401(k)計畫參與者投資公司股票之動機

Abstract

過去研究皆利用公司股票佔401(k)計畫總投資比例作為401(k)計畫參與者投資公司股票之決定，然而該比例會受到股價報酬之影響並無法真實反映401(k)計畫參與者投資公司股票之行為。因此，本研究利用公司股票提撥佔總提撥之比例來探討401(k)計畫參與者投資公司股票之動機。實證結果顯示，公司股票提撥佔比與公司營運表現呈顯著負相關，代表公司員工於公司營運不佳時透過401(k)計畫買入公司股票。此外，本研究發現公司營運不佳之時期若公司員工增加提撥佔比，該公司未來股價報酬會較好。此結果顯示員工可能掌握有利公司股價之內部資訊，進而能在股價轉折點做出買進公司股票之決策。

Prior literature uses the proportion of the company stock holdings over total investments of a 401(k) plan to measure the investment decision of plan participant. However, this measure may be altered by the return of the company stock. This study, therefore, proposes a new measure, the proportion of company stock contribution to the total contribution of a 401(k) plan to investigate the motivation of 401(k) plan participants to invest in company stock. Empirical results show that the portion of the company stock contribution is negatively associated with the operating performance, indicating that company employees tend to invest the company stock more when the company experiences difficulty in its operation. In addition, this study finds that the increased portion of the company stock contribution during the poor operating period can predict a better return for the company stock. This implies that participants may make the investment decision based on inside information which has a positive effect on the stock price.