1. Different levels of overall planning and scattered fund management subjects have affected the stock scale of the fund and weakened the scale benefit of fund operation. 2. Constraints of the fund management system. In the management of insurance funds, a large amount of funds were indeed misappropriated in the early stage. In this case, the state strictly restricts the investment channels of funds, and only allows investment in government bonds and bank time deposits. In the early stage of the development of the capital market, the ability to prevent risks is small, so it is necessary to limit the investment scope of social security funds, but it should not be a long-term policy choice. At present, only the national social insurance fund has investment management measures, which specify the investment channels and management measures in detail, and the investment channels of local balance insurance funds have not yet been opened. 3. The fund operation is not standardized. The main body of social insurance fund operation is unprofessional and there are too many administrative interventions, which leads to low efficiency and high risks in fund operation. Judging from the current establishment of social insurance fund management institutions, both the transactional management of social insurance and the operation of funds are managed by the social insurance administration (center) of public institutions established by the government. Its management mode is the administrative command management of the government, rather than the commercial operation under the guidance of the market, which makes the fund have a great disadvantage in the operation process.