The Research On Investment And Supervision Of Civil-service Pension Fund

Recently,how to manage pension fund is a hot topic in China.On January 14,2015,our country has issued "the reform of the endowment insurance system of the government and public institutions staff decided",that means the two-track reform of the pension system of our country was finished.Although pension fund’s marketable operations in corporate is on track,but the management of pension fund in government and public institutions is still in the phase of continuous exploration and local.To study it helps government and public institutions to promote the reform of the pension system,in favor of a sound theoretical system of pension insurance,and in favor of solving public aspirations and achieve social justice.The paper starts from the study of relevant literature,takes the investment and supervision of civil-service pension fund for the study object,with the cases of typical provinces or cities and the pension fund’s management of foreign public officials.In this paper,Interdisciplinary research method,comparison analysis,experience summary method and some other research methods are used.The paper attempts to analyze issues on investment and supervision of civil-service pension fund at the present,and explore countermeasures at the base of foreign advanced experience.The research in this paper is based on the investment portfolio theory,decision-making theory and principal-agent theory on pension insurance.Firstly,it starts from studying the management mechanism of civil-service pension fund in present situation and the evolution of the relevant policies.Next,the paper analyzes problems that exist in the investment and supervision of civil-service pension fund,including regulation dispersion,the low-level co-ordination of pension fund,the funding gap and a poor investment efficiency,further analysis that the supervision scattered of fund lead to the indifference between right and duty,then lead to a lack of effective restriction mechanism and risk sharing mechanism;low-level co-ordination of pension fund decreases the liquidity of personnel;by the larger cost of merger reform and aging problem,we should enrich investment resource as quick as possible;and indicate the main reason of narrow pension fund investment source is the defective capital market in China.Then,this paper analyzes the current policy of typical countries civil-service pension fund’s supervision mode and investment mode,and analyzes the characteristics of its management mechanism.Finally,this paper discusses the inspiration of typical countries civil-service pension fund management mechanism,and according to the foreign experience and domestic environment,aiming at the existing problems,put forward relevant suggestions on two aspects: the first is to build professional investment institutions under a higher-level co-ordination of pension fund,and introduce market instrument gradually;the second is to enrich investment sources,improve the capital market,and broaden investment restrictions.