2022 Fiscal Year Final Research Report
A Study on Mutual Funds Adopted for Individual Defined Contribution Pension Plans
| Project/Area Number |
19K01745
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Kyoto Sangyo University |
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Principal Investigator |
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| Project Period (FY) |
2019-04-01 – 2023-03-31
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| Keywords | プラン・スポンサー / 運営管理機関 / 資産構成 / 情報公開 |
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| Outline of Final Research Achievements |
The purpose of this study was to clarify the assets (e.g., mutual funds) selected by DC plan administrators and DC plan participants. analysis of investment asset menus offered by more than 100 DC plan administrators revealed differences in the number of investment products offered and the level of proactive information disclosure by DC plan administrators. Analysis of aggregate data on assets held by "company-type" and "individual-type" defined contribution plan participants also revealed differences between the asset composition held by company-type and individual-type DC plan participants. Individual DC participants tended to invest more desirably in terms of the theory of finance than did company DC participants. Generational analysis showed that younger Individual DC subscribers in their 20s and 30s made more rational asset choices than Individual DC subscribers in their 40s and older.
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| Free Research Field |
ファイナンス
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| Academic Significance and Societal Importance of the Research Achievements |
本研究の社会的な意義の1点目は，確定拠出年金の運関の活動の質（特に情報提供）に大きな差があることを明らかにしたことである。情報公開に積極的な運管は，生保・銀行・証券という受託金融機関による商品選択の偏りがなく，コストの低い投資信託を選ぶなど合理的な行動が見られた。2点目は，企業型・個人型DCの加入者の資産選択に違いがあり，教育が義務付けられている企業型よりも個人型の加入者の方が，また個人型の40代以上の加入者よりも若い加入者の方がファイナンスの観点から見て望ましい運用を行っていることが明らかになったことである。今後の運管のあり方および，加入者教育の方向を検討するときに示唆に富む成果である。
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