【摘要】 为摆脱我国养老金运行中缩水贬值困境,实现养老金的增值保值目标,兼顾养老金稳健发展的追求,在经济发展和市场不断开放的前提下,必须解决养老金入市监管及其运行问题。本文在分析以美国、英国等国家为代表的境外养老金入市监管及投资运行的情况下,提出境外养老金入市监管方面四个有益的启示:通过自主型养老金引导整个养老金资本逐步过渡到全面入市状态,在严格限制受托人资格的情况下,采取"谨慎人"监管规则。在分析境外经验,结合我国国情的基础上,提出我国养老金入市的五个建议:完善监管立法、明确入市模式、构建保险体系、试行"正面清单"+"负面清单"、构建合理的社会监督体系。通过法律安排和制度预设,让我国的养老金入市、运行、监管等问题逐一得到解决。更多还原

【Abstract】 In order to prevent the shrinking and depreciation of China’s pension fund, it is necessary to solve the problems in supervision and operation of pension fund entering the open market.Based on the analysis of pension fund in the United States, Britain and other countries, this paper puts forward pension fund regulations.First, guide the gradual transition of whole pension capital into the market with independent pensions.Secondly, strictly limittrustee’s qualification and take the "prudent person" regulatory rules.Based on the analysis of overseas experience combined with China’s national conditions, this paper puts forward five suggestions for China’s pension market entry: improving the supervision legislation, clarifying the market entry mode, building an insurance system, trying"positive list" + "negative list",and building a reasonable social supervision system.Through legal arrangement and system presupposition, the problems in market entry, operation and supervision of China’s pension funds can be solved one by one.更多还原