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퇴직급여제도가 기업의 위험수준에 미치는 영향에 대한 연구

The effects of post-employment benefitson firm risk

조은혜|문해원
한국공인회계사회 (THE KOREAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS)|2019.12|회계ㆍ세무와 감사 연구 (Study on Accounting, Taxation & Auditing)|제61권 제4호|pp. 189-235|DOI 10.22781/kicpa.2019.61.4.189

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참고문헌

키워드

확정기여형확정급여형퇴직급여제도연금기여상태사외적립자산의 투자안Defined contribution plan(DC)Defined benefit plan(DB)Funded statusAsset allocationExpected rate of return(ERR)
주제분류회계학

초록

본 연구는 퇴직금제도의 종류와 확정급여형퇴직금제도의 운영이 기업의 위험수준에 미치는 영향을 연구하였다. 연구대상은 2011년부터 2015년까지 비금융업 상장기업이다. 본 연구는 사업보고서의 주석에 공시된 퇴직금제도에 대한 정보를 수작업으로 수집하여 분석에 이용하였다. 연구결과는 다음과 같다. 첫째, 확정급여형을 운영하는 기업은 확정기여형을 운영하는 기업보다 위험수준이 높았다. 이는 기존 해외선행연구와는 다른 결과로, 우리나라의 경우 확정급여형으로 인한 재무상태 및 손익 변동의 영향이 inside debt으로 작용하는 확정급여형의 영향보다 큰 것으로 나타났다. 둘째, 확정급여형을 운영하는 기업의 사외적립자산이 법률규정에 미달하거나 적립수준이 낮으면 그렇지 않은 기업에 비해 위험수준이 높았다. 왜냐하면 낮은 기여금 적립수준은 현금변동성을 야기하고, 보험수리적가정에 대한 경영자의 기회주의적 행태를 촉발하기 때문이다. 셋째, 사외적립자산이 위험자산에 투자되거나 투자비중이 높으면 그렇지 않은 기업에 비해 위험수준이 높았다. 이는 위험자산은 가치변화가 커서 재무상태의 변동을 야기하여 기업의 위험을 증가시키는 요인이 될 수 있음을 의미한다. 본 연구는 우리나라의 상장기업에 대한 퇴직금제도의 운영과 그 영향을 보고한 연구로서 시사점을 가진다. 그리고 본 연구의 결과는 정책입안자 및 규정제정자, 투자자, 그리고 고용자들에게 퇴직금제도에 대한 이해를 증진시킨다는 점에서 의미가 있다.

Abstract

This study examines the effects of post-employee benefits(PEB) on firm risk, especially the types of pension plan(DB/DC) along with the funded status, and the allocation plan assets. The sample consists of publicly-traded Korean non-financial firms from 2011 to 2015. The major results are as follows. First, firms that operate DB have higher firm risk than firms operate DC. Second, DB firms with a funded status that do not meet the required regulatory levels or with lower funding levels have higher firm risk than DB firms that meet regulatory requirements or with higher funding levels. Third, firm risk is higher for firms that allocate their plan assets in risky assets or if the proportion of these assets is higher compared to firms that do not have these factors. This study contributes to pension literature by investigating the operations of post-employment benefits for public firms and their effects on firm risk. It has implications for policy makers, regulators, investors, and employers to better understand post-employment benefits.

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