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摘 要
随着老龄化程度的加深，老年人口不断增加，我国养老服务体系不断完善，
公共财政投入也大幅度提高，但是资金短缺问题依然成为我国养老服务产业发展
的一个主要制约因素。然而面对如此大的养老服务需求，我国的养老服务产业融
资模式还基本停留在依靠政府政策性资金之上，市场性资金参与很少。因此，破
除现有融资模式弊端，引入先进的市场化融资模式，吸纳更多的社会资本参与养
老服务产业的建设，是本文最主要的目的与意义。

文章以我国现行养老服务产业融资模式为立足点，围绕融资模式这一核心内
容，以扩宽养老服务产业融资渠道为目的，从而找到了实现文章研究的重心和方
向。首先，本文对养老服务产业、REITs、BOT、PPP 等相关概念和理论基础进行
界定与阐述，其中最主要的是把养老服务产业的范围限定到其最迫切要发展的养
老地产及针对老年人服务的两个产业。然后，概述日本、美国和德国三个养老服
务发达国家在产业融资上的成功经验，为下文的研究和文章结论提供实践参考；
以及介绍了我国现行养老服务产业的融资模式、存在问题和原因，指出当前我国
财政主导型的养老服务产业融资模式已不堪重负且不断僵化这一弊病，为下文探
讨市场化融资模式的开拓奠定事实基础。最后，从我国现行政策和制度出发，借
鉴国际经验，提供了 REITs、BOT 和 PPP 三种市场化融资模式，详细介绍三种融
资模式各自特点优势及其在养老服务产业项目中的运作模式，并对这些模式适用
于我国养老服务产业的领域进行了分析，进而得出适应当下中国养老服务产业的
融资模式，这一部分也是本文的重点所在。

关键词：养老服务产业；融资；市场化融资模式

Abstract
Along with more and more serious aged phenomenon in China, Chinese
government keeps continuing improving the pension service system and increasing
the public financial inputs recently. However, shortage of funds is still the core issue,
which limits the development of the pension service. Faced with such enormous
demand, Chinese pension service financing system still most bases on the
government funding supports and only few funds come from the open markets.
Therefore, removing the shortcoming of the current financing mode, introducing
more advanced market-oriented financing mode and accumulating more public
funding are the main analysis purposes of this research paper.
This paper is basing on financing mode of current pension service, focusing on
core part of financing mode analysis and diversifying the financing channels,
thereby defining the main emphasis and research direction of the study. Firstly, this
paper is mainly defining and expounding the concepts and theoretical basis of the
pension service industry, REITs, BOT and PPP etc., the most significant is to limit
the scope of the pension service to its most urgent part, that is endowment real estate
and the elderly service, which both need to be developed. Furthermore, summarizing
the successful experiences in industrial financing of three developed countries,
which are Japan, US, Germany, for the sake of providing the practical references for
researching and coming to a conclusion. Additionally, it introduces the current
financing mode of pension service in China and its problems as well as the reasons
that cause them. Moreover, noticing that Chinese current finance leading financing
mode of endowment service has overwhelmed and continually exacerbated, in order
to provide the fact to discuss the expansion of the market financing mode. Finally,
from the aspect of the current policies and regulations of China with the combination
of the experiences from international practices, in order to provide REITs, BOT, and
PPP, three market financing modes. Besides, it introduces the superiorities and the
operating modes of them respectively. What’s more, analyzing the fields that they fit
with the pension service of our country, for the sake of identifying the most
appropriate financing mode of pension service of China, which is the most crucial
part of this paper.
KEY WORDS :Aging industry ;Finacial ;Market oriented financing mode