자금조달 측면에서의 차입이자율과확정급여형(DB)퇴직연금 적립비율 간의 관련성

[Purpose]We empirically examine the relationship between the interest rate and the level of plan assets of the firms that have adopted defined benefit plans. The financial liquidity of the firms may be affected because firms are required to contribute plan assets in accordance with the current law. In addition, the debt ratio changes according to fluctuation of interest rate and then the capital structure of the firms changes. Therefore, we expect that the decision on the operation side to contribute plan assets will be affected by the interest rate on the financing side based on dynamic capital structure theory. [Methodology]During the fiscal year from 2011 to 2022, the sample consists of KOSPI and KOSDAQ listed firms. OLS regression analyzes whether there is a significant relationship between interest rate and plan assets. [Findings]As a result of our regression analysis, we propose that there is a statistically significant negative relationship between the interest rate and the level of plan assets. And we also find that there is a statistically significant negative relationship between the interest rate of the previous period and the level of plan assets of the current period. Moreover, the effect of the interest rate may be affected differently whether the firms have complied with minimum reserve of the plan assets under the law and the regulations. As a result, we suggest that there is a statistically significant negative relationship for samples that comply with minimum reserve. [Policy Implication]We analyze that the interest rate on the financing side is one of the reasons why the firms do not comply with the minimum reserve. Therefore, we propose that the regulators need to establish the regulations that the firms practically comply with the minimum reserve.