The Effects of differences between book values and market estimates on forecasting earnings

日本企业年金资产的不足是一个值得强调的重要事实。他们承担着未来不确定性的风险。风险与企业价值有关。本研究的目的是表达缺乏对公司估计的影响。本文的研究结果如下：【圈圈1】近年来，预计受益义务与养老金资产之间的差异呈二次函数增长。曲线向上打开。未确认的净损失对公司价值没有影响。而最小负债的大小与企业价值的大小有关。

The deficiency of pension assets for corporations in Japan ins an important fact to stress. They bear a risk for uncertainty in the future. The risk is related to firm value. The purpose of this research is to express the effects of the deficiency on corporate estimates. The findings of this research are following :【encircled1】The difference between Projected Benefit Obligation and pension assets is growing like a quadratic function, recently. The curve opens upwards.【encircled2】Unrecognized net loss doesn't have effects on firm value. But the magnitude of minimum liability is related to the magnitude of firm value.