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Vállalati szolgáltatási nyugdíjprogramok optimális befektetési politikája és fedezettségi szintje az Egyesült Államokban
[Optimal investment and funding policy of US defined-benefit pension plans]

Author

Listed:
  • Móricz, Dániel

Abstract

Az Egyesült Államokban a nyugdíjcélú megtakarítások keretében felhalmozott vagyon jelentős hányada testesül meg vállalatok által működtetett szolgáltatási nyugdíjprogramokban. A programok léte és a nyugdíjalapok kezelése befolyásolja a részvényesi értéket. A tanulmány a szakirodalom áttekintésével a nyugdíjalap - tulajdonosi szemszögből - optimális eszközösszetételét (befektetési politikáját), illetve fedezettségi szintjét (az eszközök kötelezettségekhez viszonyított arányát) vizsgálja. A szerző összefoglalja, hogy a nyugdíjprogramokkal kapcsolatos adókedvezmények, valamint a járadékok garantálására fizetendő biztosítási díjak, illetve a vállalat felelőssége milyen befektetési politikát és fedezettségi szintet indokolnának. Áttekinti azokat a - piac tökéletlenségeiből (tranzakciós költségek, pénzügyi nehézségek, szabályozás) adódó - tényezőket, amelyek befolyásolják az optimális eszközösszetételt, valamint fedezettséget. Mindezek alapján a vállalatoknak - hasonlóan a tőkeszerkezet választásos elméletéhez - célszerű az adottságaikhoz igazodniuk a nyugdíjprogrammal kapcsolatos pénzügyi döntéseikben. A többségüknek nem érdemes szélsőségeket választania, a nyugdíjalap vegyes eszközösszetétele, illetve a kötelezettségek szabályoknak megfelelő fedezettsége tűnik ésszerűnek. Az optimális stratégia dinamikus, az adottságok függvényében idővel változhat. Ez magyarázatot adhat a nyugdíjalapok részvényarányainak és fedezettségi szintjeinek egymás közötti, illetve időbeli eltéréseire. Journal of Economic Literature (JEL) kód: G23, G32.

Suggested Citation

  • Móricz, Dániel, 2004. "Vállalati szolgáltatási nyugdíjprogramok optimális befektetési politikája és fedezettségi szintje az Egyesült Államokban [Optimal investment and funding policy of US defined-benefit pension plans]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1113-1131.
    • Handle: RePEc:ksa:szemle:726
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    References listed on IDEAS

    as
    1. Irwin Tepper, 1981. "Taxation and Corporate Pension Policy," NBER Working Papers 0661, National Bureau of Economic Research, Inc.
    2. Jeremy I. Bulow & Myron S. Scholes, 1983. "Who Owns the Assets in a Defined-Benefit Pension Plan?," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 17-36, National Bureau of Economic Research, Inc.
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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