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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/124133
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/124133

    Title: 401(k)退休金計劃投資效率性與計劃特徵關係之研究
    A Study of the relationship between the efficiency of 401(k) Plan and plan characteristics
    Authors: 林元駿
    Lin, Yuan-Chun
    Contributors: 陳鴻毅
    Chen, Hong Yi
    Lin, Yuan-Chun
    Keywords: 401(k)退休金計劃
    401(k) plan
    Intersection test
    Plan efficiency
    Plan characteristics
    Date: 2019
    Issue Date: 2019-07-01 10:46:01 (UTC+8)
    Abstract: 本研究探討401(k)退休金計劃的投資效率性與計劃特徵之關係。401(k)計劃的投資效率取決於信託人所提供的投資清單以及計劃參與者在投資清單中如何去選擇投資組合。然而過去文獻中提到401(k)計劃中的雇主、信託公司和參與者存在行為偏誤,導致參與者做出不合理的投資決策而失去401(k)計劃的投資效率。實證結果顯示僅有0.3%的401(k)計劃具有顯著的投資效率性,我們還發現前一期員工計劃中持有公司股票的佔比與計劃的效率性有顯著正相關;然而計劃信託公司的選擇以及投資清單數目的多寡與計劃的效率性並無顯著的關聯。
    This study tries to investigate whether the active investment strategy of 401(k) plans is more efficient than the passive investment strategy. Prior literature has documented some problems of behavioral bias in 401(k) plans. We argue that the existence of the behavioral bias will lead the irrational investment decision, and therefore a weak plan efficiency can be observed. We collect 2,688 401(k) plans and examine the relationship between the plan efficiency and plan characteristics. We empirically find that only 0.3% of plans can outperform market portfolios, indicating the active investment strategies of most 401(k) plans are not efficient. In addition, we find the plan efficiency is positively associated with the proportion of the company stock holding to total investments of a plan. However, the choice of trustees or the size of the investment menu has no significant effect on the plan efficiency.
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    Tang, N., Mitchell, O. S., Mottola, G. R., & Utkus, S. P. (2010). The efficiency of sponsor and participant portfolio choices in 401 (k) plans. Journal of Public Economics, 94(11-12), 1073-1085.
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1063570311
    Data Type: thesis
    DOI: 10.6814/NCCU201900118
    Appears in Collections:[財務管理學系] 學位論文

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