Abstract:
This paper constructs a theoretical model to analyze what effects the deferred personal income tax policy will have on commercial pension funds’ investment strategy and the terminal size. Our results show that tax-deferred account (EET) will motivate fund managers to reduce the proportion of risky assets, effectively expand the terminal size of the funds, and mitigate the risk of the funds. So individuals can increase the contribution rate based on their preferences for risk and return. What is more, these effects depend on whether individual utility will be improved, which requires tax abatement and tax exemption for pension (TEE).
李心愉, 段志明. DC型商业养老基金的最优投资策略研究——基于递延型个人所得税的考虑[J]. 金融研究, 2016, 437(11): 128-141.
LI Xinyu, DUAN Zhiming. Research on Optimal Investment Strategies for DC Commercial Pension Funds:Based on the Perspective of Deferred Personal Income Tax Policy. Journal of Financial Research, 2016, 437(11): 128-141.
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