我国社会保障制度从现收现付制向部分基金制的转轨,其核心问题是转轨成本,即需要在一定时期内偿还旧体系的债务。“老人”的养老金和“中人”在转轨前的积累需要从其他的来源融资。因而,我国养老模式的转轨,将导致隐性债务不断显性为转轨成本。转轨成本数额巨大,单独依靠财政弥 The core issue of China’s social security system transition from the pay-as-you-go system to the partial fund system is the cost of transition, that is, the debt that needs to be repayed by the old system within a certain period of time. The accumulation of old-age pensions and “middle-aged” people before the transition needs financing from other sources. Therefore, the transition of China’s old-age model will lead to the unobtrusive hidden debt becoming the transition cost. The amount of transition costs a huge amount, alone rely on financial Mi