段亚林养老金入市对企业培训股市影响有限（Duan Yalin the pension market has limited impact on the training of the stock market）.docVIP

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段亚林养老金入市对企业培训股市影响有限（Duan Yalin the pension market has limited impact on the training of the stock market）.doc

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段亚林养老金入市对企业培训股市影响有限（Duan Yalin the pension market has limited impact on the training of the stock market）

段亚林养老金入市对企业培训股市影响有限（Duan Yalin the pension market has limited impact on the training of the stock market） In the run-up to the 401K plan, speculators expected the pension market to have a knock on impact on the stock market, so they moved into the market early, leading to a slight rise in the index. But because of the planned launch is a gradual process, at the same time, the pension to enter the market is a gradual process, in order to avoid the impact on the market, the funds will not herd. Therefore, the short-term stock market will rise, but there will be no explosive rise, and in the absence of changes in fundamentals, the long-term trend of the stock market will not be obvious changes due to the introduction of the 401K program. 401K plans to invest in stocks, funds, annuity insurance, bonds, special term deposits and other financial products, employees can choose their own pension investment. Contrary to the payment determination plan, the investment risks are borne by the employees. 401K plans fail to produce long-term bull markets The US 401K plan was introduced in November 6, 1978, but it was officially introduced in January 1, 1982. After the launch of the program, the S P 500 index showed a slight rise, followed by a further rise. But careful analysis of the macro background of the United States at that time, it is not difficult to find, when the U.S. economic upturn is the main reason for the rise in the U.S. stock market, the launch of the 401K plan is just the right time. In 1972, the US stock market entered the second stage of consolidation and shock after twentieth Century, and then the first oil crisis broke out in 1973, and the American economy entered the stagflation stage. In the face of all kinds of economic problems, the government low interest rates in response to the crisis and the implementation of tax reform and stagflation, the highest marginal tax rate fell from 69.125% to 50% at the end of 70s, the U.S. economy as a whole began to grad