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目前学界关于养老保险的投资理论基本上是把养老金看作一个时点上的整体,对其进行定性或定量分析进而得出养老金的多元化投资组合策略。而根据利率期限结构的流动性偏好假设理论,投资的收益率与期限成正相关关系。文章根据此理论研究养老金的投资收益与期限的匹配问题,进而提出优化个人帐户的投资决策。改进后的投资决策能较充分地利用个人帐户每笔资金的投资空间,大大提高个人帐户的投资收益,有效地缓解养老金的支付危机和应付人口老龄化的支付压力
At present, the investment theory of endowment insurance in the academic field basically regards pensions as a whole at a point in time, and conducts qualitative or quantitative analysis on them to derive the diversified portfolio strategy of pensions. According to the liquidity preference hypothesis theory of term structure of interest rate, the return rate of investment has a positive correlation with the term. Based on this theory, the article studies the matching of pension benefits and maturities, and then proposes to optimize the investment decision of individual accounts. The improved investment decision can make full use of the investment space of each individual account and greatly increase the return on investment of individual accounts so as to effectively alleviate the payment crisis of pension and pay the pressure of aging population