金融经济学研究

人口老龄化对金融体系服务养老保障提出新要求，探索符合中国国情的养老金融发展道路，是提升养老保障能力的现实要求，也是构建中国特色养老金融理论的重要命题。本文运用规范分析与比较制度分析方法，将中国特色养老金融界定为以养老金金融、养老服务金融和养老产业金融为基本构成的综合性金融制度安排，并据此构建分析框架。研究表明，中国特色养老金融以马克思主义政治经济学社会保障思想和中国特色金融发展理论为理论根基，其形成遵循家庭养老、社会保障与养老金融的历史逻辑，并由老龄化阶段特征、区域发展差异和制度转型进程共同塑造。与市场主导型养老金融相比，中国特色养老金融体现出国家、市场与家庭协同治理的制度特征，以及公共目标与市场机制相统一的运行机制。当前，制度摩擦通过推高风险溢价、抑制有效金融供给，降低养老资源配置效率。优化关键在于以制度协同为主线，完善国家、市场与家庭责任共担机制，推动三类养老金融功能协同，提升养老保障体系的可持续性与适应性。

Population aging has imposed new requirements on financial systems in supporting old-age security.Exploring a pension finance development path suited to China 's national conditions is not only essential for enhancing the capacity of old-age security,but also an important theoretical issue in constructing a framework of pension finance with Chinese characteristics.Using normative analysis and comparative institutional analysis,this study defines pension finance with Chinese characteristics as an integrated financial institutional arrangement composed of pension finance,elderly care service finance,and elderly care industry finance,and develops an analytical framework accordingly.The findings show that pension finance with Chinese characteristics is theoretically grounded in Marxist political economy' s ideas on social security and the theory of financial development with Chinese characteristics.Its formation has followed the historical evolution of family-based eldercare,social security,and pension finance,while being shaped by the characteristics of population aging,regional development disparities,and institutional transformation.Compared with market-oriented pension finance models,pension finance with Chinese characteristics features collaborative governance among the state,the market,and households,as well as an operational mechanism that integrates public objectives with market-based resource allocation.Currently,institutional frictions increase risk premiums,constrain effective financial supply,and reduce the efficiency of elderly resource allocation.Therefore,optimization requires strengthening institutional coordination,improving the mechanism of shared responsibilities among the state,the market,and households,promoting functional coordination among different forms of pension finance,and enhancing the sustainability and adaptability of the old-age security system.