我国养老保险基金市场化运作机制的过渡性制度安排

面临未富先老、庞大资金缺口的挑战，中国迫切需要实现养老保险基金的保值增值，而养老保险市场化运作是解决这一问题的关键。由此，设计了一种适合我国国情的养老保险基金市场化运作机制的过渡性制度安排，即在新型的委托-代理关系框架下，确定养老基金的投保人、受益人、委托人、托管人和投资管理人之间关系，明确各责任主体的职责，在采取基金托管模式投资运营的同时，通过实施有效的竞争性投标机制、激励和约束机制，在投资管理人市场中进行选择，以约束基金投资管理者，减少代理人的逆向选择和道德风险等不利行为。采用严格限量监管方式、强化信息披露制度、建立预警系统、加强基金内部风险控制等措施达到有效监管、风险控制的目的，从而实现养老保险基金的良性运营。

The Transition System Design of Mechnism on Pension Fund Marketilization in China

Pension fund must keep and increase value in order to face the chalenge of old-aged and fund shorted,while pension fund marketilization is key to solve this problem.The author designs one kind of transition system on pension fund marketlization.This mechanism is that the relation among beneficiary,entruster and agent are definited under the frame of entruster-agent.Behavior of inverse choice and moral hazard of agent will be prevented when response of main body defines clearly and takes effective mechanism of incentive and controling under fund agent mode.Pension operates well while some measure are taken,such as the way of strict limited supervising,the system of information explosion,warning system and enhancing hazard controlled.