中国养老保险制度正进行改革并向部分积累制转轨 ,部分积累制是由社会统筹加个人账户组成的。研究了基于此模式的养老金替代率水平问题 ,对经济处于稳态和长期均衡状况进行了分析 ,并建立了养老金替代率决定模型。对中国目前所推行的部分积累制模式的养老金替代率作了实证研究 China’s pension insurance system is undergoing reforms and transitioning to a partial accumulation system. The partial accumulation system is composed of social pooling and individual accounts. This paper studies the level of pension replacement rate based on this model, analyzes the state of economy in steady state and long-term equilibrium, and establishes the decision model of pension replacement rate. An empirical study is conducted on the pension replacement rate of the partial accumulation system that China is currently implementing