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| 研究生： |
高郁翔 Kao, Yu-Hsiang |
|---|---|
| 論文名稱： |
401(k)退休金計劃中公司持股與公司績效之研究 A Study of the Relationship between the Company Stock Holdings of 401(k) Plan and Firm Performance |
| 指導教授： |
陳鴻毅
Chen, Hong-Yi |
| 口試委員: |
彭金隆
Peng, Jin-Lung 黃泓人 Huang, Hong-Ming |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2018 |
| 畢業學年度： | 106 |
| 語文別： | 英文 |
| 論文頁數： | 68 |
| 中文關鍵詞： | 401(k)退休金計畫 、非預期營收 、非預期盈餘 、營運績效 、股價報酬 |
| 外文關鍵詞： | 401(k) plans, Revenue surprises, Earnings surprises, Operating performance, Stock return performance |
| DOI URL： | http://doi.org/10.6814/THE.NCCU.Finance.014.2018.F07 |
| 相關次數： | 點閱：97 下載：4 |
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本研究主要探討401(k)退休金計畫的參與者是否利用其內部資訊對401(k)退休金計畫中的公司持股進行操作。本研究對401(k)退休金計畫中的公司持股變化是否能預測公司之非預期營收、非預期盈餘、營運績效以及股價報酬。實證結果顯示公司股票占退休金計劃總投資金額的比率具有預測未來四季的非預期營收與盈餘的能力。此外，在價值型公司以及小型公司中，退休金計畫中之公司持股與以資產為計算基礎的營運績效具有高度正相關。然而，退休金計畫中之公司持股與公司之未來股價報酬相關性較弱。
This paper tries to investigate whether 401(k) plan participants apply the insider information to alter the company stock holding in their 401(k) plans. Specifically, this study examines whether the company stock holding in 401(k) plans can predict revenue surprises, earnings surprises, operating performance, and stock returns of firms. Empirical results show that, the percentage of company stock over total investments in the 401(k) plan is positively associated with earnings surprises and revenue surprises in the following four quarters. In addition, the company stock holding can predict asset based operating performance among value firms and small firms. However, there is a weak evidence that the company stock holdings is related to better stock returns.
第一章 緒論 1
第二章 美國退休金計畫與401(k)退休金計畫 4
第一節 退休金計畫 4
第二節 401(k)退休金計畫 6
第三章 文獻回顧 10
第四章 資料處理與研究方法 14
第一節 非預期營收和盈餘的變數處理方法 14
第二節 資料處理 15
第三節 敘述統計 19
第四節 研究假設 22
第五章 實證結果 24
第一節 非預期營收和盈餘 25
第二節 營運績效 29
第三節 股票報酬 31
第六章 總結 33
第七章 參考文獻 36
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Patel, J., Zeckhauser, R., and Hendricks, D. (1991). The Rationality Struggle: Illustrations from Financial Markets. The American Economic Review, 81 (2), 232-236.
