企业年金替代率测算及影响其诸因素敏感性分析  

On the Analysis on the Replacement Calculation of Enterprise Pension and its Effective Factors

作　　者：谢杰[1] 

机构地区：[1]浙江工商大学经济学院,浙江杭州310018

出　　处：《现代财经（天津财经大学学报）》2010年第9期81-86,共6页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金资助项目(70573067);国家哲学社会科学基金资助项目(09BJL066);教育部人文社会科学研究资助项目(09YJA790180)

摘　　要：企业年金在多支柱养老保险体系中发挥着越来越重要的作用。企业年金替代率是企业养老保险的一个重要指标。本文构建了一个测算企业年金替代率的现金流平衡模型。基于现金流平衡模型,对影响企业年金替代率的诸因素进行敏感性分析。不同于大多数的以往研究方法,根据中国国债收益率曲线分析了年金基金投资收益的走势,而这是基于期限结构理论。研究表明,延长退休年龄或提供投资收益可以提高企业年金替代率。因此,必须通过改善企业年金资产的投资环境,实施更多的税收优惠政策,以及其他措施,为促进企业年金发展创造一个良好的外部环境。The enterprise pension plays a more important role in the system of multi-pillar endowment insurance.The replacement ratio of enterprise pension is an important indicator of the enterprise endowment insurance.In this paper,I establish a cash flow equivalent model for the measurement of enterprise pension replacement ratio.I make an analysis on the sensitivity of the factors that influence the replacement ratio of enterprise pension.We make an analysis on the trend of pension fund＇s investment income according to the curve of China＇s treasury bond.It indicates that postponing the retirement age and improving the investment income can enhance the replacement ratio of enterprise pension.Therefore,it is necessary to improve the investment environment of enterprise pension,to implement more favorable taxation policies and other policies,to create a favorable external environment for the improvement of enterprise pension.

关 键 词：企业年金 替代率 期限结构 敏感性分析 

分 类 号：F123[经济管理—世界经济]