No.001-20130508:养老金融：理论界定及若干实践问题探讨-中国社会科学院社会保障实验室

内容提要：本文着重从发达国养老金融发展的经验研究其对中国的借鉴意义。在回顾了OECD各国的养老金发展之后发现：欧债危机的重灾区国家都是私营养老金资产很少的国家，只能依靠公共养老金从而加剧了债务危机。根据中国三支柱养老金的现状，本文对中国发展养老金融的基本框架进行初步的理论界定，即中国养老金融的核心是大力促进个人账户养老金、企业年金、职业年金进入资本市场，一方面解决养老金的保值增值问题，另一方面为资本市场引入长期稳定的机构投资者，实现中国养老金融长期稳定、可持续发展。针对社会统筹养老金可发行特种国债，其余支柱养老金通过投资资本市场、基础设施信托产品、住房反向抵押产品等养老金融创新来丰富中国的金融产品，促进金融发展。在监管领域，借鉴国际上金融业综合监管的理念来对未来的养老金融进行有效监管，以防范养老金投资风险，促进未来养老金融稳健发展。

关键词：养老金融资本市场个人账户养老金职业年金

Abstract

This paper focus on how China learns the experience from developed countries on pension financial development. After reviewed pension development in OECD countries, it could be found that the current European debts crisis countries all have less private pension assets; so they have to rely on public pension, aggravate the debts crisis in turn. Based on the current situation of China’s three pillars pensions, this paper try to definite the theoretic framework of pension finance. The core issue of pension finance is to promote indavdule account pension and occupational pension invest into capital market, which will preserve and increase the value of pensions; to introduce pension funds as a long term stable institutional investor for the capital market, as well as benefit the sustainable development of pension finance. The first pillar social pool pension can only invest state Treasury bond; at the same time to promote the other pillars pension invest in the capital market, the financial innovation of infrastructure trust and house reverse mortgage, to benefit the development of financial market. To meet the trend of integrated financial supervision in developed countries, China must regulate its pension finance system efficiency, reduce and take precautions against risks of pension investment, promote the healthy development of pension finance in the future.

Key Words: Oldage Finance, Capital Market, Indavdule Account, Occupational Pension ,HU Jiye, Professor of Law and Finance, China University of Political Science and Law