税收优惠对个人养老金的激励作用研究

A Study on the Incentive Effect of Tax Benefits on Personal Pensions

摘要: 文章研究税收优惠对个人养老金的激励作用。先对税收激励的作用机制和模式进行深入剖析，接着运用生命周期理论和委托代理理论，从需求侧和供给侧两个维度，系统性论述税收优惠政策对个人养老金的激励效果。研究发现，对个人养老金缴费阶段、投资阶段、领取阶段征税都会影响退休期的消费支出，三个阶段的税收政策的激励程度越高，退休期个人的消费越高，基于对数效用的假设，个人养老金的税收优惠可以直接提高居民的总效用水平；个人养老金产品预期回报越高、政府给予的激励越大，金融机构的供给水平越高，当政府无法预测金融机构的投资行为时，设计的税收激励政策需要让金融机构获得个人养老金市场的超额发展带来的超额效益，才能维持激励相容。

Abstract: The article examines the incentive effect of tax incentives on personal pensions. It begins with an in-depth analysis of the mechanism and mode of action of tax incentives, followed by a systematic discussion of the incentive effects of tax incentives on personal pensions from both the demand-side and supply-side dimensions, using life-cycle theory and principal-agent theory. It is found that taxation on the contribution phase, investment phase and receipt phase of personal pensions affects consumption expenditure in retirement; the higher the degree of incentive of tax policies in the three phases, the higher the consumption of individuals in retirement; based on the assumption of logarithmic utility, tax incentives for personal pensions can directly increase the total utility level of residents; the higher the expected return of personal pension products and the greater the incentive given by the government, the higher the level of supply from financial institutions, and when the government cannot predict the investment behaviour of financial institutions, the tax incentives designed need to allow financial institutions to reap the excess benefits of the excess development of the personal pension market in order to maintain incentive compatibility.