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Apositive study on the business behavior of pension and severance plans and its influences

养老金和遣散计划的商业行为及其影响的实证研究

基本信息

批准号：
10680435
负责人：
TAKAHASHI Masako
金额：
$ 2.37万
依托单位：
Keio University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1998
资助国家：
日本
起止时间：
1998 至 2001
项目状态：
已结题

项目摘要

Every Japanese company has its employee benefit plans that include some pension and severance plans. But the pension debts have not been disclosed, m 1998 the business accounting deliberation council in Japan promulgated "the opinion about me retirement benefit" and "the accounting principle concerned with the retirement benefits" which include the disclosure of all the retirement benefit debt. The 2000 fiscal year is the first year to adapt the new accounting standard for retirement benefits.This study investigates three main subjects. Is there any cash-flow or other factor to determine its pension and severance plans by a company? How did the companies adapt the new accounting standard for retirement benefits? Does the stock market evaluate the disclosure of all the retirement benefit information? The listed companies on the Tokyo stock market are continuously examined from 1984 to 2001.On investigation of the retirement benefit liability estimation model that is constructed to estimate total amount of retirement benefit, it is observed that to evaluate a company, the relation between its employees' mean age and its discount rate of the retirement benefit is important. The younger its employees are, the worse the influences of the discount rates reduction upon its retirement benefits are. To provide for adapting the new accounting standard for retirement benefits, a lot of companies had some preceding action to reduce the transitional obligation before the 2000 fiscal year. To reduce them to create the trust for its pension plan is much effective. It is observed that the stock market evaluates the disclosure information of retirement benefits leaked out after the promulgation in 1998. It also suggests that one who does not disclose its operation is underestimated in the stock market. Under some relevant accounting system to disclose management, the market evaluates companies taking appropriately balanced cash flow strategies.

每家日本公司都有自己的员工福利计划，其中包括一些养老金和遣散费计划。1998年，日本企业会计审议委员会颁布了《关于退休福利的意见》和《关于退休福利的会计原则》，其中包含了对所有退休福利债务的披露。2000财政年度是首个采用新会计准则处理退休福利的年度。是否有任何现金流或其他因素来决定公司的养老金和遣散费计划？这些公司是如何适应退休福利的新会计准则的？股票市场是否对所有退休福利信息的披露进行评估？本文对1984-2001年东京证券交易所上市公司进行了连续考察。通过对为估算退休福利总额而构建的退休福利负债估算模型的研究发现，要评价一家公司，员工的平均年龄与其退休福利贴现率之间的关系是很重要的。员工年龄越小，降低贴现率对退休福利的影响越大。为了适应退休福利的新会计准则，许多公司在2000财政年度之前采取了一些行动来减少过渡债务。减少存款准备金率以建立对其养老金计划的信任是非常有效的。据观察，股票市场对1998年颁布后泄露的退休福利披露信息进行评估。它还表明，不披露其运营情况的人在股市被低估了。在一些相关会计制度下披露管理层，市场对采取适当平衡现金流量策略的公司进行评价。