The effect of defined contribution pension plan on firm's financial status, household's savings action, and financial market.

本研究的目的是从家庭部门、企业部门和宏观经济的角度来验证日本引入固定缴款养老金计划的效果。第一项研究利用两期一般均衡模型探讨了企业可能破产对其自身工资方案和劳动力市场结构的影响。结果，在那些幸运地在初级市场找到工作的人和那些没有找到工作的人之间出现了巨大的效用差异，尽管他们的天生能力并没有差别。我们获得了93家企业的名单，其中新论文中关于401k养老金引入的文章。获取报纸发行前后的股票价格数据，研究401k养老金引入的新闻是如何改变股票价格、企业价值的事件。因此，我们无法确定引入DC计划对提高股价的效果。利用2002 - 2006年日本《家庭预算调查》的数据，检验了缴费固定养老金制度对日本家庭储蓄的影响。因此，在高收入劳动者家庭中，出现了增加年金财产金额的可能性。另外，从高收入家庭的情况来看，上调缴费限额可能会影响到总储蓄。在每一种情况下，DC养恤金制度增加了低收入家庭的养恤金类型储蓄和总储蓄的效果都无法得到证实。

The purpose of this research is to verify the effect of Japanese defined contribution pension plan introduction from the viewpoint of the household sector, the business enterprise sector, and macroeconomics.1. The first research explores the implications of possible bankruptcies of firms for their own wage schemes and the structure of labor market, using a two-period general equilibrium model. As a result, a substantial utility differential emerges between those who have luckily found a job of the primary market and those who have not, although there is no difference in their innate abilities.2. We have obtained the list of 93 enterprise companies in which the article on 401k pension introduction in the new paper. The stock prices data before and after the newspaper publishing was acquired, and the news of 401k pension introduction how stock prices, corporate value, changed the event was studied. As a result, we could not confirm the effect of introducing the DC plan on raising stock prices.3. The effect of the DC pension system in Japan on the households, savings was tested by using the data of "Family Budget Survey" from 2002 to 2006. As a result, the possibility of increasing the amount of the pension property was shown in the group of high-income working households. In addition, the possibility that the revision of the contribution limit invades aggregate savings is shown among high-income households. In each case, the effect that the DC pension system increased the pension type savings and aggregate savings of low-income households was not able to be confirmed.