本文利用迭代模型分析在人口老龄化冲击下,影响社会保障基金最优水平的因素。研究结果表明:在人口老龄化的冲击下,一个完全的现收现付制和一个完全的基金制都不能使社会福利最大化;政府通过管理社会保障基金可以获得最佳效果;社会保障基金的最优水平与社会保障税率正相关,但与人口增长率负相关。 This paper uses an iterative model to analyze the factors that affect the optimal level of social security funds under the impact of population aging. The results show that: under the impact of population aging, a complete pay-as-you-go system and a complete fund system can not maximize social welfare; the government can get the best effect through the management of social security funds; the social security fund The optimal level is positively correlated with the social security tax rate, but negatively correlated with the population growth rate.