养老金融支持多层次养老保险体系优化:逻辑起点、现实困境与推进路径

Pension Finance Supports the Optimization of Multi-tier Pension Insurance System:Logical Starting Point,Practical Dilemma and Promotion Path

人口老龄化加剧背景下,养老保险体系面临严峻的可持续性风险。由于养老问题本质上涉及金融资源的跨期配置,为了解决其发展面临的困境,需要以养老金融体系为依托建立多元养老责任共担机制。文章从政府与市场关系下国内外养老保险制度改革历程出发,阐明了养老金融融入多层次养老保险体系改革的逻辑起点,厘清了养老金融支持多层次养老保险体系优化的作用机理及面临的现实困境。在此基础上,从推动养老基金与资本市场良性互动、完善个人养老金制度、推动养老金融供给侧结构性改革、提升养老金融资产投资需求这几方面提出养老金融支持多层次养老保险体系优化的实施路径。

Against the background of increasing population ageing,the pension system is facing serious sustainability risks.Since the problem of elderly care essentially involves the inter-temporal allocation of financial resources,in order to solve the dilemma faced by its development,it is necessary to establish a multi-pension responsibility sharing mechanism based on the pension financial system.Starting from the reform history of domestic and international pension system under the relationship between government and market,this paper clarifies the logical starting point of integrating pension finance into the reform of multi-tier pension system,and clarifies the mechanism of pension finance to support the optimization of multi-tier pension system as well as the realistic dilemmas faced by the system.On this basis,the implementation path of pension finance to support the optimization of multi-tier pension system is proposed from the aspects of promoting the benign interaction between pension and capital market,perfecting the personal pension system,promoting the structural reform of the supply side of pension finance,and enhancing the demand for investment of pension financial assets.