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可持续性的养老保险制度是在社会保障领域落实科学发展观、构建和谐社会的重要任务之一。如何充分有效地管理运营现有的养老基金并使之保值增值,以尽量减少基金缺口,保持一定的替代率标准,保障退休人员的实际生活水平,已成为近年来理论界讨论的热点。随着人口老龄化的发展和赡养率的提高,在缴费费率不可能无限提高的前提下,以扩面为主渠道解决供养和收支矛盾的方式终将无法持续下去,个人账户面临的巨额空账财政又无力填平时,养老保险制度的危机便会真正来临。为此,必须探索一条行之有效的基金保值增值的治理结构和投资模式,在保证可靠安全性、充分流动性的基础上实现收益性。本文以广东省为例,探讨了基金运作必须立足于资本市场现状和投资政策法规等市场环境,并且考虑到了整体基金收支状况与规模、地区差异性等诸多因素。
The sustainable pension insurance system is one of the important tasks of implementing the scientific concept of development and building a harmonious society in the field of social security. How to manage and maintain the existing pension funds fully and effectively so as to minimize the fund gap, maintain a certain replacement rate and guarantee the actual living standard of retirees has become a hot topic discussed by theorists in recent years. With the development of the aging population and the increase of the dependency ratio, under the premise that the contribution rate can not be increased indefinitely, the method of resolving the contradiction between supply and income and expenditure by expanding the main channel will ultimately not be sustainable. The huge amount of personal account The financial crisis in the pension insurance system will really come when the vacancy accountability is unable to be filled. Therefore, it is necessary to explore an effective governance structure and investment model for the value-added and hedging of the fund, and realize profitability on the basis of ensuring reliable security and full liquidity. This paper takes Guangdong Province as an example to discuss the market conditions that the fund operation must base on the current situation of capital market and the investment policies and regulations and so on, and takes into consideration the factors such as the status and scale of the overall fund revenue and expenditure as well as the regional differences.