为没有资金积累的养老金隐性债务寻求合适的融资渠道是我国养老金制度改革中最为迫切的问题。突破以往研究中只注重养老金隐性债务存量概念的局限,试图对养老金隐性债务及其显性化问题建立一个理论分析框架,根据现收现付和基金积累两种养老金融资模式的运行特征,论述不同转轨方式的选择对养老金隐性债务显性化速度和程度的影响,为进一步深入研究养老金隐性债务问题提供新的视角。 Finding suitable financing channels for recessive debts of pension without capital accumulation is the most urgent issue in the reform of the pension system in our country. Break through the limitations of previous research, which only focus on the concept of pension recessive debt stock, trying to establish a theoretical framework for the pension recessive debt and its explicit problems, according to the two types of pension financing model Operating characteristics, discusses the impact of the choice of different ways of transition on the speed and degree of the explicitness of pension implicit debt, and provides a new perspective for further study on the implicit debt of pension funds.