养老产业与养老金融产融协同模式及保障机制

Industry-Finance Synergy Mode and Guarantee Mechanism of Elderly Care Industry and Pension Finance

摘要: 深度老龄化背景下，我国养老产业快速扩容但面临供需错配、融资梗阻等结构性矛盾。养老产业长周期、重投入、轻资产、慢回报的特征与传统银行短期信贷模式存在天然冲突，养老金融亦存在产品同质化、场景嵌入不足等问题。本文构建“供需匹配–价值共创–风险共担”三维分析模型，系统剖析养老产业与金融融合发展的内在机理与现实障碍。研究针对机构养老、居家社区养老、智慧养老等细分场景，提出保险 + 养老社区闭环、养老REITs存量盘活、居家养老消费金融嵌入、智慧养老股权赋能四类差异化产融协同模式。从政策激励、行业基建、监管容错三维度构建保障机制，打通市场、信息与制度壁垒，实现资本禀赋与场景禀赋的双向赋能，为破解养老融资难题、推动银发经济升级提供理论与实践参考。

Abstract: Amid deepening population aging, China’s eldercare industry is expanding rapidly yet confronting structural contradictions including supply-demand mismatch and financing bottlenecks. The industry’s inherent characteristics—long investment horizons, heavy capital requirements, asset-light operations, and slow returns—create fundamental tensions with conventional banking models predicated on short-term lending and collateral-heavy structures, while eldercare finance suffers from product homogenization and insufficient scenario integration. This paper constructs a three-dimensional analytical framework of “supply-demand alignment, value co-creation, and risk-sharing” to systematically examine the endogenous mechanisms and practical barriers governing the convergence of eldercare industries and financial services. Tailored to differentiated scenarios encompassing institutional care, home- and community-based eldercare, and smart eldercare, the study proposes four distinct industry-finance synergy models: insurance-eldercare community closed-loop operations, eldercare REITs for inventory revitalization, consumer finance integration in home-based eldercare scenarios, and equity empowerment in smart eldercare. The research identifies maturity mismatch, scenario mismatch, and risk mismatch as core constraints, with imperfect asset, absent valuation standards, and fragmented cross-sectoral regulation constituting deep-seated institutional barriers. Accordingly, the paper establishes a comprehensive safeguard mechanism spanning policy incentives, industry infrastructure, and regulatory forbearance to dismantle market, information, and institutional barriers, thereby enabling bidirectional empowerment between financial capital endowments and industrial scenario endowments—offering theoretical grounding and practical reference for resolving eldercare financing dilemmas and advancing high-quality silver economy development.