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姓名 莊介博(莊介博) 查詢紙本館藏 畢業系所 財務金融學系 論文名稱 權益指數投資型保險商品在退休規劃上的運用
(Equity Linked Life Insurance for Retirement Financial Planning)檔案 [Endnote RIS 格式]
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摘要(中) 權益指數投資型保險商品在退休規劃上的應用
摘要
論文探討退休金的組成以及退休財務規劃的關鍵議題，並探討指數型年金保險商品用於退休商品的特性。
世界銀行於 2008 年時提出了退休金五大柱的概念 (Holzmann et al., 2008)，建立了退休財務規劃財務來源的基礎。而隨著平均壽命延長，退休金規劃的概念越發重要，如何因應長壽風險成為了退休規劃的重要議題。
因應長壽風險課題，本文進一步以美國受歡迎之權益指數連結年金（Equity Index Annuity, EIA）為例，討論長年期投資下指數型年金保險商品的特性。在假設股價指數符合正交廣義自我回歸條件異方差模型（Orthogonal Generalized Auto Regressive Conditional Heteroskedasticity，簡稱為 O-GARCH）模型下，透過蒙地卡羅法分析 EIA 商品。由結論可見，藉由 EIA 商品中具有 Point-to-Point 特性的商品比 Rachet 特性的商品，其具有較低的風險與較高的報酬率，因此在處理退休財務規劃時常使用較長期的金融工具時，EIA商品則可選擇具有 Point-to-Point 特性的商品作為退休規劃較佳的商品。摘要(英) Equity Linked Life Insurance for Retirement Financial Planning
Abstract
This study explores the composition of pensions and key issues in retirement financial planning, and explores the characteristics of fixed index annuity insurance products as a retirement financial planning tool.
In 2008, the World Bank proposed the concept of five pillars of retirement fundings , which established the basis of financial sources for retirement financial planning. As the average life expectancy increases, the concept of pension planning becomes essential, and longevity risks has become an important issue in retirement financial planning.
This study takes Equity Index Annuity (EIA) as an example to discuss the characteristics of index annuity insurance products. By assuming that the stock price index follows to the Orthogonal-GARCH model, I use the Monte Carlo method to analyze the EIA products. In conclusion, the EIA products with Point-to-Point features have lower risks and higher rates of return than those with Rachet features. The EIA products with Point-to-Point features are better products for retirement financial planning.關鍵字(中) ★ 退休財務規劃
★ 投資型保險
★ 權益指數連結年金
★ 正交廣義自迴歸條件異方差關鍵字(英) ★ Retirement Financial Planning
★ Unit-linked Life Insurance
★ EIA (Equity Index Annuity)
★ Orthogonal-GARCH論文目次 目錄
中文摘要.............................. VIII
英文摘要..... IX
誌謝......................................... X
目錄........................................ XI
圖目錄..................................... XIII
表目錄...................................... XIV
1. 緒論...................................... 1
1.1. 研究流程................................ 6
1.2. 研究架構................................ 7
2. 文獻回顧................................... 9
3. 退休財務規劃............................... 12
3.1. 財務體檢的三大理財公式.................... 15
3.2. 建構良好的退休規劃方式.................... 19
4. 家庭財務管理............................... 24
4.1. 家庭各項財務比率之應用.................... 25
4.2. 信託用於退休規劃與財富傳承................. 31
4.3. 保險金信託的運用......................... 32
4.4. 保險在稅務上之應用案例.................... 35
5. 保險年金商品運用探討......................... 38
5.1. 附保證投資型商品.......................... 38
5.2. 權益指數連結年金......................... 43
5.3. 下方風險................................ 46
5.4. 蒙地卡羅法.............................. 46
5.5. 數值例子................................ 48
5.6. 模擬結果................................ 51
5.7. 小結................................... 53
6. 結論...................................... 54
7. 參考文獻................................... 56
附錄......................................... 60
1. 個人之基本所得額........................... 60
2. 退職所得定額免稅........................... 60
3. 遺產稅免稅額及扣除額........................ 63
4. 指數及利率資料............................. 64
5. 權益聯結年金評價方式........................ 72
6. 資產動態過程............................... 75參考文獻 Alexander, C. 2000. A Primer on the Orthogonal GARCH Model. ISMA Centre, The Business School for Financial Markets,University of Reading.
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