市场与管制的迷思——兼论我国社会保障基金的运营及其监管

社会保障基金大案频发凸显了我国社会保障基金政府主导运营模式的弊端、严格限制投资立法的欠科学性和监管环节的薄弱。面对学界要求社会保障基金市场化的呼声,实现严格监管下的投资开禁、引导基金运营的市场化和专业化以及强化监管力量是解决当下社会保障基金困境的现实选择,但"一刀切"的全部市场化倾向并不足取,理性的做法应该是根据社会保障基金的不同类型和特性采取不同的管理和运营模式,即分别交由政府和市场运营。与此同时,鉴于不同的运营模式对监管模式的需求亦存有差异,故在不同的运营模式下,监管模式亦应有第三方监管和行政监管之别。

Market and Regulation: Operational and Supervisory Models of Social Security Funds in China

The fact that flagrant cases concerning social security funds are successively reported in China has given prominence to the defects of the operational model which stresses that running of the funds must be under instructions of the government,to over-rigid legal limit of investment and to lack of efficient supervision.Many scholars urge that social security funds should be managed in a market-oriented way.In the present writer's opinion,the recipe for settling the problem is multi-investment under strict supervision,market-oriented operation of the funds and specialized and improved regulation.However,semble that absolute market-orientation is by no means a wise way.Rather,varied regulatory and operational modes should be followed based on the categories and natures of social security funds,where government and market play their part respectively.At the same time,distinct supervision modes,i.e.third party and administrative supervisions,should be followed.