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本文构建模型论证了个人所得税递延政策对商业养老基金的投资策略和投资结果产生的影响。研究显示,延税型账户(EET)在缴费规模提高的同时,基金管理者降低了对风险资产的投资比例,最终扩大了基金的终端规模,并改善了基金的风险状况。个人可以根据对风险和收益的偏好适当提高缴费率。此外,以上作用的发挥取决于个人效用能否得到改善,而效用的改善需要对养老金领取阶段减免税,即EET与TEE(免税型账户)的“双税优”政策并举。
This paper constructs a model to demonstrate the impact of deferred tax on personal income tax on the investment strategy and investment results of commercial pension funds. Research shows that tax-paying accounts (EETs) raise the scale of contributions while fund managers reduce the proportion of investment in risky assets, ultimately expanding the size of the fund’s terminals and improving the fund’s risk profile. Individuals can appropriately raise their contribution rates based on their preference for risk and return. In addition, the above-mentioned effects depend on whether personal utility can be improved, and the improvement of utility needs to reduce or exempt from the pension collection stage, that is, the double tax policy of EET and TEE (tax-exempt account).