养老保险基金非市场化运转的成因及治理对策

The Cause of Formation in China's Pension Insurance with Non-Market-Oriented Operation and the Policy for Management

养老保险基金改革的市场化目标已经确定，但成效不尽人意──养老保险基金的运转仍处于非市场化阶段。其成因有政策性的，也有市场化的，还有法律监管和资本市场等方面的。本文运用现代福利经济理论，注重从专业化金融公司的构建和法律监管体系的建设两方面提出治理对策。

The Market has been confirmed for the reform of China's pension insurance with the Market-Oriented operation, nevertheless, the effect has not been yet satisfied, i.e. the operation of pension insurance has lain in the state with non-market- orientation, upon which there are various causes, such as: in policy, in market, in supervision by law and in capital market, etc. According to the contemporary welfare economic theory, this paper takes account into policies for management by employing the composition of a specialized financial corporation and the building up of the supervision by law.