基于国有股转持充实社保基金实施办法的研究

Based on the Transfer of Atate-Owned Shares to Enrich the Measures for the Implementation of the Social Security Fund Research

境内证券市场转持部分国有股充实全国社会保障基金实施办法》(财企[2009]94号),是基于贯彻落实中央关于多渠道筹集社会保障基金的决定精神的政策文件。从政策要求的理论层面,以及实际运行的效果上,虽然对社保基金的筹集起到积极地推动作用,但因未对上市公司股权结构类型细化区分,以刚性的规定筹续社保基金,特定条件下"掣肘"了国有企业的投资发展行为。以案例分析及调研数据,提出国有股最高转持比例的兜底补充条款,及下浮比例普征制等两种调整措施,以期以普适化的方式筹集充实国家社保基金。

The domestic securities market take a part of the state-owned shares to enrich the measures for the implementation of the national social security fund （CaiQi [2009] no. 94）, is based on the implementation of the central committee about the decision of the social security funds through various channels to raise the pol- icy document. From the policy requirements of theory level, as well as the actual operation effect, although the social security fund raise money to play an active role, but for not for the listed company ownership struc- ture type specialization, with rigid rules to raise social security funds, certain conditions ＂grip＂ investment development behavior of the state-owned enterprises. With case analysis and survey data, this paper puts forward the highest transfer of state-owned shares proportion out supplementary terms and conditions, and downward fluctuation generally impose two adjustment measures, in order to enrich the national social secu- rity fund raised in the form of universal application.