现阶段背景下企业职工基本养老保险最优缴费率与最优记账利率研究
Contribution Rate and Accounting Interest Rate of the Basic Oldage Insurance for Enterprise Employees

摘要 本文用OLG模型分析企业职工基本养老保险。正视记账利率低于市场利率的实际，考察缴费率和记账利率对资本劳动比、人均消费和养老金待遇的影响。通过控制政策变量将资本劳动比调整到修正黄金律水平，求解最优的政策变量组合。考察人口增长率对最优记账利率的影响，估计老年人口抚养比高峰期的最优记账利率和缴费率并寻求其实现途径。提高记账利率和个人缴费率、降低企业缴费率能增加消费、资本积累和养老金待遇。若能实现最优记账利率高于五年期银行存款利率，则不仅能降低最优个人缴费率，而且能显著降低最优企业缴费率。
Abstract：Using an overlappinggenerations model， this paper investigates the basic oldage insurance for enterprise employees. Envisaging the reality of the accounting interest rate being lower than the market interest rate，it examines the effects of the individual contribution rate， firm contribution rate and accounting interest rate on the capitallabor ratio， per capita consumption and pension benefits. By controlling the policy variables to adjust the capitallabor ratio to the modified golden rule level，it finds the optimal combination of policy variables. It also examines the effect of population growth rate on the optimal accounting interest rate， and estimates the optimal accounting interest rate and contribution rate while the old dependency ratio peak and looks for its implementation. It is shown that raising the accounting interest rate and individual contribution rate and reducing the firm contribution rate can increase the consumption， capital stock and pension benefits. If the optimal accounting interest rate can be higher than the five year bank deposit interest rate， then it can not only reduce the optimal individual contribution rate， but also evidently reduce the optimal firm contribution rate.