主观死亡评估下的退休后投资-消费-年金化时刻决策
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Inventor mobility, source enterprise linkage and reverse knowledge spillin
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    摘要:

    考虑退休者的死亡风险和遗产效用,研究了退休后期最优投资-消费-年金化时刻决策问题.根据退休者在退休时刻对自身死亡概率的主观评估,把退休者分为两大类:第一类退休者自我评估以概率1活不到最大年金化时刻,第二类退休者自我评估以一定概率活得过最大年金化时刻.自退休时刻开始到死亡时刻或年金化时刻为止,退休者要进行投资和消费决策.假设最优的年金化时刻是使得年金化前后的累计消费效用均值以及遗产效用均值之和达到最大.采取幂效用函数形式,得到了最优投资-消费策略的解析解、第一类退休者在生存期内都不购买年金的条件以及第二类退休者选择在最大年金化时刻购买年金的条件.利用数值分析方法,详细分析了性别、生存周期、遗产效用、折现函数、风险厌恶系数、金融投资环境以及年金产品价格对退休者年金行为的影响.

    Abstract:

    The knowledge spillover effect of inventor mobility is bidirectional, and there is also a knowledge spillin effect on the source enterprises. Based on a matched dataset of inventors and patent citations from Chinese listed enterprises, this paper investigates the impact of inventor mobility on knowledge spillin effect. The paper finds that the mobility of inventors has a knowledge spillin effect on source enterprises, which lasts 12 years. Further, the mobility of higher performance inventor has a more obvious effect on the knowledge spillin. The mobility of inventors also has a more significant effect on knowledge spillin when the source enterprises are nonSOEs or the target enterprises are SOEs. Besides, it is demonstrated that the mobility of inventors takes effect mainly through the following channels: Cooperative R&D between source enterprises and target enterprises, and a favorable network position in the inventors’directed mobility network. Additional analyses suggest that this positive effect varies based on different enterprise characteristics. This paper contributes to the current research on human capital flow from the direction of the inventors’mobility and knowledge spillin, providing important practical insights for enterprises to accumulate firm social capital and promote knowledge spillin to improve enterprise innovation.

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伍慧玲,廖朴.主观死亡评估下的退休后投资-消费-年金化时刻决策[J].管理科学学报,2024,(3):71~90

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  • 在线发布日期: 2024-04-18
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