人力资本、养老金信息与企业估值

Q4 Economics, Econometrics and Finance
Yan Li, Thomas W. Scott
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引用次数: 1

摘要

我们证明,财务报表附注中报告的养老金信息除了据称代表的薪酬费用和会计资产/负债信息外,还反映了人力资本。在解释价格(回报)时,我们证明了固定收益养老金公司的服务成本和固定缴款养老金公司的养老金成本具有一致的正系数,这可以归因于捕获人力资本的可持续性(增长)。这一发现证实了服务成本异常的存在,并延伸到固定缴款计划的养老金成本。人力资本假说得到如下发现的支持:对于可能拥有更多(更少)可持续人力资本的企业,服务成本(针对固定收益计划)和养老金成本(针对固定缴款计划)的系数更多(更少)为正。此外,在不考虑服务成本的基于资产负债表的分析中,养老金资产和负债的估值受到忽略的人力资本变量的影响。考虑到多重共线性、规模效应、标准误差、异常值和省略变量,我们的结果对灵敏度测试是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Human capital, pension information and firm valuation
We demonstrate that the reported pension information in the notes to financial statements captures human capital, in addition to the compensation expense and accounting assets/liabilities information that it is purported to represent. In explaining prices (returns), we document that the service cost for defined benefit pension firms and the pension cost for defined contribution pension firms have consistently positive coefficients that can be attributed to capturing the sustainability (growth) of human capital. This finding confirms the existence of service cost anomaly and extends to pension cost for defined contribution plans. The human capital hypothesis is supported by the finding that the coefficients of service cost (for defined benefit plans) and pension cost (for defined contribution plans) are more (less) positive for firms that are likely to have more (less) sustainable human capital. Further, in a balance-sheet-based analysis where service cost is absent, the valuation of pension assets and liabilities is biased by the omitted human capital variable. Our results are robust to sensitivity tests taking into account multi-collinearity, scale effects, standard errors, outliers, and omitted variables.
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来源期刊
CiteScore
0.70
自引率
0.00%
发文量
7
期刊介绍: IJAAPE publishes original scholarly papers across the whole spectrum of: financial accounting, managerial accounting, accounting education, auditing, taxation, public sector accounting, capital market and accounting, accounting information systems, performance evaluation, corporate governance, ethics, and financial management. All methodologies, such as analytical, empirical, behavioural, surveys, and case studies are welcome. IJAAPE encourages contributions especially from emerging markets and economies in transition and studies whose results are applicable across nation states or capable of being adapted to the different accounting and business environments.
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