主权养老储备基金的国际经验及对中国的启示  

International Experience of Sovereign Pension Reserve Funds and Its Implications for China

作　　者：房连泉[1,2] 冯扬 FANG Lianquan;FENG Yang(Institute of Chinese Modernization Studies,Chinese Academy of Social Sciences,Beijing 100732,China;School of Government Management,University of Chinese Academy of Social Sciences,Beijing 102488,China;School of Management,Capital Normal University,Beijing 100048,China)

机构地区：[1]中国社会科学院中国式现代化研究院,北京102488 [2]中国社会科学院政府管理学院,北京102488 [3]首都师范大学管理学院,北京100048

出　　处：《金融教育研究》2025年第1期3-14,共12页Research of Finance and Education

基　　金：国家社会科学基金重点项目“加快建立基本养老保险全国统筹制度的改革路径研究”(20AGL027)。

摘　　要：在人口老龄化加剧的背景下,我国社会保障储备基金面临着规模增长缓慢、功能定位不明等挑战。研究聚焦主权养老储备基金,选取法国、澳大利亚、爱尔兰、挪威、智利和俄罗斯等国进行剖析后发现,各国基金功能定位多元,如填补养老金缺口、支持改革等;筹资渠道分财政注资(划拨)型与资源型;资产管理多由财政部负责,或委托央行或委员会;投资策略重长期、境外分散且具战略性。相比之下,我国全国社会保障基金存在定位不明、筹资不稳、投资保守、动用机制缺失等问题。基于国际经验,明确其用于企业职工基本养老保险缺口填补,立法确定彩票公益金等筹资比例,实施市场化多元化投资,确定封闭期与目标规模并完善动用机制,以强化对社保体系支撑。In the context of the intensifying population aging,China’s social security reserve fund faces challenges.This study focuses on sovereign pension reserve funds and selects France,Australia,Ireland,Norway,Chile,Russia and other countries for analysis.It is found that the function of the fund in each country is diversified,such as filling the pension gap and supporting the reform;the financing channels are divided into financial capital injection(transfer)and resource type;the asset management is mostly the responsibility of the Ministry of Finance,or entrusted to the central bank or the committee;the investment strategy emphasizes long-term,overseas diversification and strategic nature.In contrast,China’s National Social Security Fund has problems such as unclear positioning,unstable financing,conservative investment,and lack of using mechanism.Based on international experience,it is suggested to clarify its use for the gap filling of the basic endowment insurance for enterprise employees,legislate to determine the financing proportion of lottery public welfare funds and other channels,implement market-oriented diversified investment,determine the closure period and target scale,and improve the use mechanism,so as to strengthen the support for the social security system.

关 键 词：主权养老储备基金 国际经验 功能定位 筹资渠道 投资策略 

分 类 号：F840.3[经济管理—保险]