《保险研究》2013年第5期目录及摘要

相关链接：《保险研究》2013年第4期目录及摘要

            《保险研究》2012 年“复印报刊资料”转载统计

影响外资保险公司境外发展的国家主权个性因素研究

郝演苏　张文峰　杨雪君

(中央财经大学保险学院,北京 100081)

［摘　要］　纵观世界各主要保险市场，无论在崇尚自由经济的发达国家还是在处于半开放状态的发展中国家，外资保险的比重都较低。引入一个新的概念——国家主权个性，并从宏观层面、行业层面和微观层面界定其内涵及表现形式，为相关的实证研究奠定基础；对部分发达国家和发展中国家的外资保险发展进行了实证分析，通过国际比较，对理论研究进行了实证检验。以国家主权个性为研究主线，借助于PEST模型和波特的五力模型，采用理论研究、实证分析和国际比较的方法，系统研究和总结外资保险境外发展的一般规律。研究结果将为保险金融集团的国际化战略提供一种依据或考察标准，使得保险公司或其他金融机构海外扩张的战略选择更加有据可循。
［关键词］　主权个性；境外发展；PEST模型；波特五力模型

Analysis of the National Sovereignty Personality Factors Influencing the Development of Foreign Insurers

Hao Yansu, Zhang Wenfeng, Yang Xuejun

(School of Insurance, Central University of Finance and Economics, Beijing 100081)

Abstract：In each of the major insurance markets, the market shares of foreign insurers  are all very low, both in the developed countries which advocate free economy and in the developing countries. In order to explain this phenomenon, this paper proposed a new conceptnational sovereignty personality, and defined the concept from three aspects (macro level, industry level and micro level), which laid the foundation of the empirical research. The paper studied the development of foreign insurers both in developed and developing countries, and made an empirical testing of the theoretical analysis. By treating national sovereignty personality as the main line of the whole research, and through theoretical analysis, empirical analysis and international comparison with the help of the PEST model and Porter''s five forces model, this paper studied and summarized the general rules of development for foreign insurers systematically. The conclusion of this paper would provide a basis or another insight for insurance groups’ international strategy.
Key words：sovereignty personality; overseas development of foreign insurers;  the PEST model;  Potter’s five forces model

郝演苏在《保险研究》上发表过的其他文章：

要关注保险行业的边缘化倾向

发展保险启动消费加速经济发展

略论开放我国保险市场的若干问题

保险是劳务型的金融商品

中国保险事业的改革与发展

风险感知与保险需求波动——基于最优保险模型的理论证明

周志刚　陈　晗

(西南财经大学保险学院， 四川 成都 611130)

［摘　要］　肇始于心理学领域的风险感知研究逐渐在经济学领域帮助人们窥探决策黑箱的运作机理。恐惧因子和位置因子作为风险感知的两个维度，决定了人们对风险的感知水平。通过风险感知的维度、情绪对风险感知的影响以及风险感知对风险决策影响的文献梳理后，构建了巨灾冲击后风险感知影响保险需求的路径。在期望效用理论下通过构建效用最大化模型验证了收入财富等变量影响保险需求，当个体的风险感知发生变化将会导致保险需求的变化，即风险感知水平上升将导致对某一风险的主观概率提升，进而引起了最优保险需求的增加。在非期望效用理论框架下，通过前景理论同样证明了当个体受到强烈的情绪和感知冲击后，主观概率的增加将导致保险需求的增加。
［关键词］　风险感知;保险需求;期望效用理论;前景理论

Risk Perception and the Fluctuation of Insurance Demand—A Theoretical Proof Based on the Optimal Insurance Model

Zhou Zhigang, Chen Han

(School of Insurance, Southwestern University of Finance and Economics, Chendu, Sichuan  611130)

Abstract：The risk perception theory initiated in psychology is now playing an important role in exploring the mechanism of decision making in the field of economics. The fear factor and unknown factor determine the perception of risk on two dimensions. After the review of risk perception literature about dimensions of risk perception, how emotion affecting the perception, and how risk perception affecting decision making, the authors built the propagation path of risk perception influencing the demand of insurance after catastrophes. The authors proved the assumption that ascension of risk perception would result in insurance demand increase in addition to the factors of income and wealth through establishing a utility maximization model according to the Expected utility theory. In other words, with the rising of the risk perception level, the subjective probability of certain risk will go up accordingly, which will lead to the increase of optimal insurance demands.  On the other hand, under the framework of prospect theory, the authors also proved that when strongly impacted emotionally and perceptionally, the rise of subjective probability would lead to the increase of insurance demands.
Key words：risk perception; insurance demand; expected utility theory; prospect theory

周志刚在《保险研究》上发表过的其他文章：

论保险合同的成立

中国寿险业盈利模式和价值定位研究

刘玉焕　江生忠

（南开大学经济学院风险管理与保险学系，天津 300071）

［摘　要］　利用中国32家寿险公司2002年～2011年非平衡面板数据，探讨保费规模、承保利润、投资资产、投资收益和退保金对寿险净利润的影响，以验证寿险业盈利模式以“山派”理论为主，还是以“海派”理论为主，并对不同类型寿险公司盈利能力进行比较。实证结果表明：寿险净利润与承保利润、投资收益正相关，寿险净利润受投资收益影响的程度高于承保利润，验证了我国寿险盈利模式符合“海派”理论；不同类型寿险公司自发盈利能力存在差异,退保对盈利能力具有负面影响；寿险公司盈利能力受产品结构影响。建议中国寿险业完善价值定位，建立具有竞争性的盈利模式，优化业务结构，并详细披露盈利状况。
［关键词］　盈利模式；面板数据；净利润；承保利润；投资收益；退保金

Empirical Analysis on Profitability Pattern and Value Orientation in Life Insurance Industry

Liu Yuhuan, Jiang Shengzhong

(Department of Risk Management and Insurance, School of Economics, Nankai University, Tianjin 300071)

Abstract：According to China’s 32 life insurers’ financial data during 2002-2011，we analyzed the impacts of premium size, underwriting profit, investment assets, investment income and surrenders on net profits of life insurance companies by building an unbalanced panel data model in order to verify whether life insurance profitability patterns were dominated by the “Mountain Theory”  or the “Sea Theory”. The research revealed that life insurers’ net profits were positively correlated to their underwriting profits and investment income, but the latter had larger impacts than the former. This proved that Chinese life insurers’ profitability pattern conformed more to the “Sea Theory”. The findings also indicated that different insurers had different profitmaking capability on their own, profitability was negatively affected by surrenders, and product mix impacted on profitability. The paper put forwards suggestions that Chinese life insurers establish competitive profitability models, optimize their business mix and disclose detailed profitability information.
Key words：profitability pattern; panel data; net profit; underwriting profit; investment income; surrenders

刘玉焕在《保险研究》上发表过的其他文章：

产品结构失衡对寿险公司资本结构、盈利能力和偿付能力的影响——以上市保险公司为例

保险会计新准则对寿险业的影响及应对策略分析

江生忠在《保险研究》上发表过的其他文章：

发展中小保险公司对经济增长的水平效应与速度效应——基于分省面板数据的实证研究

财险理赔中恶性竞争的影响、成因及对策分析——基于经济学视角

现阶段我国保险产业的经济分析

论我国保险监管的几个问题

如何看待我国寿险市场的需求

我国保险市场的现状及其发展趋势

建立国内再保险市场的必要性及模式

建立我国保险行业自身管理机制刍议

论保险公司企业化及模式

随机利率条件下保险公司长寿风险自然对冲策略研究

金博轶

(山东财经大学保险学院，山东 济南250014)

［摘　要］　长寿风险已成为保险公司面临的主要风险因素之一。本文构建了考虑到随机利率因素的长寿风险的自然对冲模型，通过实例研究后发现忽视利率风险的影响将会使保险公司不能做到长寿风险的充分对冲，此外，与男性相比，女性保单面临更为严峻的长寿风险，最后，使用LeeCarter死亡率模型会存在过度对冲的问题，LeeCarter模型高估了长寿风险水平。
［关键词］　长寿风险；自然对冲策略；随机利率

Natural Hedging against Longevity Risk based on Stochastic Interest

Jin Boyi

(School of Insurance of University of Finance and Economics, Jinan 250014)

Abstract：Longevity risk has become one of the major risk factors faced by insurance companies. This paper constructed a natural hedge model for longevity risk taking into account the random interest rate. Through the empirical analysis, we found out that ignoring the impact of interest rate risk would fail to fully hedging against longevity risk. Compared with male policies, policies covering females faced with more severe longevity risks. However, using LeeCarter nonoptimal mortality model would result in overhedging because it overestimated the longevity risk.
Key words：longevity risk; natural hedging strategy;  Stochastic Interest Rate 

我国非寿险公司再保险与资本结构研究

许　闲　陈卓苗

(复旦大学经济学院，上海 200433)

［摘　要］　我国保险业转型和保险回归保障功能对保险公司运用再保险和合理配置资本结构提出了更高要求。本文以2007年～2011年我国的非寿险保险公司为研究对象，实证检验保险公司再保险购买与资本结构选择间的因果关系，采用2SLS和FEPD模型研究发现，非寿险保险公司财务杠杆与再保险比率存在显著的正相关关系，再保险率反过来也正向提高了财务杠杆率。本文的结论证明我国非寿险保险公司再保险购买与资本结构选择的因果关系与现有的资本结构理论相符。本文的研究证实，再保险购买能够有效减少我国非寿险保险公司的偿付压力，可以为我国非寿险保险公司的业务拓展提供安全边际，从而以较低成本维持较高的财务杠杆比例。
［关键词］　资本结构；再保险；保险公司；保险财务

Reinsurance and Capital Structure of Chinese P&C Insurance Companies

Xu Xian, Chen Zhuomiao

(Fudan University School of Economics, Shanghai 200433)

Abstract：The transformation of the insurance industry in China, which refocusing on the protection function, has put forward higher requirements on insurance companies to allocate their capital structure and use reinsurance wisely. In this research, we used the 2SLS and FEPD models to analyze the relationship between reinsurance purchase and capital structure selection in Chinese P&C companies during 2007-2011. The results showed that the level of leverage had a positive correlation to reinsurance ratio in Chinese insurance companies, and inversely, reinsurance ratio also lifted the leverage level. The findings indicated that the causal relationship between reinsurance purchase and capital structure selection conformed to the current capital structure theories. Moreover, reinsurance purchase could reduce solvency requirement pressure on P&C companies, provide a safety margin for business expansion, and maintain a relatively high financial leverage ratio at a low cost.
Key words：capital structure; reinsurance; insurance company; insurance accounting

许闲在《保险研究》上发表过的其他文章：

保险公司偿付能力风险信息对称性与市场供求

论保险合同会计计量模式的选择与国际趋同

当前制度下巨灾保险产品准备金计提的缺陷及完善

保险会计信息披露制度的国际比较研究与启示

参股保险业与企业融资约束的关系研究——基于我国上市公司的实证研究

解维敏

(东北财经大学会计学院、中国内部控制研究中心，辽宁 大连 116025)

［摘　要］　本文以2007年～2011年我国A股上市公司为样本，实证检验参股保险业对企业融资约束的影响。研究结果发现，与没有参股保险业的企业相比，参股保险业的上市公司面临的融资约束更低；而且，参股保险业对企业融资约束的影响，对于那些处于金融市场化水平较低的地区里的企业更为明显。本文的研究结果表明，当金融发展水平较低，企业融资约束较严重的情况下，参股保险业可以帮助企业获取融资。
［关键词］　参股保险业；产融结合；融资约束

An Empirical Study on Relationship between Holding Shares of Insurance Companies and Corporate Financing Constraints—Based on Evidence from Chinese Listed Companies

Xie Weimin1,2

(1.School of Acounting, Dongbei University of Finance and Economics, Dalian, Liaoning 116025; 2.China Internal Control Research Center, Dalian, Liaoning 116025)

Abstract：This paper used the data of Chinese Ashare listed companies during 2007-2011 to test the effect of holding shares of insurance companies on corporate financing constraints. The empirical results showed that compared with the listed companies without equity investment to insurance companies, holding shares of insurance companies could lower financing constraints faced by listed companies with equity investment to insurance companies. Further, the impact of equity investment to insurance companies on corporate financing constraints was more apparent to listed companies located in region with a lower level of financial development. In conclusion, when the financial development was at a low level, and a company is facing with a high financing constraints, making equity investment to insurance companies could help the entity to access financing resources.
Key words：equity investment to insurance companies; industryfinance integration; financing constraints

ORSA的理论研究与实践要求

张连增　曲　珩

(南开大学经济学院风险管理与保险学系，天津 300071)

［摘　要］　当前国际保险监管中，欧盟偿付能力II被认为是保险业的全面风险管理的重要组成部分。欧盟偿付能力II的第二支柱计划采用定性要求和一个全球性适当的风险管理体系，来补充定量的资本要求。ORSA作为第二支柱的核心内容，对其进行理论研究与实践要求探索具有重要意义。本文在系统梳理ORSA的概念、内涵以及欧盟和美国ORSA的发展进程的基础上，给出了实施ORSA的目标、要求以及ORSA报告初步模块，并对实践中可能存在的问题进行了深入探讨，这些研究对我国保险业监管制度建设，具有重要的实际意义和决策参考价值。
［关键词］　自身风险；偿付能力评估；企业风险管理；偿付能力资本要求

A Preliminary Investigation of Theory and Practical Requirements of ORSA

Zhang Lianzeng，Qu Heng

(Department of Risk Management and Insurance, School of Economics, Nankai University, Tianjin 300071)

Abstract：In the current international insurance regulations, European Solvency II is considered to be an important part of enterprise risk management for insurance industry. The second pillar of European Solvency II proposes to adopt qualitative requirements and a globally appropriate risk management system, in order to supplement quantitative capital requirements. It has an important significance to investigate the theory and practical requirements of ORSA, which is the core of the second pillar. This paper summarized the concept and connotation, as well as the development process of ORSA in European Union and United States, upon which the objectives and requirements of implementing ORSA and preliminary modules of an ORSA report were provided. Moreover, the possible existing problems in practice were also investigated and discussed in depth. These studies may have an important practical significance and decisionmaking reference value for the establishment of the insurance regulatory system in China.
Key words：own risk; solvency assessment; enterprise risk management; solvency capital requirement

张连增在《保险研究》上发表过的其他文章：

ZAIG模型在车险定价中的应用研究

新会计准则下我国财产保险公司资产负债管理研究

我国财产保险区域差异与宏观经济的关系研究——基于省际面板数据的实证分析

车险索赔概率影响因素的Logistic模型分析

行驶里程数对车险净保费的影响研究——基于公路里程对交通事故损失的影响视角

国外车险里程定价理论与实践

中国人口老龄化对人身保险市场发展的影响分析——基于省际面板数据的经验分析

从会计角度看非寿险公司日比例法准备金 

基于风险调整的保险市场均衡及监管协调分析

王茂琪　陈秉正

(清华大学经济管理学院，北京 100084)

［摘　要］　保险市场监管通常包括费率监管、偿付能力监管、资金运用监管等多种行为。现有关于保险监管的研究多是针对单一监管行为的，较少分析多种监管行为间的相互影响和协调问题。事实上，严格的费率监管会导致保险人偿付能力的变化，资金运用监管亦会改变保险人的偿付能力。本文通过构建基于风险调整的保险市场均衡模型，将费率监管、偿付能力监管和资金运用监管纳入到同一个框架中进行分析，对不同监管行为对市场均衡的影响，以及彼此之间的协调机制进行了探讨，对中国保险市场监管的改进给出了针对性建议。
［关键词］　保险监管；费率监管；偿付能力；资金运用；监管协调

A Study on the RiskAdjusted Insurance Market Equilibrium and Regulation Coordination

Wang Maoqi, Chen Bingzheng

(Tsinghua University School of Economics and Management, Beijing 100084)

Abstract：Pricing regulation, solvency regulation and asset management regulation are important components of insurance regulatory policies. Most of the current studies focus on single regulatory action, without investigating the coordination among different actions. In fact, strict pricing regulation, as well as asset management regulation, has significant impacts on insurers’ solvency. This paper built a riskadjusted model on insurance equilibrium to examine the impacts of different regulatory actions, including pricing regulation, solvency regulation and asset management regulation, on market equilibrium, as well as the coordination among them. Practical suggestions for China’s future insurance regulation were provided based on the analysis.
Key words：insurance regulation; pricing regulation; solvency regulation; asset management; regulation coordination

王茂琪在《保险研究》上发表过的其他文章：

AIG陷入财务困境的原因及启示

陈秉正在《保险研究》上发表的其他文章：

动态死亡率下个人年金的长寿风险分析

我国人身保险市场结构变化与预测分析

强制保险能否提高保险市场效率分析

国外非传统风险转移产品介绍

整体化风险管理效果的模拟分析

归纳式学习方法在保险数据分析中的运用

走向风险管理的前沿

从“囚徒困境”看保险诚信建设

建筑业意外伤害保险需求研究

论风险管理概念演变的影响      

王海东

（中国人事科学研究院，北京 100101）

［摘　要］　我国的退休年龄政策至今仍延用了上世纪50年代的相关规定，既不符合人口预期寿命已经大幅提高的现实，更不能提供可靠、有效的退休金保障。个人账户替代率与缴费金额紧密关联，较低的退休年龄必然导致保障不足。通过定量研究，分析了推迟退休、推迟或减缓领取养老金等措施对个人账户养老金替代率的影响，揭示了推迟退休等措施对于保障养老金替代率的重要性。研究认为提高退休年龄是大势所趋，但可灵活采取包括推迟退休、推迟或减缓领取养老金等一系列可供选择的政策组合，缓解提高退休年龄的改革阻力。
［关键词］　基本养老保险;个人账户;替代率;退休年龄

Research of Retirement Age Policy and Its Impact on Replacement Ratio of Individual Accounts

Wang Haidong

（Chinese Academy of Personnel Science, Beijing 100101）

Abstract：We now still follow the retirement age policy that was set up in 1950s, which does not comply with the rising life expectancy trend, and cannot ensure a reliable pension level. The replacement ratio of individual accounts is closely related to the total contribution, so the low retirement age will inevitably induce low pension levels. This paper analyzed the impacts of higher retirement age, and a combination of higher retirement age and later or slower pension payment on pension replacement ratio by quantitative methods, and proved the importance of higher retirement age to pension replacement ratio. The paper held that increasing retirement age was inevitable in the future, and we could take some flexible policy packages including lifting retirement age, later or slower pension payment to relieve the pressure on pushing forward the higher retirement age policy.
Key words：Basic Oldage Insurance; individual accounts; replacement ratio; retirement age

王海东在《保险研究》上发表的其他文章：

基本养老保险目标替代率研究

英国养老金私有化改革的历程与评价

我国城乡居民大病医疗费用预测与保险基金支付能力评估

朱铭来　于新亮　宋占军

(南开大学经济学院，天津 300071)

［摘　要］　现阶段城乡居民家庭，特别是对中低收入人群，一旦发生大额医疗费用，极易导致因病致贫、因病返贫，而国内文献缺乏对我国城乡居民大病医疗费用预测及其相关保险基金风险评估的研究。本文结合我国今年开始实行的城乡居民大病保险政策，以恶性肿瘤为例预测了大病保险补助人数和医疗费用支付，进而测算未来我国城乡居民大病保险支付水平，并根据目前筹资模式对大病保险基金的财务风险做了评估。结果显示：大病保险目前的筹资模式和支付规模对医保基金的长期收支平衡将造成很大压力，我们需要不断完善大病保险的制度建设，以确保其可持续发展。
［关键词］　大病保险；医疗费用；基金风险

China’s Major Medical Expenditure Forecast and Insurance Payment Capacity  Evaluation

Zhu Minglai，Yu Xinliang，Song Zhanjun

(School of Economics，Nankai University，Tianjin  300071)

Abstract：Major medical expenditure can easily make midincome and lowincome households in China fall into poverty, and scholars have few researches on China’s major medical insurance expenditure forecasting and risk evaluation of relevant insurance funds. Based on the newly launched supplementary major medical insurance program, we tried to calculate the aggregate major medical expenditure and the total number of participants, with focus on malignant tumor, and evaluated the financial risk brought by the insurance payment patterns. Our findings indicated that the current fundraising and payment patterns would result in pressure on budget balance of the social healthcare fund in the long term, and we had to take some actions to improve on the mechanism of the fund constantly in order to ensure its sustainability.
Key words：major medical insurance; medical expenditure; financial risk

朱铭来在《保险研究》上发表过的其他文章：

社会保障大病保险补偿模式的思考——基于天津市城乡居民住院数据的实证分析

医疗保障对居民消费水平的影响——基于省级面板数据的实证研究

论保险合同免责条款和保险人明确说明义务——《保险法》第17条和第19条的理解和适用

美国医疗保障制度改革述评

论保险利益原则在我国保险立法中的修订与完善

论商业健康保险在新医疗保障体系中的地位

医疗责任保险制度的国际比较研究

企业年金税收政策的国际经验与借鉴

两岸机动车责任强制保险对比研究

我国汽车保险需求的实证分析

宋占军在《保险研究》上发表过的其他文章：

基本养老保险制度的公平性评价及影响因素

徐　强

(中国人民大学劳动人事学院，北京 100872)

［摘　要］　公平性可分为制度建设的客观公平性及参保者主观的公平性评价。本文利用2011年对全国4个省份1600余份问卷的调查数据，重点探讨我国养老保险制度建设过程中客观公平性的缺失及其对公众主观评价的影响，通过建立logistic回归模型深入分析影响公众公平性评价的主要因素。研究发现，我国基本养老保险制度的公平性评价总体不高，认为制度公平的比例仅为49.4%。公众社会特质层面的职业类型、所在区位及制度层面的保障水平显著影响公众对养老保险制度的公平感，而公众个人特质层面的四个因素则无显著性影响。
［关键词］　养老保险制度；公平性评价；logistic回归模型

Fairness Assessment and Impact Factors Analysis of the Basic Oldage Insurance System

Xu Qiang

(School of Labor and Human Resources, Renmin University of China, Beijing 100872)

Abstract：Fairness includes the objective fairness of the system and subjective evaluation fairness from participants. In this paper, based on more than 1,600 questionnaires were distributed in four provinces in 2011, we focused on the lack of objective fairness of China''s oldage insurance system in the process of system establishment and its influence on the subjective evaluation of the public, then we analyzed the public attitude towards the system and influencing factors by logistic regression model. The study found out that overall fairness assessment of China''s basic oldage insurance system was not high, with just 49.4 % people rating the system as fair. Three factors that affected the overall evaluation passed the statistical significant test, and they were career type, area location of people’s social characteristics and the protection level of the system. Four factors of personal characteristics didn’t pass the statistical significant test.
Key words：Oldage Insurance System; fairness evaluation; logistic regression model

基本医疗保险制度的公众满意度及影响因素——基于全国4个省份1 600余份问卷的实证研究

社会养老保险资产负债表的经验与启示

王述珍1　王晓军2

(1.北京联合大学商务学院，北京100025；2.中国人民大学应用统计科学研究中心，北京 100872)

［摘　要］　全球人口老龄化使世界各国的社会养老保险面临日益增大的财务压力和可持续发展的巨大挑战，从而对社会养老保险的财务风险管理和财务预警提出了更高的要求。在实践中，以美国为代表的大多数国家采用现金流量预测方法评估社会养老保险的长期财务状况，瑞典则开创性地引入了资产负债表，采用复式记账法从存量角度评估公共养老保险的资产与负债水平，引入偿付能力比率衡量制度的偿付能力状况，引入自动平衡机制调节制度的资产和负债平衡，从而不仅增加了制度财务的透明性，也为制度财务可持续发展提供了有效的保障。在我国，有关社会养老保险财务报告和财务管理的理论研究与实践经验基本处于空白，本文将对瑞典公共养老保险系统的资产负债表进行深入剖析，以探讨广泛适用的社会养老保险资产负债表的原理和应用，并为我国社会养老保险资产负债表的建立提供建议。
［关键词］　社会养老保险;缴费资产;资产负债表;自动平衡机制

The Balance Sheet for Social Pension Insurance and Some Recommendations

Wang Shuzhen1, Wang Xiaojun2

(1.Business College of Beijing Union University, Beijing 100025; 2.Key Research Institute of Humanities and Social Sciences at Universities,
Renmin University of China, Beijing 100872)

Abstract：With the global trend of population ageing, social pension insurance programs in many countries are facing with significant fiscal challenges and sustainability problems. As a result, there is a higher requirement for financial risk management and financial prewarning. In practice, some countries, like the U.S, use aggregate cashflow projection models to evaluate the longterm financial status of social pension systems, while Sweden introduces the balance sheet into the process, and uses the doubleentry accounting system to evaluate the payasyougo pension system’s assets and liabilities from the aspect of the current balance. The Sweden method also applies the solvency ratio to measure the solvency status and uses the automatic balancing mechanism to adjust the balance, therefore it not only increases the financial transparency of the system, but also helps to ensure the system’s financial sustainability. In China, there are few experiences and theoretical study on financial reporting and financial risk management for the social pension system. In this paper, we focused on the experience analysis for the balance sheet of Swedish public pension system, discussed the fundamental theory and comprehensive application of balance sheet for payasyougo pension system, and gave some suggestions for establishing the balance sheet of social pension program in China.
Key words：social pension system; contribution asset; balance sheet; automatic balancing mechanism

王晓军在《保险研究》上发表的其他文章：

我国养老保险的财务可持续性研究

公共养老金体系偿付能力评估方法评析

Lee-Carter模型在中国城市人口死亡率预测中的应用与改进

我国年金产品的效用比较

政府养老金个人账户收益保障制度分析

养老保险的精算管理与财务可持续发展

新金县试办养鱼保险的调查

当代西方养老保障市场化思想与借鉴

颜鹏飞　刘益成

（武汉大学经济与管理学院，湖北 武汉 430072）

［摘　要］　20世纪70年代以来，西方国家在经济滞胀、人口老龄化与政府财政负担日益加重的背景下，纷纷改革其传统的养老保障制度，其基本方向是市场化与多元化。文章总结分析当代西方国家养老保障市场化改革的主流思想：新自由主义、福利多元主义、第三条道路和新公共管理运动，并针对我国实际，提出当代西方养老保障市场化思想对我国养老保障体制改革的借鉴意义。
［关键词］　养老保障；市场化；多元化

Western Countries’ Pension Marketization Thoughts and Their Implications

Yan Pengcheng, Liu Yicheng

(Economic and Management School, Wuhan University, Hubei Wuhan 430072)

Abstract：Since 1970s, under the background of economic stagflation, population aging, and government’s financial crisis, Western developed countries began to reform their traditional state welfare pension systems, and their common direction is privatization and marketization. This study analyzed the pension reform thoughts and policy practices such as the neoliberalism, welfare pluralism, the Third way, and the New Public Management theory in Western countries. Based on these analyses and considering China’s condition and situation, the paper suggested to draw some lessons for China’s pension reform.
Key words：pension reform; pension marketization