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Research on the Investment Risk Management of China’s Pension Fund

Author: LiHui
Tutor: LinYi
School: Southwestern University of Finance and Economics
Course: Social Security
Keywords: occupational pension fund investment risk asset allocation risk compensation mechanism
CLC: F842.6
Type: Master's thesis
Year: 2008
Downloads: 200
Quote: 0
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Abstract


The occupational pension system is one of the most important pillars of the social security system. Occupational pension fund are accumulating rapidly and it will reach 1.8 trillion Yuan to 2030. It is reported that China will be the third largest pension market by that time. So it is very important to preserve and increase the value of the occupational pension fund. But once the operation and investment of such enormous capital fails, not only will it become the burden of the enterprise and even the government, but also it will trigger the social crisis and even may result in social unrest. In order to ensure the safety of the pension fund, it is very important to identify and control effectively the investment & operational risk of the pension fund, which is the focus of my paper.The frames of this paper are as follows: besides the introduction, the paper consists of four chapters. In the first chapter, the author identifies and classifies the investment risk of the occupational pension fund in China, which includes: operational risk, market risk, inflation risk, interest rate risk and exchange rate risk. Considering the characteristics of the different risks, the author presents different financial instruments to minimize those risks. In the second chapter, the author details the pension system of other countries and analyzes its investment risks, such as the 401(k) schemes in USA and the Mandatory Provident fund in Hong Kong. In addition, based on the experiences of the risk management in those countries, the author makes some suggestions associated with China’s occupational pension fund. It is the core that how to realize the passive portfolio strategy in the third chapter. In this chapter the paper firstly introduces the asset allocation theory, including strategic asset allocation, tactical asset allocation, and so on. And the author analyzes the active portfolio strategy compared with the passive portfolio strategy and refers that the latter is preferable based on the market efficiency in China. In the end of the paper, the author expounds different types of the compensational mechanism and proposes that such mechanism should be strengthened in China.

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CLC: > Economic > Fiscal, monetary > Insurance > China's insurance industry > Various types of insurance
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