Determinants of Defined-Contribution Japanese Corporate Pension Coverage

日本固定缴款企业养老金覆盖率的决定因素

基本信息

批准号：
15530263
负责人：
YOSHIDA Kazuo
金额：
$ 1.6万
依托单位：
NAGOYA CITY UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2003
资助国家：
日本
起止时间：
2003 至 2005
项目状态：
已结题

项目摘要

The passage of the 2001 Corporate Pension Legislations in the Japanese Diet (Parliament) has introduced voluntary defined contribution (DC) pension plans for the first time in the Japanese corporate pension system.The paper is motivated to assess the empirical determinants of the initial decision by Japanese corporations to adopt DC plan. The explanatory variables we examine are a)the firm size in terms of the number of employees, b)cumulative pension assets in the existing defined benefit (DB) plans, c)the extent of under-funding of the firm' s existing DS plans, d)the firm' s leverage (debt/asset ratio) in its capital structure, e)profitability of the firm, f)average wages paid by the firm, g)the extent of unionization, h)the average age of workers, and i)the job turnover rate of the industry to which the firm belongs. We employ the logit model for the estimation, assessing the probability of the initial adoption on the basis of these variables. The key findings are that the likelihood of adopting DC plan increases with an increase in the firm size, as well as with an increase in the profitability of the firm, the amount of existing DB pension benefits accumulated per employee, and the firm' s debt/asset ratio. In addition, the likelihood of adopting DC plan declines with an increase in under-funding of the existing DB plan, as well as with an increase in the average age of employees. We find that it is mainly large, profitable corporations with substantial accumulated DB obligations that are offering new DC plans, in sharp contrast to the American corporate incidence of DC pension.

日本饮食中2001年的公司退休金立法（议会）通过日本公司养老金制度首次提出了自愿定义的养老金计划。 The explanatory variables we examine are a)the firm size in terms of the number of employees, b)cumulative pension assets in the existing defined benefit (DB) plans, c)the extent of under-funding of the firm' s existing DS plans, d)the firm' s leverage (debt/asset ratio) in its capital structure, e)profitability of the firm, f)average wages paid by the firm, g)the extent of unionization, h)the average age of工人和i）公司所属行业的工作流动率。我们采用logit模型进行估计，根据这些变量评估初始采用的概率。关键发现是，采用DC计划的可能性随着公司规模的增加而增加，以及公司的获利能力的提高，每个员工累积的现有DB养老金福利金额以及公司的债务/资产比率。此外，采用DC计划的可能性随着现有数据库计划的资金不足以及员工平均年龄的增加而下降。我们发现，它主要是大型，有利可图的公司，其累积的DB义务提供了新的DC计划，与美国公司养老金的发病率形成鲜明对比。