中文摘要：

论述了公共养老金制度由公营转为私营将引起融资模式的转变，分析了制度转型带来的经济福利上的差异，并指出选择不同的转型方案对代际福利将产生显著影响。

英文摘要：

This paper discusses the transition of public pension scheme from public operation to private operation, which will engender the change of financing mode, analyzes the difference of economy welfare due to the transition, and elaborates the notable influence on the intergen- erational welfare because of different transitional schemes.