当前养老保险筹资模式不宜转向基金式

(,100872)[],[];;[]F840167[]A[]1000596X(2001)12001606[]2001-10-12[](1957),,,,,2080,,,,,,,,,,,,1958,,,;,,(biologicalrateofreturn)1966,:,,,;,,(Aaroncondition)80,,61200112,,,,,,,,,,,,,;,,,,,,,,,11,,1,119951999(1)(2)(1)+(2)199501038010110104901011199601038010130105101027199701011010110102201080199801072010050107701092199901131010090114001040:;19951999(5):(2000),2030,,,200031204203061222,311%,201120304%,20303%,,,,21,,,,,014,,,,,712001122070,,197033143,198018121,199915123,14,(14)198233145%,19902717%,,202518183%,(01460),1990,36129%,,2025,3713%,12050,43144%,198241105%214,,,OECD1988,2030,(15641564)2090,50%6117%,48%6517%,52%6215%,20002050,,,222000205015200020502000205020002050(014)012601250132013101220129(64)012401470119013501240157015001720151016601460186:WeeklyReviewofFinancialMarketDevelopments,EuropeanCommission,GDII,2July1999,No124.,,,,,,31,,,,,198030%,199038%,199845%((1999)),,,,,,,,,,,,,,41,,,,,,81200112,,,,,,,,,,,,,,(),;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,20%,25%,,,912001126,,,1000,68%,32%,,70%,3100,(,115;1994GDP46%69%,21153123;GDP34),,,,,?,,(),,,,,2070,,,,,,,,,1,,,,,,,,,,;,,,,,,(Buchanan,1979),,=015,,100,50,,,,,,50,,,,,,50,50,02200112,,,,50,,,,,,,,,,,H1(H1Verbon,1988),,,,,;,,;,,,H1,,[1].[M].:,1999.[2].[M].:,1998.[3].:[M].:,1998.[4].:[M].:,2000.[5]MartinFeldstein.PrivatizingSocialSecurity[M].theUniversityofChicagoPress,1998.[6]KeithP.Ambachtsheer.PensionFundExcelence[J].JohnWiley&Sons,Inc.1998.[7]HarrieVerbon.OntheEvolutonofPublicPensionSchemes[J].OffsetdrukkerijKantersB.V.,1988.(:)FINANCINGENDOWMENTINSURANCESHOULDNOTSHUNTATPRESENTTOFUNDSZHUQing(SchoolofFinance,RenminUniversityofChina,Beijing100872,China)Abstract:Tofacethechallengeofpopulationaging,theendowmentinsurancesystemshouldselectafinancingpatterninfavorofsociallaborproductivity.Atpresent,ourfinancingpatternshouldnotshuntfromcollectingandpayingatthemeantimetofunds.Keywords:endowmentinsurance;financingpattern;shunting12200112