企业年金参与决策的影响因素:理论框架与实证分析——来自A股上市公司的经验证据  

Determinants of the Participation Choice of Corporate Pension:A Theoretical Framework and Empirical Study

作　　者：张东旭[1] 

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《经济管理》2017年第1期49-68,共20页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"基于公司财务视角的商业贿赂治理研究"(15CGL017);安徽省自然科学基金项目"准则趋同背景下会计准则与监管规则对公司行为动机的联动影响"(1308085MG113)

摘　　要：企业年金计划既是国家养老保险体系的重要支柱,又是公司治理机制的有机组成部分。本文基于公司财务相关理论,构建了企业参与年金计划的成本收益分析框架,并利用A股上市公司数据对该分析框架进行实证检验,从企业层面回答了企业年金参与决策的影响因素问题。研究发现,企业年金参与决策主要受到企业所面临的现实付现成本、放弃的机会成本以及未来的风险成本的影响。在对相关变量测量误差、遗漏变量等导致的内生性问题进行控制后,本文的研究结论依然成立。进一步研究发现,承担的政策性负担是国有企业实施年金计划的主要原因,非国有企业因缺乏该动力,其参与收益如果小于参与成本,会导致其参与意愿较低。同时,本文的研究还发现,企业年金参与决策的相关影响因素也会对年金缴费决策产生一致的影响,间接证明了本文分析框架的合理性。本文的研究结论对政策制定者以及年金从业人员的营销均有一定的启发与借鉴意义。Corporate pension plan is the second pillar of our ＂three-pillar＂ national social insurance system, as well as an important component of corporate governance system. Corporate pension plans have made considerable progress in China in recent years. Nonetheless, the plans have even been called ＂the club for the rich＂ since its de- velopment is unbalanced within firms with different background such as its nature of control rights. Thus, it is still a question to be studied that what factors influence the plans of corporate pension under Chinese background. There are already studies on determinants of defined benefit plans which is one of the two kinds of corporate pensions. Determinants of the other kind-defined contribution plans, however, is to some extent neglected by re- searchers. Besides, existing literature on determinants of defined benefit plans focus on the effect that different fac- tors have on investment and management policies of corporate pensions, instead of paying more attention to partici- pation choice of corporate pension themselves. Meanwhile, due to the lack of data at firm level, most of previous studies are based on investigation data. Therefore, this paper attempts to answer the question about what factors in- fluence the plans of corporate pension and why state-owned corporates are more likely to carry out pension plans than those who are not state-owned. This paper employs a cost-benefit analytical framework, divides the involvement cost of corporate pension plans into three dimensions which are out-of-pocket cost at present, opportunity cost for giving up and risk cost in the fu- ture, and make use of data of A-share listed company to empirically examine the research questions mentioned a- bove. It is found that ： （ 1 ） participation decisions of corporate pension of the firms are negatively related to staff size and debt-equity ratio which are in dimension of present out-of-pocket cost dimension; （2） participation decisions of corporate pension of the firms are signif

关 键 词：企业年金 付现成本 机会成本 风险成本 

分 类 号：F842.6[经济管理—保险]