美国税收递延型企业年金分析及对我国的启示

随着人口老龄化日趋严重，税收递延企业年金已成为各界关注的焦点。以美国税收递延企业年金为研究对象，运用序数效用理论和消费者均衡，结合风险因子、工资、缴费期限等因素，分析其微观经济效应；进而根据美国的所得税率，测量各模式的收入积累效应，以及对工资、投资收益、缴费参数进行敏感性分析，对比度量各参数值对个人积累值的影响。结果显示：美国现行的免除企业和个人所得税的 EET 税延方式是最优的，参加税延型企业年金计划可增加个人积累；缴费年限对退休后积累值的敏感性最高，投资收益率、工资依次次之，缴费率不敏感。由此，结合我国情况建议采取 EET 模式，延长缴费年限，降低门槛和放宽投资，建立法律审查机制。

An Analysis on American Tax Deferred Annuity and its Implication

With an aging population,the tax deferred annuity has become a focus.This paper chooses American tax deferred annuity as the research sample.By using ordinal utility and con-sumer equilibrium theory,its micro economic effects are analyzed for the first time,combined with risk factors,wages and contribution period,etc.Then,given the income tax conditions of the United States,this article evaluates the income effect of each annuity mode and the sensitivity of parameters such as wage,contribution,investment income,and compares the parameters' effects on the personal savings.The results show that :(1)the American EET tax-deferred mode is the best one in exempting the corporate and personal income tax,which can increase personal savings;(2)the sensitivity of contribution period is the strongest,the investment rate and wage follow in sequence and the contribution rate lacks sensitivity.Therefore,based on China's condi-tions,the paper suggests establishing EET mode,extending the contribution period,relaxing threshold and investment,and establishing examination.These findings could provide advice for the pattern and design of China's tax deferred annuity.