养老金入市对个人账户替代率的影响——基于上海市的实证分析

On the Influence of Pension Funds Entering into the Stock Market on the Replacement Rate of Individual Accounts

在通货膨胀和人口老龄化的双重压力下,个人账户养老金社会平均工资替代率不断下降,养老金的投资收益越来越受到重视。基于上海市近十年的经济统计数据,设定社会平均工资增长率、基金投资收益率和缴费年限,分析个人账户养老基金投资在不同收益率情况下对个人账户社会平均工资替代率的影响。研究表明,提高养老金的投资效益能明显提高个人账户社会平均工资替代率,从而提高基本养老保险的水平。且在同等条件下,缴费年限越长,基金投资收益率对个人账户社会平均工资替代率的提高越显著。

The social average wage replacement rate of individual account pension is declining under the dual pressures of inflation and population aging.The investment income of pension funds has been paid more and more attention.According to the economic statistics of Shanghai over the past ten years,the average wage growth rate,investment yield and contribution period are set,and the impact of individual pension investment on individual social average wage replacement rate under the different rate of return is analyzed.The results show that improving the investment benefit of the pension can obviously increase the social average wage replacement rate of the individual account.Accordingly,it enhances the level of basic old-age insurance.Under the same conditions,the longer the contribution period,the more obvious of the funds investment rate affects the social average wage replacement rate of individual account.