养老金融:理论界定及若干实践问题探讨

Pension Finance:Theoretic Definition and Some Practical Issues in China

本文在回顾了OECD各国的养老金发展情况之后发现,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给出了初步的理论界定,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。社会统筹养老金可发行特种国债,其余支柱养老金可通过投资资本市场、基础设施信托产品、住房反向抵押产品等养老金融创新,以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,促进未来养老金融的稳健发展。

This paper focuses on how China learns the experience from developed countries of pension financial development. After reviewing 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 and aggravate the debts crisis in turn. Based on the current situation of China＇s three-pillar pensions, this paper tries to definite the theoretic framework of pension finance. The core issue of pension finance is to promote individual account pension and occupational pension into capital market, in one word, it will preserve and increase the value of pensions; in other words, it will introduce pension funds as a long term stable institutional investor for the capital market, as well as benefiting the sustainable development of pension finance. The social pooling pension can only invest state treasury bond, while other pension can invest in the capital market, trust products of infrastructure and house reverse mortgage in order 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, take precautions against risks of pension investment, and promote the healthy development of pension finance in the future.