摘  要：养老金与我们每个人息息相关，养老金在一定程度上决定了我们老年的生活状况，因此养老金的保值增值成为国人极为关注的问题。本文对我国基本养老金保值增值的必要性以及主要形式进行了浅析，从中深刻剖析了基本养老金保值增值过程中出现的困境及其影响因素，并提出合理化建议，结果表明随着人口老龄化、通货膨胀、退休福利越来越高、制度转轨带来巨额转制成本等诸多问题的产生，我国养老金收支严重失衡，养老金出现了巨大的资金缺口，现行制度设计限制了基本养老金筹资投资以及运营的管理机制，基于此，本文分析认为，应当完善养老保险基金管理制度、完善配套措施优化保值增值设计、建立市场化多元化的投资运营机制、拓宽养老金筹资渠道、结合我国国情借鉴国外先进案例以应对现阶段基本养老金保值增值困境。

关键字：基本养老金；保值增值困境；运营机制；法制体系；投资监管

Analysis on the Dilemma and Countermeasures of Basic Pension Value Preservation and Increment

Abstract: Pension and every one of us is closely linked, pension in a certain extent determines the elderly living conditions. Therefore, increasing the value of pensions become the people into a frenzy of concern. This paper on China's basic pension assets necessary for value-added and main forms are analyzed, from the deep analysis of the factors of difficulties and influence of hedging the basic pension in the value-added process, and put forward reasonable suggestions, the results show that with the aging of the population, inflation, retirement benefits more and more high, the transition has brought many problems the huge cost of transforming production, serious imbalance in China's pension pension payments, there was a huge funding gap, the design of the system limits the basic pension financing investment and operation management mechanism, based on this, this paper thinks that we should perfect the old-age insurance fund management system, improve the supporting measures of optimization design, the establishment of the market value of persification the investment operation mechanism, expand the pension financing channels, according to the situation of our country from abroad first Into the case in response to the current stage of the basic pension value preservation and appreciation dilemma.

Key words: Basic Pension; The Value of the Value of the Plight ;The Operating Mechanism; The Legal System;Investment Regulation

目    录

摘  要 1

Abstract 1

一、我国基本养老金保值增值概述 2

（一）基本养老金及其统筹模式 2

（二）基本养老金保值增值的主要形式 3

（三）基本养老金保值增值的影响因素 4

二、我国基本养老金保值增值的必要性分析 6

(一)有利于解决隐性债务问题 6

(二)基本养老金制度设计不断完善的要求 7

(三)顺应国际养老金投资的潮流 7

三、我国养老金保值增值中面临的困境 8

（一）基本养老金保值增值的政策困境 8

（二）基本养老金保值增值的人口结构困境 10

（三）基本养老金保值增值的市场投资困境 11

四、国外养老金保值增值发展的成功经验借鉴 12

（一）新加坡:国家主导和高效的监管体制 12

（二）智利：养老金管理的市场化、法制化改革 12

（三）美国：多支柱、公私协作的养老金体系 13

（四）养老金保值增值的国际经验总结 13

五、我国摆脱养老金保值增值困境的对策建议 13

（一）完善养老保险基金管理制度 13

（二）优化养老金保值增值管理监督体系 14

（三）完善资本市场、建立配套制度 15

（四）提高统筹层次并加快基本养老金个人账户资本化运营 16