众所周知，老龄化已经成为当前我国经济社会面临的最大挑战之一。截至2011年底，全国60岁及60岁以上的老年人口接近1.85亿人，占到总人口的13.7%。而按照联合国(微博)的标准，该比重超过10%就意味着老龄化社会的来临。

As is known to all,Aging has become the current our country economic society faces one of the biggest challenges.By the end of 2011,The 60 years old and over the age of 60 elderly population nearly 185 million people,Account for 13.7% of the total population.And according to the United Nations(Micro bo)standard,The specific gravity more than 10% means that the advent of an aging society.

　　老龄化必然对于我国的经济增长模式和社会结构产生复杂影响，在带来银发经济机遇同时，也引起诸多压力和挑战。其中，如何满足老龄人群的社会保障及衣食住行等消费和投资需求，成为最大的问题。就应对思路来看，无非是求助于财政和金融手段，尤其在政府财政存在制度缺失，难以有效支撑养老保障的前提下，更需要以养老金融创新来加以补充。

Aging inevitable for China's model of economic growth and social structure have complex effect,In bring the elders economy opportunities at the same time,Also cause many pressures and challenges.the,How to meet the aging populations of the social security and 'basic necessities of consumption and investment demand,Become the biggest problem.Will deal with ideas to see,It is turn to fiscal and financial means,Especially in government financial existence system is lacking,Difficult to effectively support under the premise of the safeguard of the aged,The more the need for a pension financial innovation to be added.

　　2011年12月，国务院发布《社会养老服务体系建设规划(2011～2015年)》，提出鼓励和引导金融机构在风险可控和商业可持续的前提下，创新金融产品和服务方式，改进和完善对社会养老服务产业的金融服务，增加对养老服务企业及其建设项目的信贷投入。

In December of 2011,Promulgated by the state council[Social endowment service system construction planning(2011 ~ 2015)],Puts forward to encourage and guide the financial institutions in the risks are controllable and business sustainable premise,Innovative financial products and service mode,To improve and perfect the social endowment service industry of financial services,Increase the endowment service enterprise and its construction projects in the credit.

　　现实中，虽然各界对养老金融更加关注，许多金融机构也开始探讨相关的创新，但是由于存在政策隐忧、技术瓶颈和文化差异，在发达市场经济国家非常流行的养老金融产品，在我国却“水土不服”且进展缓慢。从根本上看，完善的养老金融体系应该具备三方面的功能，即服务于老龄人群的保障、消费和投资需求。

reality,Although the from all walks of life to pension financial pay more attention to,Many financial institutions also have begun to explore relevant innovation,But because the existing policy concerns/Technical bottleneck and cultural differences,In the developed market economy countries very popular endowment financial products,But in our country"endemic"And progress will be slow.Fundamentally see,Perfect endowment financial system should have the function of the three aspects,That is in the service of the aging population security/Consumption and investment demand.

　　首先，对于养老保障来说，一方面，我们迫切需要完善包括保险、基金在内的各类契约型储蓄机构，为老龄人群的基本生活提供安全保障网。以美国为例，其养老金有三道“防火墙”：最内层是政府养老金，其次是401K条款下的雇主养老金，最外围是个人账户。前者是强制的，后两者是自愿的，通常按照商业化模式运营，并且享受政府的财税优惠支持。另一方面，还要积极推动旨在支持养老的金融产品创新。典型的就是住房反向抵押贷款，又称“倒按揭”，即指老年人以拥有产权的住房作抵押，向银行或其他金融机构借款消费，同时老人仍然保留房屋居住权，在去世后用住房还贷。当然，受制于住房制度缺陷、地产泡沫、评估老年人生命周期的困难，以及通常老人会把住房留给子女等文化因素，倒按揭在我国的推出还存在现实困难。但无论如何，日益庞大的老龄人群带给金融机构的也是新机遇，政府和监管部门应有效引导各类机构，真正打好“养老牌”，为老人提供多种保障性的银行和非银行服务产品。

First of all,It for the safeguard of the aged,On the one hand,We urgently need perfect including insurance/Fund, all kinds of compact savings institutions,For the basic life aging populations provide security nets.In the United States, for example,There are three ways their pension"firewall":The inner layer is the government pension,The second is 401 k under the terms of employer pension,The most peripheral is a people account.The former is mandatory,The latter two are voluntary,Usually, in accordance with the commercial operation mode,And enjoy the government's fiscal and taxation preferential support.On the other hand,To actively promote aims to support the endowment of financial product innovation.Typical is housing reverse mortgage loan,Say again"Reverse mortgage",That is, the elderly has the property right to housing as a pledge,The bank or other financial institution loans consumption,At the same time, the old man still keep building right of abode,In the died with housing owing on the loan.Of course,Subject to housing system defects/Real estate foam/The elderly life cycle assessment of the difficulties,And usually the old man will put housing for children, and other cultural factors,Reverse mortgage in our country there are still out of real difficulties.But no matter how to,Increasingly large Numbers of elderly people bring financial institutions and new opportunities,Government and supervision department should effectively guide all kinds of institutions,Really good"Endowment brand",For the old man offers a variety of indemnificatory Banks and non-bank service products.

　　其次，对于养老消费来说，在银发经济的引领下，未来中国和全球的消费模式、产品结构都会受到深刻影响。在我国经济增长动力逐渐转向依靠内需、依赖国内消费的背景下，老年人消费成为不可忽视的问题，它也是金融服务实体经济的着力点。养老消费金融应把促进当前消费与养老结合起来，如前段时间引起争议的所谓消费养老，就是消费者在购买企业的产品后，企业给予其一定的养老金回馈制度，并交给专门机构或商业保险来运营。只要信用和规范性得到制度保障，这也是基于商业信用的养老金融创新。

secondly,For endowment for consumption,In the silver under the guidance of our economy,The future China and global consumption pattern/Product structure will be deep influence.In China's economic growth momentum gradually turned to rely on domestic demand/Under the background of depend on domestic consumption,The old consumption has become the problem can not be ignored,It is also the starting point of the financial service entity economy.Endowment consumer banking should put promote current consumption and endowment combined,If some time ago controversial so-called consumption endowment,Is the consumer is buying after the product of the enterprise,Enterprise gives its certain pension feedback system,And to specialized institutions or commercial insurance to operation.As long as credit and normative get system security,This is based on the commercial credit endowment of financial innovation.

　　最后，对于养老投资来说，更是金融创新的重点领域。在不同生命周期阶段，投资者的风险偏好与投资理念显然有较大差异，这对金融市场供给提出了新的需求。一则，无论是养老金、企业年金等长期机构投资者，还是老年个人投资者，都需要长期稳定的投资回报，这就要求我们大力发展包括债券在内的各类固定收益产品，使其成为金融市场的重要支撑。二则，老年人面临财富管理的巨大需求，即使是在金融发达的美国，50岁以上消费群体所积累的财富远比其他年龄段要多，但调查显示其往往对财富缺乏有效管理。我国金融机构对老人的服务，通常表现出人性化考量不足，服务意识不足，专业产品不足的问题。我们看到，老年人的活动范围较小，对金融消费的便捷性要求更高；对金融产品的安全性、流动性变现的要求更高；对服务价格非常敏感；在对产品需求的同时，需要更多的心理关注和感情关怀。由此，金融业同样需要面向老人特点，开发出更多的银发投资产品。例如，现在监管部门推动的员工持股计划，如果上市公司的业绩很好，可以使职工退休资金得到稳定的回报，更好地满足老龄社会的投资需求。

finally,For endowment for investment,Financial innovation is the key areas.In different life cycle stage,Investors' appetite for risk and investment idea obviously has a bigger difference,The financial market supply put forward new demand.a,Whether the pension/Enterprise annuity and long-term institutional investors,Individual investors or old age,All need long-term stable return on investment,This requests us to develop including bonds, all kinds of fixed income products,Make it a financial market the important support.first,Old people facing the huge demand for wealth management,Even in the financial developed the United States,50 years old consumer group than the accumulated wealth of other ages to many,But surveys show that its often lack of effective management for wealth.China's financial institutions to the old man's service,Usually show humanity considerations shortage,Service consciousness shortage,The problem of shortage of professional products.We see,The narrow range of activities,On the financial consumption convenience for higher;For the safety of financial products/Liquidity realizable requirements higher;Price is very sensitive to the service;In the product demand and at the same time,Need more psychological attention and emotional care.this,The financial industry also need for old man characteristics,To develop more silver investment products.For example,Now the supervision department to promote employee stock ownership plan,If the listed company's performance is very good,Can make the employee retirement funds get stable returns,Better meet of aging society investment demand.

　　此外，从金融支持主体来看，养老金融体系应该既包括政策性金融机构，也有商业性金融机构。其中，对于养老保障来说，应该以政策性金融为主、商业性金融为辅，而养老消费和投资则以商业性金融为主。总之，应对老龄化带来的融资、风险管理等压力，需要由政府财政、政策性金融、商业性金融三方形成合力，加快机构组织、产品服务和市场的创新，打造与我国养老文化相结合的银发金融体系。

In addition,From the financial support subject to see,Pension financial system should include not only the policy financial institutions,Also has commercial financial institutions.the,It for the safeguard of the aged,Should give priority to with policy finance/An ounce of prevention is worth a commercial finance,And endowment consumption and investment in the commercial financial give priority to.In a word,Deal with aging population brings financing/Risk management pressure,Need by the government finance/Policy financial/Commercial financial three sides to form the joint effort,Speed up the organization/Products and services and market innovation,Build China's old-age culture with the combination of silver financial system.

　　作者单位：中国社科院金融研究所

The author unit:By the Chinese academy of social sciences financial research institute