企业年金适度缴费水平实证分析

企业年金缴费水平由企业缴费率和个人缴费率来衡量。通过柯布—道哥拉斯生产函数分析劳动力和资本的边际报酬率,测算企业建立年金制度有经济支付能力的缴费率;根据OLG两期叠代模型测算满足个人生命周期消费最大化和社会福利最大化的最优个人缴费率。研究表明:全行业有支付能力的年金企业缴费率约为6.36%,负担沉重、缴费能力有限等因素虽然是影响企业年金计划建立的客观原因,但并不是制约年金制度发展的主要障碍;企业应该根据自身的财务状况择期建立年金制度;企业年金缴费中满足个人效用最大化的最优缴费率是5.94%,高于现行缴费标准,适当提高个人年金缴费率可以实现帕累托优化;给予年金个人缴费一定的税收优惠,可以鼓励和推动年金制度发展。

Empirical analysis of moderate payment level of enterprise pension

The payment level of enterprise pension is determined by enterprise payment rate and personal individual rate. Based on profits in each industry, a moderate payment rate is estimated. Then an overlapping generations model is used to measure the optimum payment rate. The research shows that： pension contribution rate of effective enterprises in all industry is about 6. 36% , and there is financial viability to establish and sustain pension system; there is a huge difference of pension contribution level in each industry, so enterprise pension system should be built according to the financial condition; the optimum payment rate of personal pension is 6.40% , so there is more room to improve at current rate level; if the government gives 5% of tax incentives on personal pension, the development of pension system can be encouraged and accelerated.