论社保基金入市后管理运作模式的完善——由中石化跌破发行价引发的思考

On the Perfection of the Operating Mode of the Social Security Funds after their Entry into the Securities Market——A reflection invoked by the China Petroleum Chemical Inc's share price falling below its offering price

社保基金的性质决定了安全性是其必须遵循的首位原则,将社保基金作为国企融资的工具,或视为证券市场扩容的"缓冲器"、平抑证券市场波动的"调节器",都对其安全性构成潜在风险。为了保证社保基金入市后的安全,必须改变营运、监管主体同一现象,建立独立的监管机构,完善其管理运作模式。

The inner nature of the social security funds decides that assuring the safety of the funds must be the first principle to be followed in their management. Using the security funds as a source of financing for state-owned enterprises, or as a buffer against the impacts caused by the rapid expansion of the securities market, or a regulator for stabilizing the securities market, will all pose potential risks to the safety of the social securities funds. In order to assure the safety of the funds after their entry to the stock market, the practice of the same body operating and supervising them must be changed; an independent supervising body must be established and the operating mode must be perfected.