企业年金模式选择的经济学分析

An Economic Analysis of Employer Pension＇s Mode Selection

本文依据萨缪尔森的代际交叠模型，引入了企业年金保障体系，运用经济学原理分析了两种年金运行模式对企业员工个人生命周期中储蓄与消费的影响．得出两种模式都挤出了员工的储蓄、分流了银行长期储蓄资产；但对员工不同时期消费的影响，两种模式却明显不同，DB模式的承诺待遇可能无法兑现，因而使员工减少了工作与退休期的消费，而DC型促使员工增加两期的消费。比较得出DG型是目前我国企业年金制度模式的现实选择。

This article, according to Samuelson＇s overlapping generations model, and using economic principle, compared two mode of employer pension on effection of staff savings and consumptions in one＇s life cycle. One conclusion is that both of the two mode extrude staff savings and divert long-term savings of bank assets. Another is the commitment of DB mode may not be able to achieve,thus reducing staff consumption,however, the DC mode promote staff consumption in one＇s life cycle. Comparative Analysis is that DC type should be the realistic choice of china＇s enterprise annuity system.