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

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计划。但养老金债务一直没有披露，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《有关退休福利的会计原则》，其中包括对所有退休福利债务的披露。2000会计年度是采用新退休福利会计准则的第一年。本研究调查了三个主要主题。公司是否有任何现金流或其他因素来决定其养老金和遣散费计划？公司如何适应退休福利的新会计准则？股票市场是否会评估所有退休福利信息的披露？本文对1984年至2001年东京证券市场的上市公司进行了连续研究。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考察，发现要对一家公司进行评估，员工平均年龄与其退休福利折现率之间的关系是很重要的。员工越年轻，贴现率降低对退休福利的影响越大。为了适应新的退休福利会计准则，许多公司在2000财政年度之前采取了一些预先行动来减少过渡义务。减少他们为养老金计划创造信托是非常有效的。可以观察到，股票市场对1998年颁布后泄露的退休福利披露信息进行了评价。它还表明，在股市上，不披露其运营情况的公司被低估了。在一些相关的会计制度披露管理下，市场对采取适当平衡现金流策略的公司进行评估。

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.