如何确保我国养老基金保值增值,更好发挥市场在养老基金投资中的资源配置作用。关键在于养老基金投资如何从正面清单模式向负面清单模式转变。当前,立法肯定的是正面清单模式,但该模式在理念上存在政府管制过度,实践中可能产生“社会投资”问题,影响养老基金投资的安全和高效。因此,需要通过建立养老基金负面清单模式来解决养老基金投资中产生的理念与制度问题。我国建立养老基金投资负面清单模式既有国际经验和我国地方实践,又有理论支撑,该模式的构建具有可行性。通过建立养老基金投资负面清单模式,可厘清政府与市场关系,防范政府社会投资;并通过明晰负面清单制定主体、适用对象和防范负面清单可能带来的风险三个方面完善预防负面清单模式可能引发的法律风险。

How to ensure that China’s pension funds maintain and increase their values and give better play to the role of the market in the allocation of resources for pension funds? The key lies in the way pension funds investment changes from a positive list model to a negative list model. At present, the legislation affirms the positive list model. However, there are excessive government regulations in the conceptual level. In practice, social investment issues may arise, affecting the safety and efficiency of pension fund investments. Therefore, it is necessary to solve the concept and institutional problems arising from the investment of pension funds by establishing a negative list model for pension funds. The establishment of a negative list model for pension fund investment in China has both international experience and local practice in China, as well as theoretical support. The construction of this model is feasible. By establishing a negative list model for pension fund investment, the relationship between the government and the market can be clarified and the government’s social investment can be prevented; and the prevention of legal risks of the negative list model can be better promoted by clarifying the formulation subjects of the negative list, the applicable target, and the prevention of risks caused by the negative list.