CAJ | 학술논문

人口结构的剧烈变化，体制改革带来的巨额隐性债务，“混账”管理模式的“空账”问题，使得中国基本养老金面临支付危机，提高基金缴纳款不符合我国加剧的老龄化国情，因而通过提高资产组合收益来实现基本养老金的保值增值，是确保养老体制改革成功的关键。本文结合国际上先进的研究成果以及我国基本养老金的自身特点，根据统筹账户与个人账户基金的不同性质与目标，分别构建了多阶段的资产负债管理模型，利用随机规划方法为中国基本养老金提供了一个全面的、动态的分析框架。
인구결구적극렬변화，체제개혁대래적거액은성채무，“혼장”관리모식적“공장”문제，사득중국기본양로금면림지부위궤，제고기금격납관불부합아국가극적노령화국정，인이통과제고자산조합수익래실현기본양로금적보치증치，시학보양로체제개혁성공적관건。본문결합국제상선진적연구성과이급아국기본양로금적자신특점，근거통주장호여개인장호기금적불동성질여목표，분별구건료다계단적자산부채관리모형，이용수궤규화방법위중국기본양로금제공료일개전면적、동태적분석광가。
A drastic change of population structure, the large implicit pension debt, the ＂empty account brought by combined management mode, make Chinese basic pension fund face crisis of payment. To e problem nlarge the fund can＇ t accord with the situation of increasing aging, thus the key to preserve and increase value and ensure the success of the pension system reform, is to improve asset portfolio returns. This paper combines the international advanced research with the characteristics of basic pension fund in China construct respectively asset liability management models, by using stochastic programming to provide a comprehensive and dynamic analysis framework for Chinese basic pension fund.