The optimal asset allocation of the main types of pension funds: a unified framework

The existing literature deals with the optimal investment strategy of defined benefit (DB) or defined contribution (DC) pension plans. This article’s objective is to compare the optimal policies of different types of pension plans. This is done by first defining an original framework, which is based on the distinction between the nature of the guarantee—which can be internal or external—offered by or to a pension fund. This framework allows to establish links between optimization programs of DC, DB and targeted money purchase schemes. The case of an internal guarantee appears as a standard portfolio insurer’s problem. The second kind of guarantee, not analyzed in the literature yet with regard to the resulting optimal policy, is characterized by the existence of an option in the final wealth definition. Four funds are present in the internal guarantee optimal allocation: the speculative component, the preference independent guarantee- and contribution-hedge terms and the preference dependent state variable-hedge fund. The external guarantee program, solved with an original method using the principles of standard options theory, yields an optimal policy incorporating the delta of the option embodied in the final wealth definition. The conclusion is that the resulting optimal portfolio policy becomes riskier.

浅谈水表出户改造工程造价管理

在水表出户改造项目中分析项目参与各方造价管理目标、内容、时间阶段以及利益机制基础上,就业主方如何依据自身特点,在水表出户全过程的各个阶段造价管理方面发挥控制的核心作用,提高水表出户改造投资效益进行了实务分析和总结.     

国内外养老保险制度的状况及差异分析

国内外养老保险在模式上、养老保险基金运作机制以及养老保险管理制度上存在差异.美国的养老保险制度注重政府保障与雇主保障、个人保障的有机结合、充分发挥市场功能、注重养老金投资管理;英国养老金个人账户体系更加适合现代快节奏生活和工作经常变化的社会需求;日本农民在许多方面享有与城市居民同等的待遇;韩国采取的是双轨并行的养老金制...     

东北三省新型农村养老保险制度推行中的难点分析

随着城镇化进程和农村老龄化速度的加快,农村传统的土地养老、家庭养老面临严峻挑战。新型农村养老保险制度对于转变农村养老方式、建设覆盖城乡居民的社会保障体系有着重要的现实意义。然而,作为一项规模宏大的社会系统工程,在其运行过程中,还存在一些亟待解决的问题或难点。本文选取农村人口比重较大的东北三省,意在分析"新农保"进展的基础上,总结目前东北3省在推行"新农保"过程中存在的难点,进而提出相应的对策建议。     

Does it pay off for museums to foster creativity? The complementary effect of innovative visitor experiences

This paper aims to explore the link between creativity orientation, investment in visitors’ experience and operating and funding performance in tourist attractions, taking museums as a case study. The empirical work is based on an analysis of the information provided by a sample of Spanish, French, German, British and American museums. The findings highlight the positive impact of creativity orientation on museums’ operating performance, but show a curvilinear effect on funding performance. The use of new technologies and adaptation to the audience proves positive when seeking to attract visitors.     

养老保险统筹账户：基于可持续运行角度的参数效应研究

文章针对城镇职工基本养老保险统筹账户面临的问题,重建了可持续运行能力的衡量指标。以现行制度为基础构建模型,利用精算方法预测统筹账户收支规模及平均替代率的变化趋势。在对退休年龄、在岗职工的平均工资和参保人数对账户可持续性造成综合影响进行比较静态分析之后发现：提高参保率是较为得力的措施。同时文章还借鉴国外经验提出了相应的政策建议。     

Is external research assessment associated with convergence or divergence of research quality across universities and disciplines? Evidence from the PBRF process in New Zealand

ABSTRACT

Performance-based research evaluations have been adopted in several countries both to measure research quality in higher education institutions and as a basis for the allocation of funding across institutions. Much attention has been given to evaluating whether such schemes have increased the quality and quantity of research. This paper examines whether the introduction of the New Zealand Performance-Based Research Fund process produced convergence or divergence in measured research quality across universities and disciplines between the 2003 and 2012 assessments. Two convergence measures are obtained. One, referred to as β-convergence, relates to the relationship between changes in average quality and the initial quality level. The second concept, referred to as σ-convergence, relates to the changes in the dispersion in average research quality over time. Average quality scores by discipline and university were obtained from individual researcher data, revealing substantial β- and σ-convergence in research quality over the period. The hypothesis of uniform rates of convergence across almost all universities and disciplines is supported. The results provide insights into the incentives created by performance-based funding schemes.     

新农合补偿制度调查分析——寿光案例

起付线、保障率和封顶线是新农合补偿制度的三个要素,其设定不仅决定新农合制度是否能起到合理引导病人就医的作用,而且对新农合基金的安全也存在着重要影响。寿光市的实施情况显示,在参合农民中依然存在着实际补偿率较低的问题,造成这一问题的原因是补偿制度的不合理和管理理念的落后,应该通过灵活设置封顶线、改革总额预付制度以及鼓励社会资本参与新农合建设等方式加以解决。     

预期寿命、生育率变动与基本养老保险统筹账户调整

在构建三期世代交叠模型的基础上,通过选取相关制度指标来模拟分析在未来预期寿命和生育率变动下,基本养老保险统筹账户如何基于参数调整来维持收支平衡。研究结果表明：（1）我国居民预期寿命增长过快,统筹账户收支平衡受预期寿命变化影响较大;（2）在现阶段的预期寿命和生育率条件下,统筹账户能实现自身收支平衡,而且可在短期内通过阶段性降低缴费率来促进制度长远发展;（3）在长期内需通过提高缴费率或降低养老金替代率来保证统筹账户收支平衡,预期寿命为87.828岁且总和生育率为1.79作为参数调整临界点;（4）以现有制度设计为基准,参数调整临界点之前保证35%的基础养老金平均替代率不降,临界点之后保证20%的缴费率不升可以最大程度促进经济和社会发展。