养老金制度运行机理的经济学分析——基于内部收益率的比较分析

Economics analysis on the mechanisms of the pension fund system——Comparative analysis based on internal rate of return

养老金制度的模式选择是可持续养老金制度改革的中心议题,内部收益率是对养老金制度运行机理进行经济学分析的重要变量。本文利用两期世代交叠模型的分析方法,对现收现付制待遇确定型、基金积累制缴费确定型以及非积累制缴费确定型三种养老金制度模式的内部收益率进行理论推演和比较分析,并以此为基础分析了三种养老金制度运行机理的经济学内核,以期对养老金制度改革中的模式选择提供一个可以衡量的经济理论解释框架。

The mode choice of the pension fund system is the central subject of continues reform of pension fund system. Internal rate of return is an important variable to perform economic analysis on the operation mechanism of the pension fund system. Based on an overlapping generation model, this article deduces the internal rate of return of the main three pension systems, including the pay - as - you - go defined benefit system, the financial defined contribution system and the non - financial defined contribution system. Then the article analyzes the basic economics of the main three pension systems on a comparative perspective in order to set up an explanatory frame of economic theories for the mode choice in the reform of the pension fund system.