기금형 퇴직연금 제도 도입의 필요성에 관한 연구: 퇴직연금사업자 수익률과 기금수익률 비교

Sunghwan Shin ; Inwook Song ; Tae Ho Lee

(First Author) Hongik University shshin@hongik.ac.kr
(Corresponding Author) Sungkyunkwan University iwsong@kfr.co.kr
(Co-Author) Korea Asset Management Research Institute thlee62@gmail.com

Fund Structure Will Enhance the Performances of Corporate Pensions in Korea: Comparative Study on Corporate Pensions and Public Pension Funds

Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This study analyzes and compares the return performance of corporate pensions(CPs) with those of public pension funds(PPFs). First, PPFs outperformed their estimated reference portfolio(eRP) by 1.13% per annum. On the other hand, CPs with no return guarantee underperformed their eRP by 0,07~1,07% depending upon the types. This result implies that PPFs like governance structure is more efficient than the current governance structure of CPs. Second, CPs with return guarantee outperformed their eRP. Finally, the eRP of DB type CPs have less composition of stocks than DC or IRP type CPs. It implies that corporations have more risk aversion than individuals in their pension investment. Putting these results together, the results imply that the performances of CPs will be improved by allowing the fund governance structures in addition to the current governance structures.

Keywords:

Fund Type Retirement Plan, Pension Business, Fund, Guaranteed Retirement Pension, Unguaranteed Retirement Pension

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∙ The author Sunghwan Shin is currently a professor of finance at Hongik Business School in Seoul. He was a president of the Korea Institute of Finance, which is a think tank in the area of economic and financial policies. He worked for the World Bank in Washington D.C. as a senior financial staff. He served for the Korea Monetary and Finance Association and for the Korea Pension Association as a chair person. He received B.A. in economics from Seoul National University, and Ph.D. in finance from MIT. His research area includes pension investment, infrastructure investment, capital markets, and risk management.

∙ The author Inwook Song works for Korea Fund Ratings and adjunct professor at School of business, Sungkyunkwan University. He graduated bachelor’s degree from the department of mathematics and received a master’s degree and Ph.D. in finance from Sungkyunkwan University. After receiving a master’s degree, he worked as a director of the research center and the research institute in Korea Fund Ratings. His main research interests include investment, portfolio theory, and asset management of pension and funds.

∙ Tae Ho Lee is the president of the Korea Asset Management Research Institute. He graduated from Seoul National University with the major of Economics. He also got a Ph.D from Fuller Theological Seminary majoring in Christian Economic Ethics. He was a vice president of Korea Fixed Income Research Institute and He worked for Sookmyoung Women’s university as an adjunct professor of Economics. He has been a Korean delegate of OECD WPPP for last 10 years.