不完全资本市场下养老保险运营：国际考察与我国的策略

资本市场不完全是建立高效养老保险体系的重要障碍，国外在这方面已经进行了较为深入的研究。养老保险作为一个规模较为庞大的机构投资者在进入金融市场的过程中会产生积极与消极两个方面的影响。我国在不完全资本市场条件下养老金的管理体系存在着一些问题。如隐性债务和转轨成本的承担主体虚化；空账管理以及社会覆盖面难以扩大；退休年龄偏低等。本文对此提出对策建议。

Operation of Pension Insurance in Imperfect Market: an International Review and Strategy in China

Imperfect capital marketing is a crucial obstacle to construct high efficient endowment insurance(EI) system.,detail research has been carried out in this aspect at abroad.As a organizational investor in a giant scale,endowment insurance can cause two kinds of impaction including good impacts and bad impact during the course of entering financing marketing.Chinese EI management system has many drawbacks under imperfect capital marketing: the bearing body for latent debt and transition cost being invalid;empty account management and EI range not being expanded;the year for retirement being lower.Chinese high efficiency EI management strategy being: realizing EI high efficiency trusteeship through improving commercial bank agency operation;using money marketing instrument to realize EI management with high benefits.