划转国有资本充实社保基金的实务问题与优化路径

为应对日益扩大的养老基金缺口,实现代际公平,在2018年中央和部分省份试点划转的基础上,国家全面推开划转部分国有资本充实社保基金工作.划转部分国有资本充实社保基金为基金养老保障制度的可持续发展提供了坚实物质保障,使人民能够共享国有企业改革发展成果,实现老有所养.本文介绍了国有资本充实社保基金的政策沿革,对比了历次政策的优缺点.结合笔者在试点划转和全面划转中的实际工作经历,发现划转国有资本充实社保基金政策在实务操作中存在的划转范围和比例"一刀切",权益资本与现金流不匹配,承接主体股权管理程度有限,现金收益投资渠道过窄等问题,并针对以上问题,提出了相应的优化路径,以供读者研究及参考.

The Practical Problems and Optimization Path of Transferring State-owned Capital to Enrich Social Security Fund

In order to resolve the enlarging deficit of pension fund and realize generation fairness.Based on the experimental transferring of central enterprises and local enterprises in 2018,China is transferring state-owned capital to enrich social security fund.It will provide a solid material guarantee for the sustainable development of pension security system,bring fruits of the reform and development of state-owned enterprises to our people,and ensure each senior person achieve a sense of security.The article introduced the policy evolution of state-owned capital enriching social security fund and compared advantages and disadvantages of previous policies.The article combined the actual work experience in pilot transferring and full transferring,finding some practical problems,such as ranges and rates of transferring were one-size-fits-all,the mismatch between equity capital and cash flow,limits of the undertaking entity's equity management and the narrow investment channel of cash income.To solve these problems,this article proposed some optimization paths for future research.