社会养老金改革与我国资本市场发展研究

On the Reform of Chinese Social Pension System and the Development of Capital Market

缺乏长期稳定的资金来源成为我国资本市场走向成熟的“瓶颈”,同时高速增长的巨额居民储蓄转化成资本的效率却很低。国际上成熟的资本市场依靠社会养老金把居民储蓄转化成长期稳定的资金来支撑资本市场,我国社会养老金的这种作用远远没有发挥,原因主要是现收现付制的社会养老金体制不适合资本市场的发展。改革社会养老金制度是我国资本市场成熟的关键。

It is the bottle neck for China＇s capital markets to grow mature that the capital markets in China lack the stable and long-term sources of cash inflow. At the same time, the efficiency is very low to convert individuals＇ deposit to capitals. In western countries, their capital markets rely on pensions to increase individuals＇ deposit flow into the market to support capital markets. China＇s pension system doesn＇t have such a function now. The pension system in China is pay-as-you-go model and therefore isn＇t suitable for capital markets to develop. So to develop and reform China＇s pension system is critical for China＇s capital markets to grow mature.