Research On Investment Of Chinese Pension Fund In Foreign Infrastructure

In recent years,with lower return on investment and limited scope of investment of pension fund,the endowment insurance system has been given a heavy blow,which makes it serious to achieve the preserving and appreciation of value though "long-term,market-oriented and diversified" investment.According to international experience,infrastructure is an asset against inflation,which matches the long-term and stable demands of pension fund well.On the occasion that China pu t forward the external development strategy and "One Belt and One Road" strategy focusing on strengthening the infrastructure interconnectivity between China and neighboring countries,which increases the demand for long-term construction funds,pension fund investment in overseas infrastructure enriches asset portfolio,spreads loss,and shares the benefits of economical development in One Belt and One Road area.Based on the current situation of China,this paper studies the overseas investment of Chinese pension funds from the risk measurement,risk analysis and portfolio theory and other aspects combined with the Canadian experience.Firstly,it illustrated the relevant definitions and theories,based on the current status of investment and policy of Chinese pension fund,by selecting the social security fund to be the main research object,to select the main investment area according to the current status of global infrastructure,to prove the feasibility of Chinese pension fund investment in overseas infrastructure;and then,it made research and analysis of the Canadian pension fund from the four aspects of facility type,mode of participation,investment stage and region selection;in addition,according to the asset portfolio theory,and using the CVaR model to simulate investment portfolio,it found that overseas infrastructure investment can help increase investment portfolio yield,reduce the investment portfolio risk;finally,it made risk analysis of the countries in the area represented by Saudi Arabia and Russia with the use of SWOT analysis and other methods,and concluded typical risk types,and made suggestions on the policy from the aspects of pension fund,infrastructure and risk management based on the above study.The research may provide a reference for the renewal of pension fund investment management regulations,the expansion of investment assets and the improvement of return on investment.It will also provide a direction for the active integration of pension funds and the strategic development orientation of China.