政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/53866

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Title:	退休金負債與增資機會對企業退休金計劃選擇之影響
Other Titles:	Pension Liability Cost, Accesses to Capital Market and Employer Pension Choices
Authors:	王儷玲
Contributors:	國立政治大學風險管理與保險學系行政院國家科學委員會
Keywords:	退休金計畫;確定給付制;確定提撥制;退休金負債成本;增資機會;上市公司 defined benefit plan;defined contribution plan;pension liability cost;access to the capital market;public trading firms
Date:	2003
Issue Date:	2012-10-22 15:43:49 (UTC+8)
Abstract:	企業退休金計畫依給付方式的不同，可以分為確定給付制（Defined Benefit Plans）與確定提撥制（Defined Contribution Plans）。這兩種退休金計畫在承擔退休所得的風險上也各有優劣不同。過去的二十年中，許多研究發現美國有越來越多的公司採用確定提撥制的退休金制度。雖然，絕大多數的研究同意這樣的趨勢，但是對於這個趨勢的成因卻始終沒有定論。過去文獻研究這個趨勢的成因時主要著重在勞動經濟誘因、市場結構與公司財務考量等因素，卻忽略了退休金負債成本與公司增資機會的影響。公司若無法透過適當管道增資，龐大的確定給付退休金負債成本將使公司面臨破產的命運，為了繼續生存，公司可能會決定捨棄原本的確定給付制而改採確定提撥制，因此上市公司與非上市公司在退休金計畫選擇的行為上也可能不同。為了克服過去文獻的缺點，本研究蒐集 1985 與1996 的企業退休金資料 (IRS Form 5500 data) 與公司財務資料 (Compustat data)，並分為上市與非上市公司兩個組群，追蹤此兩年間上市與非上市公司對退休金計畫選擇的變化，並且利用Logistic Regression 模型分析公司在退休金計畫選擇的改變之影響因素有何不同。本研究之實證結果補充Peterson (1994)提出財務因素對退休金計畫選擇之影響的研究，我們發現上市公司由於籌資較容易，因此較可能繼續提供確定給付制。相對的，非上市公司由於籌資較不容易，在退休金成本逐漸增加的壓力下，則較容易終止將原有的確定給付制而轉成提供確定提撥制。 Over the past twenty years the trend in private employer pension system has been moving away from traditional defined benefit plans and toward defined contribution plans. However, when analyzing the causes of the pension trend, previous literature emphasized more on how the changes in the pension benefits influence employee’s income and how characteristics of pension plans serve as incentive contracts for employers, but overlooked the effects of pension liability costs and the access to the capital market. This paper examines whether the pension liability cost is an important factor in employer pension choice and whether the behavior of such decision differs between public trading firms and non-public trading firms. We find that the public trading firms have more accesses to raise new capitals, thus have higher probability to continually provide defined benefit plans. On the other hand, with limited accesses to raise new capitals non-publicly trading firms were more likely to terminate their existing defined benefit plans and switch to defined contribution plans.
Relation:	基礎研究學術補助研究期間:9208 ~ 9307 研究經費:616仟元
Data Type:	report
Appears in Collections:	[Department of Risk Management and Insurance] NSC Projects

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