公司最適控制之退休金提撥決策－－以確定提撥為例

The Optimal Control of Corporate Pension Funding: A Study of Defined Contribution Pension Plan

本文在一定的假設條件下應用最適衝擊控制（impulsecontrol）理論來分析 公司最適退休金提撥決策。在兼顧股東與勞工利益下，這個最適決策包括了：提撥的最適資產價值門檻值、提撥後最適資產價值水準及最遍提撥金額。當資產價值高於門檻值時，公司會進行提撥，而提撥的最適金額恰等於當時資產價值與提撥後最適資產價值水準之差的稅前約當值；當資產價值低於門檻值時，公司不會進行任何提撥。至於稅率 （或考量股東利益之權重） 對門檻值及提撥後最適資產價值水準的影響則是反向的，即若稅率 （或權重）提高使得最適門檻值上升，則提撥後最適資產價值水準同時必下降，提撥的金額也會隨之增加；反之則亦然。

In this study, we utilize the impulse control theorem to analyze the optimal corporate pension funding policy. The optimal funding strategy includes the threshold value of the firm, the level of the optimal firm value after funding, and the amount of the funding under the consideration of the interests of stockholders and labors. When the current value is higher than the threshold value of the firm, the corporation will choose to fund the pensions that is equal to the difference between the current firm value and the level of the optimal firm value after funding. The difference is before tax. On contrary, no funding will take place. An increase in tax or in funding based on the trade-off between the interests of stockholders and labors will increase (or decrease) the threshold value of the firm, but decrease (or increase) the level of the optimal firm value after funding.