政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124127
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113303/144284 (79%)
造访人次 : 50809681      在线人数 : 610
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/124127


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/124127


    题名: 401(k)計畫參與者投資公司股票之動機
    The motivation of the company stock investment by 401(k) Plan participants
    作者: 柳耀東
    Liou, Yao-Dong
    贡献者: 陳鴻毅
    Chen, Hong-Yi
    柳耀東
    Liou, Yao-Dong
    关键词: 401(k)計畫
    公司股票
    股價報酬
    營運表現
    內部資訊
    401(k) plan
    Company stock
    Stock return
    Operating performance
    Inside information
    日期: 2019
    上传时间: 2019-07-01 10:44:46 (UTC+8)
    摘要: 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.
    參考文獻: Agnew, J., Balduzzi, P., and Sunden, A., 2003. Portfolio choice and trading in a large 401(k) plan. American Economic Review 93(1), 193-205.
    Benartzi, S., 2001. Excessive extrapolation and the allocation of 401(k) accounts to company stock. The Journal of Finance 56(5), 1747-1764.
    Benartzi, S. and Thaler, R. H., 2001. Naive diversification strategies in defined contribution saving plans. The American Economic Review 91(1), 79-98.
    Brown, J. R., Liang, N., and Weisbenner, S., 2007, Individual account investment options and portfolio choice: Behavioral lessons from 401(k) plans, Journal of Public Economics 91(10), 1992-2013.
    Cohen, L., 2009. Loyalty-based portfolio choice. Review of Financial Studies 22(3), 1213-1245.
    Huberman, G., 2001. Familiarity breeds investment. Review of Financial Studies 14(3), 659-680.
    Huberman, G. and Jiang, W., 2006. Offering versus choice in 401(k) plans: Equity exposure and number of funds. The Journal of Finance 61(2), 763-801.
    Investment Company Institute, 2019, The Investment Company Fact Book, 59th edition James Duvall and Judy Steenstra, eds. (Washington, DC)
    John Hancock Financial Services, 1999. The Sixth Defined Contribution Plan Survey.
    Liang, N. and Weisbenner, S., 2002. Investor behavior and the purchase of company stock in 401(k) plans—The importance of plan design. NBER Working Paper, vol. 9131.
    Madrian, B. and Shea, D., 2001. The power of suggestion: Inertia in 401(k) participants’ savings. The Quarterly Journal of Economics 116(4), 1149-1187.
    Poterba, J., 2003. Employer stock and 401(k) plans. American Economic Review 93(2), 398-404.
    描述: 碩士
    國立政治大學
    財務管理學系
    106357015
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0106357015
    数据类型: thesis
    DOI: 10.6814/NCCU201900136
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    701501.pdf644KbAdobe PDF20检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈