“国有股划拨社保基金”及“社保基金海外投资”政策的经济效应——基于文字表述的一般均衡模型分析

The Economic Effect both NSSF Owned the Equity Assets Derived from Reduction of State-owned Shares and Investment in Overseas Markets:A Overlapping-generations Model Analysis

“国有控股上市公司划拨部分国有股充实全国社保基金”和“全国社保基金海外投资”引人瞩目,全国社保基金运营(包括筹集、保值增值)的经济效应(经济增长效应和再分配效应)研究愈显重要。本文运用文字表述的一般均衡模型分析说明:全国社保基金长期持有部分国有股、社保基金海外投资分别通过“降低代际企业所有权的转移成本”和“资本市场专门人才培育、社保基金保值增值”两条传导途径促进经济均衡增长(增长效应),增加劳动者和退休人的福利(再分配效应)。建议加快“划拨国有股充实社保”步伐,减少全国社保基金国内投资、加大海外投资比重,加强对海外投资的有效监管。

The policies such as NSSF own the equity assets derived from reduction of state-owned shares and NSSF investment at aboard have caught the eye of the public. This paper construct overlappingenerations model, by the general equilibrium and the comparative statics analysises , conclusions are as follows, in one hand, owning the equity assets derived from reduction of state-owned shares by NSSF, the works cost less to owned the enterprises ; in other hand, invesrment overseas market increase human capital and improve redistribution. Through the two channels, they increase the growth and improve the welfare of the people.