基于生命周期投资绩效的企业年金账户模式研究

由于中国金融市场和资本市场的不完善以及投资结构和投资组合问题,企业年金收益率一直较低,从而导致基金的严重贬值问题.鉴于此,我们提出了补充养老保险账户的改良思路,这种改良首先是从企业年金个人账户参保人有一定的个体选择权力视角入手,利用生命周期投资组合来建立实证模型,通过动态优化模型来分析企业年金账户实施个性化改良对参保个体效用的影响.研究结果表明,让企业年金个人账户参保个体有一定的选择权力,能达到降低成本的目的,通过声誉机制激励投资管理者更能注重投资成效,从而达到基金的保值增值目的.

On Enterprise Annuity Account Mode:Based on the Life Cycle of Investment Performance

Due to the imperfect financial and capital market and the problematic investment structure and investment portfolio,enterprise annuity rates have been low in China,resulting in serious a depreciation of fund.In view of this situation,this paper presented the approach of supplementary endowment insurance account improvement,which is firstly to let insurance policy underwriters of individual enterprise annuities account have some individual choice power.The life cycle investment portfolio was used to establish the model,and the dynamic optimization model to analyze the individualized improvement of enterprise annuity account on the insured individual effectiveness.The results showed that the endowment of choice freedom for the insurance underwriters helped reduce costs and the reputation incentive mechanism enabled investment managers to focus on the effectiveness of investment.Thereby the objective of the fund value enhancement was achieved.