中文摘要：

基于资产与负债构建的养老基金平衡指数，综合反映了基金的财务支付能力和资金使用效率。本文研究结果表明：把平衡指数内生至养老金调整模型后，可随着支付能力的变化而动态调整养老保障水平；当支付能力不足时，使用经过平衡指数调整后的记账利率，其效果要优于调整养老金增长率，而且更加符合生命周期消费理论和参保者的风险承受能力；从长期来看，经济类指标对平衡指数起关键作用，人口类指标的影响要小得多，表明此策略能有效降低人口老龄化产生的支付压力；本策略不仅具有内生性，而且更具稳健性和可操作性。

英文摘要：

We construct the Balance Index （BI） which equals the ration ot assets to lia- bilities of the pension funds. When we adjust pensions according the BI, it will achieve a best harmonization between the solvency and the security level of the pension funds. The effects of adjusting notional interest rate of contributions, are better than the effects of ad- justing the pension growth rate during the retirement period, and conform to life-cycle con- sumption and risk tolerance of the insurant. As far the impacts on the BI, the economic changes are more important than population changes. The adjustment mechanism based on the BI is an endogenous method, and more robust and operable than others.