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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

確定提撥制下之投資策略模擬分析

王曉雲 Unknown Date (has links)
勞工退休金條例的實施喚醒國人對退休後生活的重視,開始著重退休財務規劃。確定提撥制下,提撥期間退休準備金之運用深深影響退休時之帳戶金額,對員工影響甚鉅,故資金運用乃是由員工自行決定,投資風險由員工承擔,而投資報酬率對退休所得替代率影響甚鉅,提升報酬率能讓員工退休時有足夠的退休金,當考量退休金能有抗通貨膨脹風險時,更需要較高的報酬率來避免通貨膨脹風險。 本研究採用隨機投資模型模擬股票、債券及兩年期定存報酬率,運用不同投資策略,衡量各種可能投資組合之投資績效與風險,並進一步設計各投資策略之生命週期投資模式,以期分析多期投資策略是否有較大之報酬率、較小之風險。本研究建立最適投資策略之目標函數,供投資者選擇適用之目標函數,在設定控制變數下,尋找最適資產配置。 在不考慮生命週期策略時,CM投資策略最為有效率,且單位風險報酬最高,CPPI則無論投資組合如何配置,都具有高風險高報酬之特性。比較生命週期時,35年期投資期間,TIPP生命週期投資策略較TIPP為佳,而BH生命週期在35年與20年投資期間有較BH有效率之現象。當高風險投資標的變異大時,不宜採用高風險之投資組合,會造成高風險低報酬之情形。另投資者可以根據本研究之最適投資策略設定,選擇最符合自身風險之最佳資產配置策略。
2

臺灣不同世代退休消費難題分析 / The retirement consumption puzzle for different generations in Taiwan

姚憲爵 Unknown Date (has links)
過去國外的實證研究結果指出,民眾在退休後的消費支出會有減少的現象,文獻稱此現象為 “退休消費的難題 (Retirement Consumption Puzzle)”。本研究主要目的在於探討不同世代是否在退休消費難題的程度上有所差異。研究結果顯示,臺灣民眾在退休後,家戶的消費並未有顯著的減少現象,但對不同世代戶長退休後的家戶消費行為進行分析,本研究發現相較於20年代的家戶,40年代的退休家戶其退休後的消費有顯著減少現象,可能的原因在於年輕世代面臨人口平均餘命增加所產生的長壽風險,而人口結構老化使得過去養兒防老的觀念式微,以及年輕世代對未來退休金制度產生疑慮,使得年輕世代家戶退休後的消費有顯著下降的現象,此結論顯示不同世代在退休後的消費行為確有顯著差異。 / The world is facing the dual effect of life expectancy and declining fertility, this phenomenon will enable society and individuals exposed to the longevity risk. In this study, we use “The Survey of Family Income and Expenditure” from Directorate-General of Budget, Accounting and Statistics, Executive Yuan, R.O.C.(Taiwan). The results show that there is a decline in the expenditure of food after retirement, and younger generations decline less than elder generation obviously. There are also declines in work-related expenditures, including clothing, transportations and communication. It means that retired-consumption puzzle is not obvious to younger generations. While the consumption of home management, recreation and education do not drop after retirement, showing leisure time increase and also increase those consumption. Health and medical expense is related to the age and health status, not to the status of work. Total consumption expenditure is no significant correlation with retirement. Finally, there is a trend of younger generation consumption increase. Comparing, it may have retirement plan to support the increasing consumption.

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