人口老龄化背景下退休资产分配及收益决策

王云多

暨南学报(哲学社会科学版) ›› 2019, Vol. 41 ›› Issue (1) : 53-63.

PDF(690 KB)
PDF(690 KB)
暨南学报(哲学社会科学版) ›› 2019, Vol. 41 ›› Issue (1) : 53-63.
经济·管理

人口老龄化背景下退休资产分配及收益决策

  • 王云多
作者信息 +

The Decision on Retirement Asset Allocation and Payout During Aging

  • WANG Yunduo
Author information +
文章历史 +

摘要

随着补充养老保险制度的建设,退休给付策略中生存年金和分阶段提款方案备受老年人青睐。为深入研究生存年金和四种分阶段提款方案的收益差别,在含有资本市场随机性和寿命不确定性的效用函数中研究不同退休给付方案收益,基于不同风险规避系数评价这些退休给付方案收益的差别。研究表明,考虑退休者预期余命的方案最受中低风险规避者喜爱,在此基础上,整合退休者预期余命的方案和年金化退休决策,结果表明,与退休时选择全部年金化相比,整合退休者预期余命的方案和年金化策略能提高中低风险规避退休者福利。

Abstract

With the construction of the compensatory endowment insurance system, payout strategies that annuity and phased withdrawal plans are welcomed. To evaluate payout differences of annuity and four phased withdrawal plans, this paper takes account of stochastic capital markets and uncertain lifetimes by means of a utility-based framework. It first evaluates these rules on a stand-alone basis for a wide range of risk aversion. Next, it permits consumers to integrate these standardized payout strategies at retirement and compares the results. The results show that integrated strategies of uncertain lifetimes plans and annuitization can enhance retirees' well-being for low/moderate levels of risk aversion when compared to the full annuitization at retirement.

关键词

给付策略 / 老龄化 / 年金 / 退休 / 资产分配

Key words

aging / annuity / asset allocation / payout strategies / retirement

引用本文

导出引用
王云多. 人口老龄化背景下退休资产分配及收益决策. 暨南学报(哲学社会科学版). 2019, 41(1): 53-63
WANG Yunduo. The Decision on Retirement Asset Allocation and Payout During Aging. Jinan Journal. 2019, 41(1): 53-63

基金

国家社会科学基金“生育率下降与预期寿命延长双重约束下养老保险制度可持续性研究”(批准号:16BRK016);黑龙江大学杰出青年基金“生育率下降和预期寿命延长双重约束下城乡养老保险制度可持续性研究”(批准号:JC2017W4);黑龙江大学基础科研业务项目“城乡一体化进程中失业保险制度可持续性研究”(HDQRW201601)。
PDF(690 KB)

175

Accesses

0

Citation

Detail

段落导航
相关文章

/