The Effect of Ownership on Participation for Enterprise Annuity

Abstract

Abstract:

Although China's enterprise annuity has been regarded as ‘State-Owned Enterprises' (SOEs’) Club' for a long time, there has been little evidence about how ownership affects participation. Using a sample of China's listed firms in 2013, this paper examines the effect of ownership on firm-level participation in enterprise annuity after controlling tax factors, human resources factors and firm characteristics. The main findings are: ownership affects participation significantly. SOEs are associated with more than 20 per cent higher participation probability; central government controlled SOEs are associated with a 17.6-23 per cent higher participation probability compared with local government controlled SOEs; ownership has not significant moderating effect on the relationships between other factors and participation.

Key words: ownership, state-owned enterprises, participation, enterprise annuity

Guo Lei, Zhou Yan, Su Taoyong. The Effect of Ownership on Participation for Enterprise Annuity[J]. , 2017, 29(4): 239-254.

References

[1] Tamborini C. R., Purcell P., Iams H. M. The Relationship between Job Characteristics and Retirement Savings in Defined Contribution Plans during the 2007-2009 Recession[J]. Monthly Labor Review, 2013,136(5):3-16
[2] Huberman G., Iyengar S. S., Wang J. Defined Contribution Pensions Plan: Determinants of Participation and Contribution Rates[J]. Journal of Financial Services Research, 2007,31(1):1-32
[3] Morrin M., Broniarczyk S. M., Inman J. J. Plan Format and Participation in 401(K) Plans: The Moderating Role of Investor Knowledge[J]. Journal of Public Policy & Marketing, 2012,31(2):254-268
[4] Morrin M., Inman J. J., Broniarczyk S. M. Investing for Retirement: The Moderating Effect of Fund Assortment Size On The 1/N Heuristic[J]. Journal of Marketing Research, 2012,49(4):537-550
[5] Lusardi A., Mitchell O. S. Financial Literacy and Retirement Planning in the United States[J]. Journal of Pension Economics And Finance, 2011,10(4):509-525
[6] Dworak-Fisher K. Matching Matters in 401(K) Plan Participation[J]. Industrial Relations, 2011,50(4):713-737
[7] Lopez S. F., Bua M. V., Gonzalez L. O. Saving for Retirement in EU: An Analysis of Its Determinants[J]. Revista De Economia Mundial, 2012,(31):111-135
[8] Dummann K. What Determines Supply and Demand for Occupational Pensions in Germany？[J]. Journal of Pension Economics And Finance, 2008,7(1):131-156
[9] Fornero E., Monticone C. Financial Literacy and Pension Plan Participation in Italy[J]. Journal of Pension Economics And Finance, 2011,10(4):547-564
[10] Hernanes E., Piggott J., Zhang T., et al. Occupational Pensions, Tenure and Taxes[J]. Journal of Pension Economics And Finance, 2011,10(3):435-456
[11] Banks J., Smith S. Retirement in UK[J]. Oxford Review of Economic Policy, 2006,22(1):40-56
[12] Yoshida K., Horiba Y. Determinants of Defined-Contribution Japanese Corporate Pension Coverage[J]. The Japanese Accounting Review, 2012,2(1):33-47
[13] 郭磊,苏涛永. 人力资源、税收、所有制与企业年金参保——基于家庭金融微观数据的实证研究[J]. 公共管理学报, 2015,12(1):94-106
[14] 朱铭来,于新亮,程远. 企业年金决策影响因素研究——基于上市公司避税动机的实证分析[J]. 保险研究, 2015,(1):8-21
[15] 李晓东. 职工福利、剩余索取权分享与国有企业的社会成本问题[J]. 会计研究, 2010,(10):76-83
[16] 扈文秀,穆庆榜. 金融高管薪酬与公司绩效关系实证研究[J]. 管理评论, 2011,23(10):118-124
[17] 刘子君,刘智强,廖建桥. 上市公司高管团队薪酬差距影响因素与影响效应:基于本土特色的实证研究[J]. 管理评论, 2011,23(9):119-128
[18] 陆正飞,王雄元,张鹏. 国有企业支付了更高的职工工资吗[J]. 经济研究, 2012,(3):28-39
[19] 许启发,蒋翠霞. 所有制分割、行业选择与工资差异[J]. 管理科学, 2012,25(1):109-120
[20] 叶林祥,李实,罗楚亮. 行业垄断、所有制与企业工资收入差距——基于第一次全国经济普查企业数据的实证研究[J]. 管理世界, 2011,(4):26-37
[21] 邓伟,叶林祥. 上游产业垄断与国有企业的高工资[J]. 南开经济研究, 2012,(3):95-109
[22] 李懋,柳银军,龙小宁,等. 所有制类型对我国企业借贷成本的影响及民营企业的应对措施[J]. 管理评论, 2009,21(9):77-86
[23] 林毅夫,刘明兴,章奇. 政策性负担与企业的预算软约束:来自中国的实证研究[J]. 管理世界, 2004,(8):81-91
[24] 权小锋,吴世农,文芳. 管理层权力、私有收益与薪酬操纵[J]. 经济研究, 2010,(11):73-87
[25] 辛宇,吕长江. 激励、福利还是奖励:薪酬管制背景下国有企业股权激励的定位困境[J]. 会计研究, 2012,(6):67-76
[26] 刘银国,张琛. 自由现金流与在职消费——基于所有制和公司治理的实证研究[J]. 管理评论, 2012,24(10):18-26
[27] McCarthy D. The Rationales for Occupational Pensions[J]. Oxford Review of Economic Policy, 2006,22(1):57-65
[28] Gentry W. M., Rothschild C. G. Enhancing Retirement Security through the Tax Code: The Efficacy of Tax-based Subsidies in Life Annuity Markets[J]. Journal of Pension Economics And Finance, 2010,9(2):185-218
[29] Fehr H., Jess H. Who Benefits from the Reform of Pension Taxation in Germany?[J]. Fiscal Studies, 2007,28(1):73-101
[30] Fehr H., Habermann C. Private Retirement Savings and Mandatory Annuitization[J]. International Tax and Public Finance, 2010,17(6):640-661
[31] Disney R., Emmerson C., Wakefield M. Tax Reform and Retirement Saving Incentives: Take-up of Stakeholder Pensions in the UK[J]. Economica, 2010,77(4):213-233
[32] 郭磊,苏涛永. 基于信号博弈的最优企业年金支出决策[J]. 系统工程理论与实践, 2011,31(7):1272-1277
[33] Ippolito A. R. Pension and Indenture premia[J]. Journal of Human Resources, 1994,29(3):795-812
[34] Lazer E. P. Pensions and Deferred Benefits as Strategic Compensation[J]. Industrial Relations, 1990,29(2):263-280
[35] Allen S. G., Clark R. L., McDermed A. A. Pension Bonding and Llifetime Jobs[J]. Journal of Human Resources, 1993,28(3):463-481
[36] Mealli F., Pudney S. Occupational Pensions and Job Mobility in Britain: Estimation of a Random-effects Competing Risks Model[J]. Journal of Applied Econometrics, 1996,11(3):293-320
[37] Even W. E., Macpherson D. A. Employer Size and Labor Turnover: The Role of Pensions[J]. Industrial and Labor Relations Review, 1996,49(4):707-728
[38] 殷俊,黄蓉. 企业年金计划于企业员工流动性分析[J]. 经济评论, 2009,(1):133-139
[39] Gustman A. L., Mitchell O. S., Steinmeier T. L. The Role of Pensions in the Labor Market: A Survey of the Literature[J]. Industrial and Labor Relations Review, 1994,47(3):417-438
[40] Friedberg L., Webb A. Retirement and the Evolution of Pension Structure[J]. Journal of Human Resources, 2005,40(2):281-308
[41] 郑秉文. 中国企业年金发展滞后的政策因素分析[J]. 中国人口科学, 2010,(2):2-23