This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance t...This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance than conventional funds.Nonetheless,in contrast to previous studies on SRI funds,this study considers the informationadvantage theory,positing that skilled managers should increase their concentration in assets in which they possess valuable information,departing from optimization models to achieve outperformance.This study first compares actual fund concentration with concentration obtained from several traditional and modern portfolio optimization techniques(minimum variance,global minimum variance,optimal portfolio,naïve diversification,risk parity,and reward-to-risk timing)to understand whether SRI pension funds concentrate portfolios and deviate from optimization model solutions.Unlike previous studies,the actual fund assets are considered in the optimization models to take into account the real investment profiles of SRI funds.The results indicate that SRI pension funds are less concentrated than conventional funds,and SRI and conventional pension funds largely diversify their portfolios,presenting lower concentration than portfolios formed with the optimization models.Furthermore,concentration strategies positively influence performance in SRI and conventional funds,revealing the use of information advantage.However,SRI and conventional fund managers present poor skills(picking,timing,and trading)to exploit information advantages due to overconfidence issues,which affect performance with concentration strategies.This situation may be modified if SRI funds follow modern optimization models and conventional funds follow traditional optimization models,improving managers’performance and skills.展开更多
This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The ...This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The research reveals that declining working-age populations and accelerating aging are causing imbalances in fund revenues and expenditures.Slower economic growth and inflation further erode contribution capacity and investment returns,while the drawbacks of the Pay-as-you-go system and provincial-level pooling models exacerbate regional risks.Pension funds face multiple challenges including revenue-expenditure imbalances,investment volatility,systemic design flaws,and population mobility-induced risks.The study proposes comprehensive optimization strategies encompassing population structure improvement,diversified funding channels,expenditure control,enhanced investment management,and institutional reforms.These measures aim to provide theoretical and practical references for addressing the sustainability challenges of pension funds under negative population growth.展开更多
Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpos...Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpose of this study is to conduct a priority analysis of the determinants of investment in renewable energy projects by pension funds.This study constructs a novel fuzzy decision-making model.First,five indicators for this process are weighted using an entropy methodology based on sine trigonometric Pythagorean fuzzy sets.The CRITIC methodology is also considered to make a comparative evaluation.Second,five different clean energy investment alternatives for pension funds are ranked using the RATGOS methodology.Similarly,this ranking analysis is also made by considering TOPSIS technique to check the reliability of the results.The main contribution of this study is the creation of a new and comprehensive fuzzy decision-making model to identify the most important factors in renewable energy project investments for pension funds.The proposed model uses the RATGOS technique to rank clean energy investment alternatives for pension funds.By considering the geometrical mean in the RATGOS calculation process,criticisms related to existing ranking techniques can be overcome.The use of sine trigonometric Pythagorean fuzzy numbers provides significant benefits to the quality of the proposed decision-making model.The defuzzification process can be implemented appropriately using these sets.Therefore,this study’s findings pave the way for investors to make investment decisions under these circumstances.It is concluded that the most important criterion is risk minimization.Effective regulations are another critical issue.Furthermore,the ranking results indicate that the most suitable renewable energy alternative is green bonds.The comparative results with STPFY-TOPSIS show that the proposed model generates coherent and reliable findings.展开更多
How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using...How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using changes in conditional survival probabilities as a proxy for shifts in individual life expectancy,to examine consumption behavior under the dual backdrop of prolonged longevity and a gradual decline in pension replacement rates.The results suggest that changes in life expectancy and pension replacement rates together explain 8.9%to 10.2%of the observed decline in consumption in recent years,with both variables playing equally significant explanatory roles.Furthermore,we find that,to fully offset the negative impact of increased life expectancy on consumption,the pension replacement rate must reach at least 82%.These findings offer theoretical and policy implications for improving the quality of life in later years among enterprise employees in the context of population aging.展开更多
Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the p...Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the pension security system,facing relatively high pension risks.Due to their high job mobility,weak long-term planning ability,and large income fluctuations,on the basis of maintaining the balance of the three-pillar pension system,individual pension schemes may become a breakthrough point for improving the pension situation of employees in new forms of employment.In line with the national goal of building a multi-level and multi-pillar old-age insurance system,to study the supplementary role of the third-pillar individual pension policy for employees in new forms of employment,this article constructs an evaluation system using the analytic hierarchy process and designs a questionnaire.After conducting a questionnaire survey in six cities in Shandong Province,the collected data are analyzed.It is found that the short-term effect of the current policy is that residents'awareness of pension issues is gradually improving,and the participation rate is increasing,but the behavior is short-term,and residents generally tend to avoid pension risks.Therefore,regarding the deepening of the individual pension system,the article puts forward three suggestions:(1)Conduct comprehensive publicity through multiple channels and with emphasis on key points;(2)Enhance the system's attractiveness according to the characteristics of the target population;(3)Improve the public's awareness of pension planning and financial literacy;(4)Strengthen the connection and transformation among different pillars of the pension system.展开更多
This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic ...This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic between the U.S.IRA system and China's third-pillar personal pension system.The findings indicate that China's personal pension system,characterized by inclusiveness and certainty,is suitable for taxpayers with a marginal tax rate higher than 3%.For Mr.Wang's family,the optimal strategy is to make the maximum annual contribution to the personal pension account,positioning such contributions as basic assets.Although these assets alone may not fully cover the family's entire pension needs,they can serve as a solid"safety cushion"for elderly care security.By combining this with other asset allocations,a multi-tiered pension security system can be established to achieve long-term financial security in retirement.展开更多
The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research...The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research results on flexible employment personnel and analyzing and interpreting the urban-rural residents'pension insurance policy of Zhuhai,we take the flexible employment personnel of Zhuhai City as the object of the study,combined with questionnaire survey method,and analyze the difficulties of the flexible employment personnel's participation in the insurance by analyzing the collected data,and find out that Zhuhai's flexibly employed people have cognitive bias towards urban and rural residents'pension insurance,the government's business personnel have a vague understanding of the insurance,and some of the flexibly employed people think that the subsidy is low,etc.The government of Zhuhai City has provided the suggestions of expanding the scope of the publicity of the urban and rural residents'pension insurance,increasing publicity efforts,and providing regular training for the counterpart service personnel in order to increase the rate of the flexibly employed people's participation in the insurance,and improve the inherent bad impression of the insurance by the flexibly employed people.personnel's inherent bad impression of insurance,and further improve China's insurance system.展开更多
This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial stat...This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.展开更多
In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows ...In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.展开更多
In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acc...In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.展开更多
The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theo...The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theory can be applied to find an optimal investment policy during a participant＇s whole life in the pension plan. Finally, two explicit solutions to exponential utility function in the two different periods （before and after retirement） are revealed. Hence, the optimal investment strategies in the two periods are obtained.展开更多
By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium...By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.展开更多
This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real sto...This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real stock price after discounting inflation.Then,under the constraint of external guarantee of DC pension terminal wealth,self-protection is introduced to study the maximization of the expected utility of terminal wealth at retirement time and any time before retirement.The explicit solution of the optimal investment strategy of DC pension at retirement time and any time before retirement should be derived by martingale method.Finally,the influence of selfprotection on the optimal investment strategy of DC pension is numerically analyzed.展开更多
This paper presents a review of the demographic dividend in China’s economic growth or the contribution of the demographic factor to China’s rapid economic growth over the past 30 years. Based on this review, it exp...This paper presents a review of the demographic dividend in China’s economic growth or the contribution of the demographic factor to China’s rapid economic growth over the past 30 years. Based on this review, it explores how China has sustained high-speed economic growth in the midst of a slowdown in working age population growth, surplus labor depletion and population aging. This study intends to demonstrate that the second demographic dividend may still arise after the decline and even disappearance of the first demographic dividend to avoid demographic debt by boosting labor productivity through the furtherance of education, extending the competitive advantage of China’s industry, tapping new sources of savings through institutional arrangements of pension security, and expanding labor resource and human capital stock in the aging era through the institutional arrangements in the labor market.展开更多
In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring t...In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring the random wage rate under the random mortality and inflation risk of the personnel in the plan and the correlation between the wage change and the fluctuation of the financial market.The research shows that the financial market parameters and wage rate have a great influence on the optimal investment strategy,and gives the optimal investment strategy and the optimal income adjustment strategy of the target benefit pension.The research of this paper provides a reference for the policy formulation and implementation of the Target Benefit Pension Plan in our country.展开更多
Old-age pension, a fundamental part of the Chinese social security system, is perceived by the Chinese government as the last support for rural-to-urban migrant workers upon retreating from the labor market. Using sur...Old-age pension, a fundamental part of the Chinese social security system, is perceived by the Chinese government as the last support for rural-to-urban migrant workers upon retreating from the labor market. Using survey data collected by the authors, this paper examines a host of factors which influence migrant workers' participation in the old-age scheme. The result shows that individual characteristics, employment status, attitudes toward old-age support and perception of the old-age pension system significantly differentiate two groups of migrant workers between those that have participated in and their counterparts who have not participated in the old-age pension schemes. Among a number of factors, age, educational attainment, holding labor contract, etc. are found to be significant factors influencing migrants' behavior participating(or not participating) the available age-pension schemes. Policy implications for how to improve the rate of participation in existing old-age pension schemes among migrant workers are drawn from the findings.展开更多
Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems....Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.展开更多
The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive...The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive influence on the payment level of personal account pension.The personal account accumulated value has a direct or indirect relationship with the income level of farmers,premium-paying level,the insured period,investment return rate of funds and other factors.Analysing the impact of infinitesimal variation of these factors on accumulated value of personal account pension,is of great significance to improving and consolidating personal account,and achieving sustainable development of new rural social pension insurance.展开更多
基金supported by Government of Aragon[Grant S38_20R]Ibercaja and University of Zaragoza[Grants JIUZ-2021-SOC-03 and JIUZ2022-CSJ-24]Ministerio de Ciencia e Innovación and FEDER[PID2022-136818NB-100].
文摘This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance than conventional funds.Nonetheless,in contrast to previous studies on SRI funds,this study considers the informationadvantage theory,positing that skilled managers should increase their concentration in assets in which they possess valuable information,departing from optimization models to achieve outperformance.This study first compares actual fund concentration with concentration obtained from several traditional and modern portfolio optimization techniques(minimum variance,global minimum variance,optimal portfolio,naïve diversification,risk parity,and reward-to-risk timing)to understand whether SRI pension funds concentrate portfolios and deviate from optimization model solutions.Unlike previous studies,the actual fund assets are considered in the optimization models to take into account the real investment profiles of SRI funds.The results indicate that SRI pension funds are less concentrated than conventional funds,and SRI and conventional pension funds largely diversify their portfolios,presenting lower concentration than portfolios formed with the optimization models.Furthermore,concentration strategies positively influence performance in SRI and conventional funds,revealing the use of information advantage.However,SRI and conventional fund managers present poor skills(picking,timing,and trading)to exploit information advantages due to overconfidence issues,which affect performance with concentration strategies.This situation may be modified if SRI funds follow modern optimization models and conventional funds follow traditional optimization models,improving managers’performance and skills.
文摘This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The research reveals that declining working-age populations and accelerating aging are causing imbalances in fund revenues and expenditures.Slower economic growth and inflation further erode contribution capacity and investment returns,while the drawbacks of the Pay-as-you-go system and provincial-level pooling models exacerbate regional risks.Pension funds face multiple challenges including revenue-expenditure imbalances,investment volatility,systemic design flaws,and population mobility-induced risks.The study proposes comprehensive optimization strategies encompassing population structure improvement,diversified funding channels,expenditure control,enhanced investment management,and institutional reforms.These measures aim to provide theoretical and practical references for addressing the sustainability challenges of pension funds under negative population growth.
文摘Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpose of this study is to conduct a priority analysis of the determinants of investment in renewable energy projects by pension funds.This study constructs a novel fuzzy decision-making model.First,five indicators for this process are weighted using an entropy methodology based on sine trigonometric Pythagorean fuzzy sets.The CRITIC methodology is also considered to make a comparative evaluation.Second,five different clean energy investment alternatives for pension funds are ranked using the RATGOS methodology.Similarly,this ranking analysis is also made by considering TOPSIS technique to check the reliability of the results.The main contribution of this study is the creation of a new and comprehensive fuzzy decision-making model to identify the most important factors in renewable energy project investments for pension funds.The proposed model uses the RATGOS technique to rank clean energy investment alternatives for pension funds.By considering the geometrical mean in the RATGOS calculation process,criticisms related to existing ranking techniques can be overcome.The use of sine trigonometric Pythagorean fuzzy numbers provides significant benefits to the quality of the proposed decision-making model.The defuzzification process can be implemented appropriately using these sets.Therefore,this study’s findings pave the way for investors to make investment decisions under these circumstances.It is concluded that the most important criterion is risk minimization.Effective regulations are another critical issue.Furthermore,the ranking results indicate that the most suitable renewable energy alternative is green bonds.The comparative results with STPFY-TOPSIS show that the proposed model generates coherent and reliable findings.
文摘How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using changes in conditional survival probabilities as a proxy for shifts in individual life expectancy,to examine consumption behavior under the dual backdrop of prolonged longevity and a gradual decline in pension replacement rates.The results suggest that changes in life expectancy and pension replacement rates together explain 8.9%to 10.2%of the observed decline in consumption in recent years,with both variables playing equally significant explanatory roles.Furthermore,we find that,to fully offset the negative impact of increased life expectancy on consumption,the pension replacement rate must reach at least 82%.These findings offer theoretical and policy implications for improving the quality of life in later years among enterprise employees in the context of population aging.
基金funded by the National College Students'Innovation and Entrepreneurship Training Program(No.202410456025)supported by the China Center of the Serbian Academy of Sciences and Arts and the Hong Kong Institute of Humanities and Natural Sciences and Technology.
文摘Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the pension security system,facing relatively high pension risks.Due to their high job mobility,weak long-term planning ability,and large income fluctuations,on the basis of maintaining the balance of the three-pillar pension system,individual pension schemes may become a breakthrough point for improving the pension situation of employees in new forms of employment.In line with the national goal of building a multi-level and multi-pillar old-age insurance system,to study the supplementary role of the third-pillar individual pension policy for employees in new forms of employment,this article constructs an evaluation system using the analytic hierarchy process and designs a questionnaire.After conducting a questionnaire survey in six cities in Shandong Province,the collected data are analyzed.It is found that the short-term effect of the current policy is that residents'awareness of pension issues is gradually improving,and the participation rate is increasing,but the behavior is short-term,and residents generally tend to avoid pension risks.Therefore,regarding the deepening of the individual pension system,the article puts forward three suggestions:(1)Conduct comprehensive publicity through multiple channels and with emphasis on key points;(2)Enhance the system's attractiveness according to the characteristics of the target population;(3)Improve the public's awareness of pension planning and financial literacy;(4)Strengthen the connection and transformation among different pillars of the pension system.
文摘This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic between the U.S.IRA system and China's third-pillar personal pension system.The findings indicate that China's personal pension system,characterized by inclusiveness and certainty,is suitable for taxpayers with a marginal tax rate higher than 3%.For Mr.Wang's family,the optimal strategy is to make the maximum annual contribution to the personal pension account,positioning such contributions as basic assets.Although these assets alone may not fully cover the family's entire pension needs,they can serve as a solid"safety cushion"for elderly care security.By combining this with other asset allocations,a multi-tiered pension security system can be established to achieve long-term financial security in retirement.
文摘The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research results on flexible employment personnel and analyzing and interpreting the urban-rural residents'pension insurance policy of Zhuhai,we take the flexible employment personnel of Zhuhai City as the object of the study,combined with questionnaire survey method,and analyze the difficulties of the flexible employment personnel's participation in the insurance by analyzing the collected data,and find out that Zhuhai's flexibly employed people have cognitive bias towards urban and rural residents'pension insurance,the government's business personnel have a vague understanding of the insurance,and some of the flexibly employed people think that the subsidy is low,etc.The government of Zhuhai City has provided the suggestions of expanding the scope of the publicity of the urban and rural residents'pension insurance,increasing publicity efforts,and providing regular training for the counterpart service personnel in order to increase the rate of the flexibly employed people's participation in the insurance,and improve the inherent bad impression of the insurance by the flexibly employed people.personnel's inherent bad impression of insurance,and further improve China's insurance system.
文摘This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.
基金Supported by the National Natural Science Foundation of Tianjin (07JCYBJC05200)the Young Scholar Program of Tianjin University of Finance and Economics (TJYQ201201)
文摘In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.
基金This paper is the research result of the social science planning project of Chongqing(subject number:2018QNYS70)and the educational planning project of Chongqing(subject number:2017-GX-273).
文摘In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.
基金Project supported by the Science Foundation of Central South University of Forestry and Technology (No.06010A).
文摘The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theory can be applied to find an optimal investment policy during a participant＇s whole life in the pension plan. Finally, two explicit solutions to exponential utility function in the two different periods （before and after retirement） are revealed. Hence, the optimal investment strategies in the two periods are obtained.
文摘By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.
基金Supported by the National Social Science Foundation of China(20BTJ048)Anhui University Humanities and Social Science Research Major Project(SK2021ZD0043)。
文摘This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real stock price after discounting inflation.Then,under the constraint of external guarantee of DC pension terminal wealth,self-protection is introduced to study the maximization of the expected utility of terminal wealth at retirement time and any time before retirement.The explicit solution of the optimal investment strategy of DC pension at retirement time and any time before retirement should be derived by martingale method.Finally,the influence of selfprotection on the optimal investment strategy of DC pension is numerically analyzed.
文摘This paper presents a review of the demographic dividend in China’s economic growth or the contribution of the demographic factor to China’s rapid economic growth over the past 30 years. Based on this review, it explores how China has sustained high-speed economic growth in the midst of a slowdown in working age population growth, surplus labor depletion and population aging. This study intends to demonstrate that the second demographic dividend may still arise after the decline and even disappearance of the first demographic dividend to avoid demographic debt by boosting labor productivity through the furtherance of education, extending the competitive advantage of China’s industry, tapping new sources of savings through institutional arrangements of pension security, and expanding labor resource and human capital stock in the aging era through the institutional arrangements in the labor market.
基金Supported by Key Advance Research Project of the National Natural Science Foundation of China(Xjky08201901)Anhui Provincial Department of Education in Terms of Key Projects(kj2019A1289)Anhui Province University Outstanding Talents Support Plan Project(gxyq2020105)。
文摘In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring the random wage rate under the random mortality and inflation risk of the personnel in the plan and the correlation between the wage change and the fluctuation of the financial market.The research shows that the financial market parameters and wage rate have a great influence on the optimal investment strategy,and gives the optimal investment strategy and the optimal income adjustment strategy of the target benefit pension.The research of this paper provides a reference for the policy formulation and implementation of the Target Benefit Pension Plan in our country.
基金supported by Sichuan University[grant number skzx2016-sb72]
文摘Old-age pension, a fundamental part of the Chinese social security system, is perceived by the Chinese government as the last support for rural-to-urban migrant workers upon retreating from the labor market. Using survey data collected by the authors, this paper examines a host of factors which influence migrant workers' participation in the old-age scheme. The result shows that individual characteristics, employment status, attitudes toward old-age support and perception of the old-age pension system significantly differentiate two groups of migrant workers between those that have participated in and their counterparts who have not participated in the old-age pension schemes. Among a number of factors, age, educational attainment, holding labor contract, etc. are found to be significant factors influencing migrants' behavior participating(or not participating) the available age-pension schemes. Policy implications for how to improve the rate of participation in existing old-age pension schemes among migrant workers are drawn from the findings.
基金Supported by the Philosophy Social Science Fund Project of Heilongjiang Province (10D061)
文摘Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.
基金Supported by Scientific Research Project of Hunan Provincial Department of Education(11C1180)
文摘The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive influence on the payment level of personal account pension.The personal account accumulated value has a direct or indirect relationship with the income level of farmers,premium-paying level,the insured period,investment return rate of funds and other factors.Analysing the impact of infinitesimal variation of these factors on accumulated value of personal account pension,is of great significance to improving and consolidating personal account,and achieving sustainable development of new rural social pension insurance.
