基于长寿风险的个人年金配置研究
发布时间：2018-11-24 11:28
【摘要】：医疗卫生事业的发展,生活水平的提高,使得社会全体成员的预期寿命不断延长。整个社会的老龄化使得长寿风险凸现。长寿风险的产生会造成养老资源不足,并导致老年人生活水准的下降。年金产品成为预防长寿风险的有效工具。个人年金能够在约定的日期后定期向投资者支付保险金,直至该投资者死亡。论文是以社会个体的角度探讨能够对个人年金配置决策产生影响的因素以及这些因素是如何对社会个体的投资决策产生影响。通过建立老年人的个人年金配置决策模型,论文重点分析了生存概率、风险偏好、遗赠动机、年金基金投资收益率、和年金管理费用等因素对投资者购买年金过程中所起到的作用。年金基金投资投资率和生存概率的提高能够增加提高购买意愿。管理费率和遗赠动机提高会降低购买意愿。论文的分析表明存在遗赠动机是广大投资者共有的特征。其存在降低了投资者购买意愿,同时也限制了年金预防长寿风险功能。为了能让更多的老年人接受年金,也为了让年金预防长寿风险功能得到充分发挥,论文提出了个人年金产品的改进方案。这种新的设计方案在保留原有年金方案的基础上增加了另外一种选择。这种选择可以使投资者的继承者在其去世后还能够从保险公司获得最后一次支付。因而,投资者的遗赠动机得到满足。这样便增加老年人对年金的购买。年金预防长寿风险的功能也可以得到充分发挥。论文系统考虑投资者的遗赠动机,探讨如何配置个人年金来预防长寿风险。论文既比较结合我国实际,通过对影响个人年金配置因素进行分析,找到配置个人年金产品的最佳时期,抵御长寿风险,又通过提出个人年金设计方案,有利于寿险公司的创新和增加收入。
[Abstract]:With the development of medical and health service and the improvement of living standard, the life expectancy of all members of the society is prolonged. The aging of the whole society highlights the risk of longevity. The risk of longevity will lead to the shortage of endowment resources and the decline of living standards of the elderly. Annuity products have become an effective tool for preventing longevity risks. A personal annuity can pay a regular premium to an investor after an agreed date until the investor dies. This paper discusses the factors that can affect the individual pension allocation decision from the angle of social individual and how these factors influence the individual investment decision. By establishing the decision model of personal pension allocation for the elderly, this paper focuses on the analysis of survival probability, risk preference, legacy motivation, investment return rate of pension fund. And pension management costs and other factors in the process of buying annuity investors play a role. The increase of investment rate and survival probability of annuity fund can increase purchase intention. Increased management fee rates and bequeath incentives will reduce purchase willingness. The analysis shows that the existence of bequest motivation is the common feature of investors. The existence of annuity reduces investors' willingness to buy and limits the function of annuity to prevent longevity risk. In order to make more old people accept annuity, and to make the function of preventing longevity risk get full play, this paper puts forward the improvement scheme of personal annuity product. The new design adds an alternative to the original pension scheme. This option allows investors' heirs to receive a final payment from an insurance company after their death. As a result, the investor's legacy motivation is satisfied. This increases the purchase of annuities by the elderly. The function of annuity to prevent longevity risk can also be given full play. This paper discusses how to allocate personal annuity to prevent longevity risk. This paper not only compares the actual situation of our country, by analyzing the factors that influence the disposition of personal annuity, finds out the best time to allocate the product of personal annuity, resist the risk of longevity, but also puts forward the design scheme of personal annuity. It is good for life insurance companies to innovate and increase income.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.629
本文编号：2353527
[Abstract]:With the development of medical and health service and the improvement of living standard, the life expectancy of all members of the society is prolonged. The aging of the whole society highlights the risk of longevity. The risk of longevity will lead to the shortage of endowment resources and the decline of living standards of the elderly. Annuity products have become an effective tool for preventing longevity risks. A personal annuity can pay a regular premium to an investor after an agreed date until the investor dies. This paper discusses the factors that can affect the individual pension allocation decision from the angle of social individual and how these factors influence the individual investment decision. By establishing the decision model of personal pension allocation for the elderly, this paper focuses on the analysis of survival probability, risk preference, legacy motivation, investment return rate of pension fund. And pension management costs and other factors in the process of buying annuity investors play a role. The increase of investment rate and survival probability of annuity fund can increase purchase intention. Increased management fee rates and bequeath incentives will reduce purchase willingness. The analysis shows that the existence of bequest motivation is the common feature of investors. The existence of annuity reduces investors' willingness to buy and limits the function of annuity to prevent longevity risk. In order to make more old people accept annuity, and to make the function of preventing longevity risk get full play, this paper puts forward the improvement scheme of personal annuity product. The new design adds an alternative to the original pension scheme. This option allows investors' heirs to receive a final payment from an insurance company after their death. As a result, the investor's legacy motivation is satisfied. This increases the purchase of annuities by the elderly. The function of annuity to prevent longevity risk can also be given full play. This paper discusses how to allocate personal annuity to prevent longevity risk. This paper not only compares the actual situation of our country, by analyzing the factors that influence the disposition of personal annuity, finds out the best time to allocate the product of personal annuity, resist the risk of longevity, but also puts forward the design scheme of personal annuity. It is good for life insurance companies to innovate and increase income.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.629
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