Research On The Investment Operation Mode Of China's Basic Pension Insurance Fund

China's basic old-age insurance funds to enter the capital market to achieve value-added to ease the central and local financial transfer payment pressure and respond to the aging population under the pension sustainable development issues,has become a consensus and is clearly defined as the pension insurance investment system reform direction.In 2015,the implementation of "basic old-age insurance fund investment management approach" formally opened the specialized investment management road of China's basic pension insurance fund.Do a good job in the basic old-age insurance fund investment operation is a complicated system engineering,involving a wide range of issues.Its primary task is to determine the appropriate investment operation mode according to the actual situation in our country,This paper is right to research this topic,and was discussed in the following steps:First of all,this paper describes the basic pension insurance fund size,investment efficiency and other basic situation,and with the national social security fund and enterprise annuity investment and operation to do a comparison.Then,this paper demonstrates the necessity of the market investment and operation of the basic old-age insurance fund from the three aspects of the financial balance risk of the old-age insurance,the financial pressure under the aging population and the influence on the capital market development.Then,this paper makes an overview of the investment and operation of basic old-age insurance in the world,and combs the three major investment and operation modes of government investment operation,market investment operation and specialized institution investment and operation.Support conditions,the main features,investment income,respectively,made an analysis,obtained a special institutional investment operation model is the best choice of our conclusions.Finally,this paper constructs the implementation plan of the main body of the basic old-age insurance fund investment operation,and puts forward the countermeasures and suggestions on the establishment of the guarantee mechanism and the strengthening of the risk management.