JOURNAL OF CORPORATE FINANCE, VOL 48，FEBRUARY 2018

员工的风险态度与企业的风险承担：来自养老金资产配置的证据

作者：Yanling Guan （Hong Kong Baptist University）

Dragon Yongjun Tang （University of Hong Kong）

摘要：员工特点对公司决策是否重要？本文通过考察公司在投资养老金定额福利计划时是否会考虑普通员工的风险态度来回答这个问题。本文通过定额养老金投资组合构建了员工风险态度的直接测度。本文发现，拥有更多风险厌恶型员工的公司对其固定福利养老金投资中的自身违约风险表现出更高的敏感性。赞助商风险引发养老金风险的减少对于低研发公司和在严格的养老金管理时期更为显著。本文进一步发现，不管工会的权力如何，企业都会考虑员工对退休金投资决策的厌恶情绪。总体而言，本文的调查结果显示，企业会将员工的风险态度纳入公司治理政策。

关键词：养老金资产配置，破产，员工，风险厌恶，风险承担

Employees' Risk Attitude and Corporate Risk Taking: Evidence from Pension Asset Allocations

Yanling Guan （Hong Kong Baptist University），Dragon Yongjun Tang （University of Hong Kong）

ABSTRACT

Do labor characteristics matter to corporate decisions? We answer this question by examining whether firms consider the risk attitude of rank-and-file employees in investing the pension assets of defined benefit plans. We construct a direct measure of employees' risk attitude from their defined contribution pension portfolio allocations. We find that firms with more risk-averse employees exhibit higher sensitivity to their own default risk in their defined benefit pension investment. The reduction in pension risk taking induced by sponsor risk is more pronounced for low R&D firms, and in the period with stringent pension regulation. We further show that sponsors consider employees' risk aversion in making pension investment decisions regardless of the power of labor union. Overall, our findings suggest that firms incorporate employees' risk attitude into corporate policies.

Keywords: Pension Asset Allocation, Bankruptcy, Labor, Risk Aversion, Risk Taking

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917306417#!

翻译：王秭越