The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the ...The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the mainstream home-based care,children support,and institutional care cannot fully meet the needs of the elderly for food,housing,medical care,nursing,and entertainment.The value curve model from“Blue Ocean Strategy”is used to look for innovative,differentiated competitive strategies.Through community-sharing pension institutions,it is believed that a new model that provides lower prices and more professional medical care services for the elderly,enriches the spiritual world of the elderly with rich entertainment activities,and connects social services through an elderly studio to meet the needs of the elderly for self-realization can be introduced.展开更多
In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows ...In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.展开更多
By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium...By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.展开更多
This document explains and demonstrates the current situation and some problems of China＇s pension industry, also, offer some advises to its development. China is the world＇s most populous developing country, with l...This document explains and demonstrates the current situation and some problems of China＇s pension industry, also, offer some advises to its development. China is the world＇s most populous developing country, with large population basement and the rapidly aging population. Traditional model of family pension is in decline, thus social security system is a general tendency. Social supporting is facing tremendous pressure. In China＇s pension services, the market development is not perfect, and government responsibility is not in place, also, the pension service is at a low level as a result, aged care industry developed slowly, but social care service demand is increasingly strong, so there is a serious contradiction between supply and demand, therefore promote the health of pension industry into a vigorous development is imminent.展开更多
The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theo...The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theory can be applied to find an optimal investment policy during a participant＇s whole life in the pension plan. Finally, two explicit solutions to exponential utility function in the two different periods （before and after retirement） are revealed. Hence, the optimal investment strategies in the two periods are obtained.展开更多
Based on the reality that 29 Chinese provinces have already implemented the policy allowing a couple to raise a second child if either parent is an only child, this paper provides an empirical study on the effect of t...Based on the reality that 29 Chinese provinces have already implemented the policy allowing a couple to raise a second child if either parent is an only child, this paper provides an empirical study on the effect of this policy on the financial status of the social pooling fund of basic pension insurance for urban employees. Our study suggests the followings. First, under the previous unchanged family planning policy, current deficits and cumulative deficits will occur in the social pooling fund in the year 2047 and 2063 respectively. Second, if lO% to 50% of qualified couples choose to raise a second child, the financial status of the social pooling fund will improve; relative to the previous unchanged family planning policy, the contribution ratio can decrease from 20% to the range between 18.06% and 19.57% without causing any changes to the original financial status of income and expenditure. Third, if the percentage of couples choosing to raise a second child rises to 60% to 100%, the contribution ratio can even decrease to the range between 16.55% and 17. 7% without causing any changes to the financial status as under the previous unchanged family planning policy. The above conclusions have all passed the sensitivity test. Therefore, the ＂two-child policy＂ for qualified couples is favorable to alleviating the payment pressures of pension insurance but the policy effectiveness is subject to fertility desire and the intensity of government implementation.展开更多
文摘The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the mainstream home-based care,children support,and institutional care cannot fully meet the needs of the elderly for food,housing,medical care,nursing,and entertainment.The value curve model from“Blue Ocean Strategy”is used to look for innovative,differentiated competitive strategies.Through community-sharing pension institutions,it is believed that a new model that provides lower prices and more professional medical care services for the elderly,enriches the spiritual world of the elderly with rich entertainment activities,and connects social services through an elderly studio to meet the needs of the elderly for self-realization can be introduced.
基金Supported by the National Natural Science Foundation of Tianjin (07JCYBJC05200)the Young Scholar Program of Tianjin University of Finance and Economics (TJYQ201201)
文摘In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.
文摘By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.
文摘This document explains and demonstrates the current situation and some problems of China＇s pension industry, also, offer some advises to its development. China is the world＇s most populous developing country, with large population basement and the rapidly aging population. Traditional model of family pension is in decline, thus social security system is a general tendency. Social supporting is facing tremendous pressure. In China＇s pension services, the market development is not perfect, and government responsibility is not in place, also, the pension service is at a low level as a result, aged care industry developed slowly, but social care service demand is increasingly strong, so there is a serious contradiction between supply and demand, therefore promote the health of pension industry into a vigorous development is imminent.
基金Project supported by the Science Foundation of Central South University of Forestry and Technology (No.06010A).
文摘The constant elasticity of variance（CEV） model was constructed to study a defined contribution pension plan where benefits were paid by annuity. It also presents the process that the Legendre transform and dual theory can be applied to find an optimal investment policy during a participant＇s whole life in the pension plan. Finally, two explicit solutions to exponential utility function in the two different periods （before and after retirement） are revealed. Hence, the optimal investment strategies in the two periods are obtained.
基金sponsored by the National Social Sciences Foundation Program,An Evaluation of the Impact of China’s Family Planning Policy Adjustment on the Sustainability of the Social Security Fund and A Study of the Relevant Countermeasures(Grant No.15XRK005,chaired by:Zeng Yi)
文摘Based on the reality that 29 Chinese provinces have already implemented the policy allowing a couple to raise a second child if either parent is an only child, this paper provides an empirical study on the effect of this policy on the financial status of the social pooling fund of basic pension insurance for urban employees. Our study suggests the followings. First, under the previous unchanged family planning policy, current deficits and cumulative deficits will occur in the social pooling fund in the year 2047 and 2063 respectively. Second, if lO% to 50% of qualified couples choose to raise a second child, the financial status of the social pooling fund will improve; relative to the previous unchanged family planning policy, the contribution ratio can decrease from 20% to the range between 18.06% and 19.57% without causing any changes to the original financial status of income and expenditure. Third, if the percentage of couples choosing to raise a second child rises to 60% to 100%, the contribution ratio can even decrease to the range between 16.55% and 17. 7% without causing any changes to the financial status as under the previous unchanged family planning policy. The above conclusions have all passed the sensitivity test. Therefore, the ＂two-child policy＂ for qualified couples is favorable to alleviating the payment pressures of pension insurance but the policy effectiveness is subject to fertility desire and the intensity of government implementation.
