建立社保基金投资管理体系的战略思考

我国社保基金的投资管理一直处于十分混乱状态:沉淀于地方省市的1600多亿缴费余额统账混用,没有统一的投资管理策略,回报率低下,存在巨大的金融风险;“全国社保基金”投资策略不尽合理;中央政府不得不额外每年财政转移予以专项补助。将上述三块资源统筹考虑,提出将账户基金、统筹基金、储备基金分离出来,为其设计了不同的投资策略与制度:账户基金应实施完全的资本市场的投资;储备基金应完全走向国际资本市场;统筹基金增值保值问题是个世界性难题,提出应首先完成省级统筹,实行“三离开”的投资原则,并首次提出须避免和谨防“东亚化”的投资倾向,吸取东亚的教训,应为其设立三个投资管理体系。为配合上述投资体系的建立,提出了调整社保缴费比例的设想,认为这个基本框架既符合国际惯例,又符合具体国情,具有中国特色;既有制度创新,又为未来诸如地方开放地方债市等发展留下了空间;既保持了职工收入替代率没有降低,又增强了社保制度的财政可持续性;同时还减轻了国家的财政负担。

The Strategic Thinking of the Construction of the Investment & Management System for Social Security Funds

ID: 1672-6162(2004)04-0004-EAAbstract: The management of social security funds is not in a state of order and the funds itself has not yet been efficiently invested in a right way, quite on the contrary, it has been kept in local level governments and misused and lost very much; On the other hand, NSSF (National Social Security Fund) went improperly last year into the domestic financial markets with many uncertainties and risks. The author argues that a tri-funds investment scheme should be established in China: NSSF should not invest in domestic equities markets but go out to the international markets; the IA (individual accounts) should be independently split out as a IA Fund from the pool, investing totally in the domestic financial markets; The author also argues that PS Fund's pooled level should be upgraded from the level of the counties and cities to that of the states, and IA Fund and NSSF should be directly administered by the State, and PS Fund by states respectively. The interests of a such investment for the three Funds can catch up with the social average salary growth, and reduce the central government's burden.