拉美地区养老保障私有化改革在取得一定成效的同时,也面临严峻的挑战。文章从拉美地区养老保障制度的覆盖面、管理成本与投资收益率、宏观经济效果、预防贫困与社会公平等几个方面分析其存在的问题,并认为这些问题的产生与制度选择模式本身不无关系。在总结拉美国家改革教训的基础上,文章指出中国养老保障制度改革要注意的问题。 Privatization reform in pension insurance in Latin America has achieved some success, but also faces severe challenges. The article analyzes the existing problems in several aspects such as the coverage of pension security system in Latin America, management costs and investment returns, macroeconomic effects, prevention of poverty and social equity. It also argues that the emergence of these problems is not unrelated to the institutional choice model itself . On the basis of summing up the lessons of reform in Latin American countries, the article points out the issues that should be paid attention to in reforming the pension system in China.