韩立红

摘要：养老机构是具有公益性的综合服务机构，为缓解我国养老压力发挥了重要的作用。文章分析了我国养老机构的发展背景，参考国内外养老机构投融资体制的类型和运作模式，指出我国养老机构现有的投融资体制的利和弊。针对目前我国养老机构投融资体制面临的问题，提出三点养老机构投融资体制改革建议，即试点公私合营模式、发行养老机构专项债券和设立产业投资基金，并分别论述了其在实际案例中的运作，最后提出了与其相应的政策建议和措施，对现阶段我国养老机构建设中投融资问题的解决具有一定的参考价值。

Abstract： Nursing institution for aged is a comprehensive service organization with public welfare， which plays an important role in alleviating China's pension pressure. This paper analyzes the development background of pension institution in China， and by referring to the type of investment and financing system and operation mode in endowment institutions at home and abroad， points out the advantages and disadvantages of the existing investment and financing system of the pension institutions in China. Investment and financing system of nursing institution for aged in China are faced with the problem， and this paper puts forward three proposals for the reform， namely the pilot public-private patterns， special bond issuing pension institutions and to set up the industrial investment fund， and discusses its operation in the actual cases. Finally， it puts forward the corresponding policy recommendations and measures， which has a certain reference value on the solution of the investment and financing problem for endowment institutions construction at the present stage in China.

關键词：养老机构；投融资体制；PPP模式；专项债券；产业投资基金

Key words： nursing institution for aged；investment and financing system；Public-Private Partnerships；special bond；industrial investment fund

中图分类号：F832.2；D669.6 文献标识码：A 文章编号：1006-4311（2017）24-0075-03

0 引言

随着人口老龄化的热潮的来袭，据相关数据统计，我自2000年以来老年人口数量不断上升，尤其是60岁以上老年人。预计到21世纪中叶老年人口数量将达到约4.87亿人，人口老龄化率达到三分之一左右[1]。老龄化问题带来越来越多的问题，如老龄化率大于自然增长率、经济压力增大、未富先老等。目前我国老龄化问题已受到政府高度重视，缓解人口老龄化带来的巨大压力成为国家、社会、家庭迫切实现的目标。

受传统思想影响，我国多数老年人均趋向于居家养老。但随着家庭趋于小型化、老龄化问题加剧，子女赡养压力日益增大，老年人养老方式逐渐多元化，养老机构已经开始被老年人和家庭所接受。……