我国社保基金投资资本市场的风险分析与管理

The Risk Analysis and Management for the Fund of Social Security Invested in Capital Market in China

《2011中国社会保障改革与发展报告》指出,目前我国社保基金投资渠道单一,难以实现保值增值。欧洲债务危机再次引发全球金融动荡,如何在全球金融动荡背景下,扩宽社保基金的投资渠道,将社保基金投资于资本市场实现保值增值是亟待解决的问题。通过对社保基金投资资本市场的风险进行风险鉴别和风险度量,首先对我国社保基金运营和管理存在的问题提出了三点建议,然后重点提出了通过研判大势,从整体上回避系统性风险、分散投资,降低非系统性风险、应用CAPM、VAR为代表的现代风险管理技术、强监管,规避管理风险等四个方面的社保基金投资风险控制对策。

China＇s 2011 Social Security Reform and Development Report notes that it is difficult to maintain and increase the value of the fund by the present investment channels.Once again the European debt crisis triggered off a global financial turbulence.Against this background,widening the social security fund investment channels,preserving and increasing the value become urgent problems.This paper first identifies and measures the risks of investing the social security in capital markets.Then,it analyses the methods to improve the performances of social insurance fund management from three aspects.Particularly,it focuses on recommendations about investment risk control measures,including studying the general trend on the whole to avoid systematic risks,diversifying the investment portfolio to reduce the non-systematic risks,applying CAPM and VAR,the typical modern risk management techniques,and avoiding management risks by strengthening the regulation.