401(k)退休金計劃中公司持股與公司績效之研究

Abstract

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.