摘要
文章对社保理事会始终存在的定位与管理体制问题进行了剖析,认为主要存在以事业单位编制管理和全额预算拨款管理为特征的八个问题;在国际比较的基础上,提出主权养老基金投资主体有三个管理体制模式;结合中国的具体国情,对社保理事会"转制"提出了四个改革方案,并对其利弊权衡提出了个人看法;针对基本养老保险基金受托投资面临的挑战,提出社保理事会亟须建立四个重要机制;最后,文章以"加拿大养老基金投资公司"为参照,对运营16年的全国社会保障基金性质进行了分析,认为全国社会保障基金本质上讲是一只"无限期"的"储备型"主权养老基金,应树立"长期主义"的投资理念,确立"主动主义"的投资战略,这是近十年来国际大型养老基金机构投资者的最佳实践和改革趋势,社保理事会应及时做出重大战略调整,并据此提出运用大类资产比例监管和扩大投资范围等系列改革建议和一揽子方案。
The decade-long debate on the reform of investment regime of the Chinese basic pension fund has been settled finally. The centralized entrusted investment mode, which stands out amongst many alterna- tives in this round of reform, has endowed a role of historical responsibility to the National Council for Social Security Fund, PRC （NCSSF）. Based on this starting point, this paper analyzed the nature of NCSSF and its positioning problems characterized by inflexible staffing and full budget allocation system in public institu- tions. The author argues that there are four plans for the transformation of the NCSSF, including corporatiza- tion, which is among the best in international practice since. The author then illustrates the tradeoff among four different scenarios of transformation by analyzing both advantages and disadvantages of each scenario based on the international comparison, taking CPPIB as its benchmark. Given the impending challenges confronted by the entrusted investment of the ＂contributory type＂ basic pension fund, proper mechanisms should be put in place for NCSSF to carry out its duty and be assessed of its performance independently, so that it can better serve the mission of a pension fiduciary. As for ＂reserve type＂ the National Social Security Fund （NSSF） founded 16 years ago, which is by nature a reserve against future gaps in pension system, the author argues that since it belongs to a permanent sovereign pension fund （SPF）, a philosophy should be adopted based on long-term investment and an activist investment strategy es- tablished, NCSSF should make strategic adjustment by making reference to global trend of institutional in- vestors such as big pension funds. Finally, the author proposes a more flexible regulation system, which in- cludes large class assets allocation rules and broader scope for pension asset investment, etc.
出处
《辽宁大学学报（哲学社会科学版）》
CSSCI
2017年第3期1-25,共25页
Journal of Liaoning University(Philosophy and Social Sciences Edition)
