基于资本成本的企业年金缴费水平体系研究  

Research of Corporate Pension Payment Level System based on Cost of Capital

作　　者：单令彬[1] 

机构地区：[1]首都经济贸易大学会计学院

出　　处：《财会通讯（中）》2017年第10期79-84,129,共6页Communication of Finance and Accounting

摘　　要：本文以企业年金偿付义务的形成与完成过程为切入点,剖析企业年金负债和企业年金激励效应的资本成本影响机理——研究企业年金负债通过税盾利益、财务风险、公司治理、信号传递和外部融资路径对资本成本的影响机理;研究企业年金后置性激励和税惠激励的资本成本影响机理。并据此提出应强化董事会和高管的资本成本意识,认识到资本成本与股东利益保护的一致性;以股东利益保护为目的,以资本成本为基准构建动态企业年金缴费水平体系;同时,提高资本成本估算的科学性和准确性。Taking the formation and completion obligation of corporate pension as the point, this paper analyses impact mechanism of corporate pension liabilities and corporate pension incentive effect to cost of capital—research of the impact mechanism to cost of capital through path of tax shield benefits, financial risk, corporate governance, signal transmission and external financing by corporate pension; research of the impact mechanism to cost of capital by corporate pension back loading incentives and tax incentives. On this base, taking stockholders' interest protection as the purpose, this paper builds the dynamic system of corporate pension payment level with a standard of cost of capital.

关 键 词：资本成本 企业年金 缴费水平 企业年金负债 激励效应 

分 类 号：F275[经济管理—企业管理]