企业年金与储蓄关系的实证分析

Empirical Analysis of the Relationship between Occupational Pension and Savings

本文对费尔德斯坦的储蓄方程进行了修改,加入新的变量,即企业年金资产/GDP,并构建储蓄方程,运用7个OECD国家2000～2008年的宏观经济数据对企业年金对储蓄的影响进行实证研究。不同国家的时间序列数据的回归分析表明,企业年金资产对国民储蓄率的影响在各国的方向并不一致。相对于自愿性企业年金来说,强制性或准强制性企业年金对国民储蓄率有显著的影响,这是财富效应与替代效应叠加的结果。国际比较的回归分析结论进一步确认了企业年金对国民储蓄率的影响在国家间的差异性。

This paper modifies Feldstein＇s saving equation by adding a new variable： occupational pension assets / GDP. And do the empirical study on the relationship between occupational pension and savings using 2000-2008 data in seven OECD countries from 2000-2008. Regression analysis on time series data shows that the occupational assets in countries have the different directions of impacts on national saving rates. Additionally, the mandatory occupational pensions have a significant impact on national saving, which is determined by the wealth effects and substitution effects. Also, international comparison of regression analysis further confirms that the occupational pensions have the different impacts on national saving among countries.