The State Council issued the Measures for the Administration of Investment in Basic Endowment Insurance Funds.
On August 23rd, the State Council officially issued the Measures for Investment Management of Basic Endowment Insurance Fund. The "Measures" clarify that the proportion of pension investment in stocks, stock funds, hybrid funds and stock-based pension products shall not be higher than 30% of the net asset value of pension funds; Participating in stock index futures and treasury bond futures trading can only be for the purpose of hedging.
The basic endowment insurance funds mentioned in the Measures include the endowment insurance funds for employees of enterprises, staff of institutions and urban and rural residents. The method is clear, pension fund investment should adhere to the principles of marketization, diversification and specialization, ensure the safety of assets, and realize the preservation and appreciation.
Pension funds are limited to domestic investment. The investment scope includes: bank deposits, central bank bills and interbank deposit certificates; Treasury bonds, policy development bank bonds, financial bonds with credit rating above investment grade, corporate bonds, local government bonds, convertible bonds (including separately traded convertible bonds), short-term financing bonds, medium-term notes, asset-backed securities and bond repurchase; Pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bonds futures. Pension fund assets involved in stock index futures and treasury bonds futures trading can only be used for hedging, which shall be implemented in accordance with the relevant provisions of hedging management of China Financial Futures Exchange; At the end of any trading day, the value of stock index futures and treasury bond futures contracts held shall not exceed the book value of the hedging target.
What impact does the entry of pension into the market have on the maintenance and appreciation of pension and the stock market? People's Daily reporter interviewed Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences.
The long-term funds in the capital market will increase substantially.
"In some countries with relatively sound social security systems and capital markets, pension funds are an important source of funds. Through market-oriented investment, it not only realizes the preservation and appreciation, but also promotes the healthy development of the capital market. For example, in the United States, institutional investors of pension funds have become the main force in the capital market. The market-oriented investment and operation of China pension funds will certainly play an important role in the healthy development of the capital market. " Zheng Bingwen said.
Zheng Bingwen believes that the long-term funds in the capital market will greatly increase after the pension fund enters the market. Generally speaking, insurance funds and pension funds are long-term funds invested in the capital market, while pension funds are more stable than insurance funds; Pension funds need not consider liquidity for decades, which is the origin of finding market value and implementing value investment. Therefore, if there are no pension funds or few pension funds in a capital market, it is difficult to tap the market value and realize value investment. From this point of view, pension funds are the cornerstone of value investment in capital markets in various countries, and their functions are like 20-year long-term national debt in the bond market. At present, China's pension funds allowed to enter the capital market are "National Social Security Fund" and "Enterprise Annuity Fund". The maximum theoretical value of the two funds entering the market together should be 820 billion yuan (600 billion yuan of national social security+220 billion yuan of enterprise annuity), accounting for only about 1.3% of the total market value, which is actually lower, because even in a bull market, there is no Man Cang. In contrast, the actual proportion of pension funds in the US capital market is as high as 60%.
"Pension will gradually become an important institutional investor." Zheng Bingwen said that in the initial stage of the capital market, retail investors will dominate, while in mature capital markets, institutional investors will dominate. The former's investment is mainly speculative, which brings great fluctuations to the market. The entry of pension funds into the capital market will greatly expand the ranks of institutional investors.
According to statistics, among the investors in China's capital market, retail investors are dominant. Although the scale of the fund industry is considerable, the market value of the fund industry in China is as high as 7.2 trillion yuan at present, accounting for about 1 1.4% of the market value of the stock market. However, because * * * funds are almost entirely dominated by retail investors, pension funds account for less than 10%, and there are few long-term investment funds, which will inevitably bear huge redemption pressure when encountering a bull market, that is, in the United States, pension funds account for 89% of the assets of the same fund. Even among family retail investors, most people buy funds mainly for retirement.
Pension will gradually become a ballast stone in the capital market.
"Pensions entering the market will greatly reduce the turnover rate of the capital market." Zheng Bingwen pointed out that the investment behaviors of retail investors and institutional investors are obviously different. Undoubtedly, the motivation of individual retail investors is often obvious short-term profit and speculative psychology. They are always looking for "bull stocks" and "dark horses", so the turnover rate is particularly high.
Zheng Bingwen pointed out that the turnover rate of China's capital market in the past decade was much higher than that of developed countries. The results of a research report show that the turnover rate of China's capital market is 1.90% (the actual transaction volume accounts for the tradable market value), ranking first in the world, while the United States, which has a very developed pension fund market, is only the eighth (95%), and Latin American countries such as Chile, Colombia and Peru, which all invest in pension funds, are less than 28%. There is another important reason for the low turnover rate of capital markets in these countries, except that pension funds pursue value investment and long-term investment as long-term funds. After the birth of life cycle fund (target date fund) more than ten years ago, many countries introduced this system, which changed the investment behavior of capital market to a certain extent, because the asset allocation and stock holding ratio of life cycle fund were constrained by formulas and models, which was automatic and further reduced the turnover rate of capital market.
Zheng Bingwen believes that the investment concept of the capital market will also change accordingly. As an important institutional investor, pension funds have a strong low-risk preference and pursue long-term stable returns, and there will be a steady stream of capital injection, which will turn on the switch of value investment and lead the investment concept of pursuing long-term returns, which will be a great counterweight to short-term speculation, help reduce stock index fluctuations and curb frequent ups and downs. "Therefore, pension fund investment will gradually become the ballast stone of the capital market, driving high-quality funds into the capital market and continuously improving the quality of the capital market." Zheng Bingwen said.