论文部分内容阅读
西方学者主张养老金体系进行基金制改革的两个重要理由是:基金制体系的投资回报率要高于现收现付体系的内含投资回报率,基金制体系能够提高国民储蓄率。但是这二者都不构成我国实行基金制改革的理由。本文指出我国基金制改革具有高储蓄率、高工资增长率、低投资回报率、高赡养率的背景,并通过一个基金制体系的微观模型说明在高工资增长率、低投资回报率的情况下,基金制改革难于取得预期成效。因此,提高我国养老金的投资回报率是我国基金制改革能否成功的关键,本文最后就如何提高我国养老金的投资回报率提出了五点建议。
Western scholars advocate the pension system for the reform of the fund two important reasons are: the system of investment rate of return of the system is higher than the pay-in system with the return on investment, the fund system can increase the national saving rate. However, neither of these constitutes a reason for the reform of the fund system in our country. This paper points out that the reform of our country’s fund system has the background of high saving rate, high wage growth rate, low investment rate of return, and high dependency rate. Through a micro-model of the fund system, we can see that under the conditions of high wage growth and low return on investment , The reform of the fund system is difficult to achieve the expected results. Therefore, raising the rate of return on the pension of our country is the key to the success of the reform of the fund system in our country. Finally, we put forward five suggestions on how to improve the rate of return on the pension of our country.