Abstract：Using an overlappinggenerations model， this paper investigates the basic oldage insurance for enterprise employees. Envisaging the reality of the accounting interest rate being lower than the market interest rate，it examines the effects of the individual contribution rate， firm contribution rate and accounting interest rate on the capitallabor ratio， per capita consumption and pension benefits. By controlling the policy variables to adjust the capitallabor ratio to the modified golden rule level，it finds the optimal combination of policy variables. It also examines the effect of population growth rate on the optimal accounting interest rate， and estimates the optimal accounting interest rate and contribution rate while the old dependency ratio peak and looks for its implementation. It is shown that raising the accounting interest rate and individual contribution rate and reducing the firm contribution rate can increase the consumption， capital stock and pension benefits. If the optimal accounting interest rate can be higher than the five year bank deposit interest rate， then it can not only reduce the optimal individual contribution rate， but also evidently reduce the optimal firm contribution rate.
2018, Vol. 57 
