在有效的制度安排下,养老保险基金能显著地推动资本市场的发展,这在理论上和实践中都得到了证明。智利在养老保险制度改革中,一方面成功地实现了现收现付制向个人账户积累制的转轨,另一方面养老保险制度的改革有效地促进了资本市场的发展。 Under the effective system arrangement, the pension fund can significantly promote the development of the capital market, which has been proved theoretically and practically. Chile in the reform of the pension system, on the one hand successfully realized the pay-as-you-go system of individual account accumulation system, on the other hand, pension reform effectively promoted the development of the capital market.