| Effective investment operation of basic pension insurance fund is the very important aspect of maintaining normal operation of pension system.With promotion of the external economic level and internal policies,the amount of pension are growing fast under the background of the world.It becomes a very huge cash reserves.It has huge amount,wide range,and a lot of payment pressure in the future.In order to ensure that its original money without losses and achievement of higher returns,many countries around the world change their investment operation from single to multiple path.Pension has an important role,as well as the special way of collection and payment,so we top priority is to ensure its original capital against losses.As is known to all,an aging population problem has been in front of us.Its serious impact bring much pressure to our pension system.In fact,our capital market at present is not well developed,this bring some pressure and challenges to fund operations staff.How to effectively achieve the change is a valuable examination questions,we need to continue to explore the answer.In this paper,on the basis of literature study and theory combing,we compare the situation of domestic basic pension and foreign basic pension,including the data of fund accumulation,ratio of investment and rate of return.Based on the problems in our country,with the help of good practices in OECD countries,we put forward some reference of learning and using.In perspective of mean reversion,we make empirical research on diversification of investment.According to the specific data collected,we estimates the level of return and risk under the different plan.According to the ADF method,the cases will be divided into different stages of change,and we estimates the level of return and risk corresponding to each stage respectively.In this way,we can achieve different scheme for dynamic optimization analysis.Finally on the basis of all,we put forward some Suggestions. |
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