个人税收递延型商业养老保险的经济效应——基于一般均衡模型的研究

The Economic Effect of Personal Tax-Deferred Commercial Pension Insurance:A Study Based on General Equilibrium Model

个人税收递延型商业养老保险产生的经济效应,将影响个人税收递延型商业养老保险制度的进一步完善及个人参保决策行为。建立一般均衡的世代交叠模型,从资本产出、要素价格、个人福利三个角度分析个人税收递延型商业养老保险的经济效应。研究结果表明:个人税收递延型商业养老保险制度的建立有利于资本劳动比、产出劳动比、工资水平、两期消费和一生效用水平的提高,同时有利于降低利率水平,但对个人效用水平的改善程度存在群体差异。个人税收递延型商业养老保险对已经参加基本养老保险和企业年金人员的效用水平改善程度大于对仅参加了基本养老保险人员效用水平的改善程度。若个人缩减基本养老保险缴费用于购买商业养老保险,虽可提高其工作期消费,却降低了退休期消费和一生效用水平,并非理性的决策行为。

The economic effects of individual tax-deferred commercial pension insurance will affect the further improvement of the individual tax deferred commercial pension insurance system and the individual insurance participation decision-making choices.This paper establishes a generational overlapping model of general equilibrium to analyze the economic effects of individual tax-deferred commercial pension insurance from the perspectives of capital output,factor prices,and individual welfare.The research results show that the establishment of a tax-deferred commercial pension insurance system is conducive to the improvement of the capital-labor ratio,the output-to-labor ratio,the wage level,the two-period consumption,and the lifetime utility level,and is helpful to reducing the interest rate level.However,there exist group differences in the improvement of individual utility level.The individual tax-deferred commercial pension insurance has improved the level of utility of those who have already participated in the basic pension insurance and enterprise annuity insurance to a greater extent than the level of improvement of those who have only participated in the basic pension insurance.If individuals reduce the payment of basic pension insurance to purchase commercial pension insurance,although they can increase their consumption during the work period,they will reduce the consumption during their retirement and the level of lifetime utility,thus it is not a rational decision.