A Study on the Relationship between the Outsourcing Performance of Labor Pension Fund and Macroeconomic Variables
Date Issued
2014
Date
2014
Author(s)
Chuang, Li-Te
Abstract
The performance of the Labor Pension Fund affects the future life quality of many workers. In order to improve the fund performance and specialize the investment, the new Labor Pension Fund started its first outsourcing operation since September 2007, meanwhile, the outsourcing performance has become one of the public concerns. The previous researches of the performance of government funds always put emphasis on the effects of microeconomic factors. However, this study aims to analyze the relationship between the domestic outsourcing performance of the labor pension fund and macroeconomic variables to see whether macroeconomic factors could explain or predict the outsourcing performance, and also to know how the change and the impulse of the environments affect the performance.
Our monthly sample data of the domestic outsourcing operation dated from September 2007 to February 2014. We used vector autoregression model to examine the relationship between the domestic outsourcing performance and the return rate of TAIEX, the return rate of NASDAQ and the change of M1B, and also implemented some related tests to enhance the explanatory power. The empirical results indicates that the domestic outsourcing performance was not influenced by the chosen macroeconomic variables; otherwise, the outsourcing performance in the former period had a significantly positive effect on the return rate of TAIEX and was also provided with the leading effect. Moreover, the outsourcing performance fluctuates greatly due to the changes of the return rate of TAIEX, the return rate of NASDAQ and itself, meanwhile, this fluctuations of the impulse responses sustained for a while.
Subjects
勞退新制基金
委外經營績效
單根檢定
向量自我迴歸模型
衝擊反應分析
預測誤差變異數分析
Type
thesis
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