养老保险制度与资本市场有着密切的联系。在发达国家，养老基金积累了大量的资产〔１〕，是资本市场上举足轻重的机构投资者。更引人注目的是，近年来，拉美、东欧等发展中国家纷纷改革现收现付ｐａｙ－ａｓ－ｙｏｕ－ｇｏ的养老计划制度，建立基金制的养老体系；居民的养老金 Pension insurance system and the capital market are closely linked. In developed countries, the pension fund has accumulated a large amount of assets [1], which is the pivotal institutional investor in the capital market. Even more striking is that in recent years, developing countries such as Latin America and Eastern Europe have successively reformed the old-age pension system that pay-as-you-go pay-as-you-go and set up a pension fund system. The residents’ pensions