整合消费、投资与退休决策的最优年金购买规划研究

发布时间：2018-05-02 17:38

本文选题：年金 + 长寿风险　；参考：《暨南学报(哲学社会科学版)》2017年05期

【摘要】：随着人口老龄化日益加剧,为应对老年贫困,年金成为退休规划中应对长寿风险的有效工具。通过整合消费、投资与年金购买决定,构建一个多期财富演进模型,基于效用最大化原则,作出最优年金化决策。研究表明,在不存在风险资产时,最优年金化决策受个人寿命、财富与劳动收入状况影响。寿命越长,劳动收入越高,年金化年龄越晚,而财富水平越高,年金化年龄越早。在存在风险资产时,最优年金化年龄会延迟,效用会提高。此外,对待风险的态度也影响年金化决策,不仅显著影响最优年金购买年龄,而且影响当前投资和消费之间的分配比例。
[Abstract]:With the increasing aging of the population, annuity has become an effective tool to cope with the risk of longevity in retirement planning in order to cope with the poverty of the elderly. By integrating the decision of consumption, investment and annuity purchase, a multi-period wealth evolution model is constructed, and the optimal annuity decision is made based on the principle of utility maximization. The results show that the optimal annuity decision is influenced by personal life, wealth and labor income when there are no risky assets. The longer the life span, the higher the labor income, the later the annuity age is, and the higher the wealth level, the earlier the annuity age is. In the presence of risky assets, the optimal annuity age will be delayed and the utility will be improved. In addition, the attitude towards risk also affects the pension decision, which not only affects the optimal age of annuity purchase, but also affects the distribution ratio between investment and consumption.
【作者单位】：黑龙江大学经济与工商管理学院;
【基金】：国家社会科学基金项目《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:16BRKG16) 教育部人文社会科学青年基金项目《人口老龄化和城市化双重约束下养老保险体系可持续性研究》(批准号:15YJC840037)
【分类号】：F842.6

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