兹维博迪金融学第二版Chapter05试题.ppt

* * * * * * * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Chapter 5:  居民户的储蓄和投资决策 Objective 不确定世界中的金融决策; 生命周期上的人力资本、 永久收入决策 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Chapter 5 Contents 5.1 一个储蓄的生命周期模型 5.2 考察社会保障 5.3通过自愿退休金储蓄计划延迟交税 5.4 你应该投资一个专业学位吗？ 5.5 购买还是租赁？ Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Objectives How much to save for retirement Whether to defer taxes or pay them now Whether to get a professional degree Whether to buy or rent an apartment Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 5.1 A Life-Cycle Model of Saving 假定你现在35岁，预计30年后退休，之后再活15年到80岁 你的真实劳动收入是3万美元一年 每年利息率超过通胀率3% Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 我应该储蓄多少？消费多少？ Consider two approaches: 退休前收入的目标替换率 保持相同的消费支出水平 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Target replacement rate of pre-retirement income 首先计算退休收入。许多专家建议是退休前收入的75%。 $30,000*0.75 = $22,500/year 用计算器计算退休后每年提取22500元、提取15年作为普通年金的现值 n=15, i =0.03, FV=0, PMT=-22,500 - PV=268,604 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Target replacement rate of pre-retirement income (Cont.) 接着计算退休前每年需要储蓄多少 n=15, i = 0.03, PV=0, FV= -268,604 - PMT=5,646 To obtain a real $22,500 you need to save $5,646 per year Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Target replacement rate Conclusion 注意你的退休前（真实）收入是$30,000 - $5,646 = 24,354; 但退休后年收入只有$22,500 下面的方法使退休前后消费相等 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Maintain the same level of consumption spending 假定真实消费水平是C 接下来45年的消费的现值必须等于接下来30年的工作收入 n = 30, i = 0.03, FV = 0, PMT = 30,000, CPT PV, n = 45 CPT PMT gives $23,982 The savings are then $30,000 - $23,982 = $6,018 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Human Capital and Permanent Income Human capital 一个人未来劳动收入的现值 Permanent income 不变的（真实）消费支出水平，其