.Since the national social security fund was established in 2000 and the enterprise annuity system rapidly development after 2000,for those special national conditions, this paper chose 2001-2014 years as the research year. Firstly, this paper make a brief review about the domestic and foreign of the influence on the scale and structure of capital market of the pension funds, also on financial development.The research results were briefly, and systematic description of the theoretical basis of this paper. Secondly,this paper introduces pension fund's operation status, and China's financial structure characteristics and its statue by thinking about pension fund investment scale, investment tools and benefits from the pension fund investment.And then this paper describes China's financial structure by considering the structure of financial institutions, the financial market structure, the structure of financial instruments,those perspectives are introduced in detail as followed. The core part of this paper is in theory considering pension funds as institutional investors,its influences on the financial structure, and pension funds to the financial system influence,from those two aspects this paper gives the pension fund investment operation on the influence of financial structure theory analysis;And also in using some OECD countries and China's relevant data, empirical study of the effect of pension fund investment and operation of financial structure. Finally, it is concluded that the pension fund investment operation will affect the financial structure when meeting the two conditions- diversified investment strategy and mature financial market. Some countermeasures and suggestions are put forward for pension fund investment operation and financial structure optimization.