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标题：EVOLUTION OF NET ASSETS OF PRIVATE PENSION FUNDS IN ROMANIA UNDER THE INFLUENCE OF CERTAIN FACTORS
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作者：Simona Mirela Cristea
期刊名称：Annals of the University of Craiova: Economic Sciences Series
印刷版ISSN：1223-365X
电子版ISSN：1843-3723
出版年度：2012
卷号：3
页码：1-8
语种：English
出版社：Universitaria Craiova
摘要：Considering the assets of pension funds around the world,their value has been significantly reduced in the current economic and financial crisis,which caused a reallocation of their investments towards investments with low risk,mainly oriented towards domestic investments.Consequence of the decline of the private pension fund assets on behalf of their influence factors has strong implications over the declining of the contributors’ confidence in these types of investments,with effect over their contributions reduction.In this study,we measured the variation of the net assets of private pension funds in Romania under the influence of five variables: the exchange rate,interest rate of loans,the interest rate on deposits,interest rate of monetary policy and the stock market value index (BET-C index).We used multiple linear regression and we analyzed both the correlation between the dependent variable and independent variables,and the obtaining of the coefficients for the regression equation.The results obtained through analysis were compared with those obtained at the end of the year 2010.The conclusion is that,the influences of the factors over the assets of private pension funds are always in changing from one period to another,and the way that they affect the net assets of pension funds is declining.To counteract these effects,it shall be developed for a short time horizon,a mix of their investments,dynamic and adaptable to the variation of the influence factors.
关键词：private pension;net assets;influence factors;statistical correlations