基本养老保险个人账户基金入市运营及对策研究

Operation of Basic Pension Funds in Form of Individual Account on Securities Market and Suggestions

国外养老金运营的经验、我国证券市场的规范发展以及企业年金和全国社保基金的成功运营表明,我国基本养老保险个人账户基金进入证券市场是一个可行的选择。根据国外基本养老保险个人账户基金入市模式的利弊分析,认为我国应采用全部信托型投资方式。但是,基本养老保险个人账户基金入市运营还面临着若干问题,如法律缺位,转制成本需要化解,统筹层次太低等,因此我国应及时颁布《社会保险法》,抓紧起草《社会保障基金投资管理法》,及时修订相关的法律法规;多方筹集转制成本资金;提高统筹层次,在实现省级统筹的基础上实现全国统筹。

The experience of successful operation of pension funds on securities market in foreign countries, normalization of securities market in China and normalized development and success of enterprise annuities and national social securities fund（NSSF） all indicate that the basic pension funds in form of individual account is available to enter into securities market as a favorable choice. Analyzing the foreign operation modes of such basic pension funds and absorbing their positive and negative lessons, the trust investment is regarded as adaptable to handle the funds on Chinese securities market. However, some problems the basic pension funds are still facing to must be solved properly, such as no relevant laws/regulations to abide by in default of legislation, no source available to restructuring cost and very low competence in coordination. So, it is necessary to legislate for ＂Social Security Act＂ and promulgate it in time and formulate the ＂Provisions of Social Insurance Funds Management for Investment＂ and other relevant laws/rules. In addition, raising funds for restructuring cost and improving competence for coordination are also required to realize the nation-wide trust investment of basic pension funds in form of individual account on the province-wide base.