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上海大学学报(社会科学版)

• 经济学·管理学研究 • 上一篇    下一篇

论证券市场、国企改革与 完善社会保障制度——由大小非解禁引发的思考

  

  1. 1.中国人民大学公共管理学院，北京 100872；
    2.武汉大学社会保障研究中心，湖北 武汉　430072
  • 收稿日期:2008-11-17 出版日期:2009-11-15 发布日期:2009-11-15
  • 作者简介:李珍（1956），女，湖北武汉人。中国人民大学公共管理学院教授、博士生导师，研究方向：社会保障经济与金融。
  • 基金资助:

    教育部人文社会科学重大项目（05JJD840008）

Securities Market, StateOwned Enterprises Reform
and Social Security System Perfection
——A Reflection on Coming into Sale of Large or Small NonTradable Share

  1. 1.School of Public Administration, Renmin University of China, Beijing 100872, China;
    2.Center for Social Security, Wuhan University, Wuhan 430072, China
  • Received:2008-11-17 Online:2009-11-15 Published:2009-11-15

摘要：

任何改革都是一个系统工程，对其中任何问题的疏忽都可能引发新问题。国企改革、社会保障制度和资本市场在中国有着不可分割的关联。目前针对资本市场的大小非困局提出的方案大都缺乏这种系统观，因而无法解决根本问题。要想从根本上走出“后股改时代的大小非困局”，需要在把握证券市场、国企改革与社会保障制度关系的基础上，通过国企股权划拨给养老基金实现社会化应该是治本之道。考虑到上市公司中的国有股产权清晰、操作便利的特征，可以先从上市公司的国有股权入手，在中央一级，将央属国企的所有权转让给一个专门的“养老保险转制基金”以专门用于弥补转制成本, 并允许其有计划地在证券二级市场上流通。这一“养老保险转制基金”定位于中央级；在地方一级，可将地方国有企业股权划转给省级个人账户养老基金管理委员会，并通过法律明确这一权益对于弥补转制成本的专用性。目前最迫切的就是用这一权益来做实个人账户，以尽快使个人账户养老基金实现市场化运营，从而真正保障新制度参与者的退休权益。通过国有股权的转持，既解决了资本市场股权分置改革带来的大小非问题, 也解决了社会保障基金不足的问题，更解决了国企改革面临的公平和效率难题，因而是一个一石三鸟的系统解决方案。

关键词: 国企改革, 社会保障制度, 证券市场

Abstract:

 Any reform is a systematic project, in which, if any problem is ignored, many other problems may be triggered. Therefore, in China, the stateowned enterprises reform is impossible to be separated from the social security system and capital market. At the present, in the capital market, the fact that most of the suggestions on coming into sale of large or small nontradable shares cannot resolve fundamental problems should be attributed to a lack of this systematic viewpoint. In order to shake off completely the dilemma of the "large or small nontradable share in the era of postcapitalrestructuring", the crucial method is, on a basis of grasping the relations between securities market, stateowned enterprises reform and social security system, to allocate stateowned enterprises equity to pension so as to realize its socialization. Considering the clear property right and convenient operation of stateowned shares in listed companies, this kind of stateowned enterprises equity should first be dealt with. And on the state level, give stateowned enterprise property rights to a special "pension transformation fund", which can be used in the necessary supplement of transformation cost, and allowed to circulate in the secondary market. Correspondingly, on the local level, give local stateowned enterprise property rights to the "provincial committee of personalaccount pension fund", and, by legislation, determine a special usage in supplement of transformation cost. For the present time, the most pressing task is ensuring this benefit be used in the personal account so as to realize market operation as quick as possible, thus protecting the benefit of retirees who work as the participator in the new system. In conclusion, this comprehensive solution has the result of the "three birds with one stone". On the one hand, it resolves the problem of the large or small nontradable share in the securities market because of share division reform; and on the other hand, it meets the requirement of social security fund. And also, at the same time, it displays the justice and efficiency that are faced by stateowned enterprise reform.

Key words: securities market, state owned enterprises reform, social security system

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