定期支付产品:养老财富管理新工具  

Regular Payment Fund:A New Tool for Retirement Wealth Management

作　　者：苏畅 刘东亮 SU Chang;LIU Dongliang(Capital Market Research Institute,China Merchants Bank Research Institute)

机构地区：[1]招商银行研究院 [2]招商银行研究院资本市场研究所

出　　处：《金融市场研究》2024年第11期119-129,共11页Financial Market Research

摘　　要：在我国经济高质量发展和人口老龄化背景下,养老财富管理需求日益增长。从日本和我国台湾地区的经验看,具备定期分配特性的基金如月度分红型基金和配息型基金,在满足老龄群体投资需求上发挥重要作用,也是资管市场的重要组成部分。深入分析定期支付型产品的特点和风险,理解资金需求背后的宏观驱动因素。尽管这类基金在境内市场面临发展瓶颈,但也提供了相应启示,即老龄群体对长期稳定现金流的需求是持续且刚性的,养老财富管理不应局限于中青年阶段的规划。结合国内实际情况,积极应对退休老龄群体的核心需求,为其提供精准的财富管理解决方案,以适应其退休后不同阶段的需求变化,推动养老金融的高质量发展。Against the background of China’s high-quality economic development and population aging,there is a growing demand for pension wealth management.From the experience of Japan and Taiwan,China,funds with regular distribution characteristics,such as monthly dividend funds and dividend-allocating funds,play an important role in meeting the investment needs of the aging population and are an important part of the capital management market.Indepth analysis of the characteristics and risks of regular payout products is needed to understand the macro drivers behind the demand for funds.Although this type of fund faces development bottlenecks in the domestic market,it also provides corresponding insights that the demand of the aging group for long-term stable cash flow is continuous and rigid,and that retirement wealth management should not be limited to planning for the middle-aged and youngaged stages.Taking into account the actual situation in China,we should actively respond to the core needs of the retired aging group and provide them with precise wealth management solutions to adapt to the changes in their needs at different stages of retirement and promote the high-quality development of pension finance.

关 键 词：养老金融 定期支付产品 每月分配型投资信托 配息型基金 

分 类 号：F83[经济管理—金融学]