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中文摘要：
本文提出了带有最低保障固定供款养老基金最优分配的连续时间随机控制模型。在带状态约束且考虑股票支付红利的最优随机控制模型框架下，用预期幂效用最大化刻画基金管理者对无限区间上养老基金财富的效用，运用随机控制给出了作为HJB方程解的值函数的显式解及反馈形式的最优投资策略的显式解。
英文摘要：
In this paper, we propose a continuous - time stochastic control model of optimal allocation for a defined contribution pension fund with a minimum guarantee. Under the framework of an optimal stochastic control problem with state constraints and the dividend payment of tile stock, we adopt the view of a pension fund manager maximizing the expected power utility from the fund wealth on an infinite horizon. The explicit expressions for both the optimal allocation strategy in feedback form and the value function which is a solution to the HJB equation are obtained by the stochastic control method.
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