采用財(cái)務(wù)會(huì)計(jì)準(zhǔn)則第158號(hào)當(dāng)年養(yǎng)老金調(diào)整轉(zhuǎn)型及其他綜合收益內(nèi)容的價(jià)值相關(guān)性【外文翻譯】

1、本科畢業(yè)論文設(shè)計(jì)外 文 翻 譯外文題目 Value-relevance of Pension Transition Adjustments and Other Comprehensive Income Components in the Adoption Year of SFAS No. 158 外文出處 Review of Quantitative Finance and Accounting 外文作者 Santanu Mitra and Mahmud Hossain 原文：Value-relevance of Pension Transition Adjustments and Other

2、 Comprehensive Income Components in the Adoption Year of SFAS No. 158In the present study, we examine the value-relevance of pension transition adjustments and other comprehensive income (OCI) components in the initial adoption year of Statement of Financial Accounting Standard (SFAS) 158Employers A

3、ccounting for Defined Benefit Pension and Other Postretirement Plans. Using a sample of 697 Standard and Poor (S&P) firms with the fiscal year ending on December 31, 2006, we perform several cross-sectional regression analyses to test the value-relevance of transition adjustments and OCI compone

4、nts in presence of various earnings measures. The results indicate that there is a negative relationship between both the level and change in stock returns and the magnitude of pension transition adjustments. We also find earnings measures and some OCI components are significantly associated with st

5、ock returns. When analyzed separately, we find our main results are mostly confined to the sample large S&P 500 firms. We do not find any result for the S&P mid-cap and small-cap firms. The overall results suggest the stock market negatively reacts to the adverse impact of SFAS #158 pension

6、transition adjustments on net worth and future cash flows when the impact is substantial in its magnitude in dollar terms. The study further provides useful insight into the information processing by documenting that the market evaluates accounting information more effectively when such information

7、is recognized in the financial statements rather than disclosed only in the financial footnotes.This study examines the value-relevance of the transition adjustments relating to pension and post-retirement benefits and of other comprehensive income (OCI)1 components following the adoption of Stateme

8、nt of Financial Accounting Standard (SFAS) No. 158Employers Accounting for Defined Benefit Pension and Other Postretirement Plans,which amends the earlier pension accounting rules under SFAS Nos. 87, 88, 106 and 132R.SFAS 158 requires companies to: (1) fully recognize the over or under-funded status

9、 of pension and other post-retirement benefits under defined benefit plans on the balance sheets on the basis of projected benefit obligations (PBO) and fair value of plan assets and (2) measure the assets and liabilities as of the end of the fiscal year. Companies need to aggregate the status of al

10、l over-funded (under-funded) plans and recognize the amount as an asset (liability) in statements of financial position. The publicly traded companies are required to apply the provisions of SFAS 158 and the related recognition rules to their financial statements for the fiscal year ending after Dec

11、ember 15, 2006.2 Financial Accounting Standards Committee of American Accounting Association has opined that SFAS 158 is a significant improvement over current reporting. Recognizing the funded status of pension plans in the balance sheet would better provide information about the underlying economi

12、cs of a companys pension and other post employment benefits (OPEB) plans. This would eliminate the need to make necessary reconciliation of pension information on the basis of disclosure in financial footnotes,which many financial statement users do not see or understand.Before adopting SFAS 158, th

13、e over or under funded status of the pension and postretirement benefit plans were disclosed in the financial footnotes. While issuing SFAS 158,Financial Accounting Standard Board (FASB) argued disclosure of the under/over funded status of defined benefit plans in financial footnotes caused users pr

14、oblems in assessing an employers financial position and its ability to satisfy plan obligations. Footnote disclosure is not a proper substitute for recognition of the funding status in the statement of financial position (Hurtt et al. 2007). But as a result of SFAS 158 rules, the net pension assets

15、or liabilities will move up to the financial statements from a complex and detailed footnote tothe balance sheet, a change which is expected to improve the clarity of reported information.SFAS 158 further requires business entities to record previously unrecognized gains or losses, prior service cos

16、ts or credits and any transition assets or obligations as a direct adjustment (net of tax) to accumulated other comprehensive income (AOCI) for the fiscal year ended after December 15, 2006.3 The total adjustment amount reported as a separate AOCI item in stockholders equity is termed as pension tra

17、nsition adjustment in this paper. This is a lump-sum one-time adjustment in stockholders equity to make the net worth of a corporation fully reflecting the effect of the funded status of the plan. So, due to the retroactive computation of additional charges/credits, SFAS 158 transition adjustments c

18、ould have substantial implications for the net worth and future cash flows of implementing firms. In fact, various professional agencies anticipated that the SFAS 158 transition adjustments would significantly increase liabilities accompanied by considerable erosion of stockholders equity of the rep

19、orting entities.4 Investors are now better able to assess the future cash flow consequence of increased liabilities/assets that are reflected by the transition adjustments and recognized in the financial statements. In this respect, SFAS 158 adjustment is expected to have a major valuation implicati

20、on for reporting entities in its initial adoption year, 2006. In Appendix, we provide examples of the dollar effect of retrospective pension transition adjustment and its effect on the financial statements for the fiscal year end December 31, 2006 for five large-cap sample firms, e.g., Boeing Corp.,

21、 Chevron Corp., Lockheed Martin Corp., Caterpillar Inc. and Kraft Foods, Inc., operating in different industries.The current study focuses on how the capital market evaluates the potential economic effect of change in net worth caused by pension transition adjustments on future cash flows of the rep

22、orting entities. We are motivated to undertake an association study on the premise that it would produce useful insights into the information processing by the market with respect to pension transition adjustments and OCI components in the SFAS 158 adoption year, especially when the related accounti

23、ng information is directly recognized in the financial statements rather than merely disclosed in financial footnotes and when such adjustment makes the associated future cash flow consequence more precise and visible for the investors. We examine whether the capital market evaluates the pension tra

24、nsition adjustments made by the SEC registrants in the adoption year of SFAS 158 while incorporating information about reported earnings and OCI components in pricing equity securities. If the pension transition adjustments have the effect of reducing stockholders equity accompanied by a decline (in

25、crease) in assets (liabilities) for previously underfunded plans, we expect that the transaction effect of SFAS 158 will be to reduce firm value. However, if the pension plans are over-funded, the transition adjustment will have the opposite effect, which is to increase stockholders equity accompani

26、ed by an increase in assets or decrease in liabilities. In this analysis, we also examine the value-relevance of OCI components in the SFAS 158 adoption year as a complement to the mixed evidence produced by prior research about their implication for stock price changes.The test results suggest, in

27、general, the stock market negatively reacts to the magnitude of pension transition adjustments. We find that cross-sectional differences in both the level and change in stock returns are significantly negatively associated with the absolute value of pension transition adjustments in presence of OCI

28、components and other earnings measures. However, such inverse relationship is mainly confined to the sample standard and poor (S&P) large 500 firms. Some OCI components and earnings measures in the analyses are also consistently significant at different levels. However, we do not find any associ

29、ation between the stock returns and transition adjustments for the sample S&P midcap and small-cap firms. Based on the results, we suggest capital market incorporates the pension transition adjustment information in stock prices especially for the large-cap firms in the initial adoption year. Th

30、e sheer magnitude of the adjustment amounts makes a substantial difference in the information value of adjustment. Therefore, the market valuation of its adverse effect on the net worth and future cash flows of the SEC registrants in the initial adoption year. The result also supports the notion tha

31、t recognition of accounting information in financial statements rather than only disclosure in financial footnotes increases its usefulness to users.This study demonstrates investors could evaluate the potential effect of the previously unrecognized pension and post-retirement liability/asset adjust

32、ments that are reported in financial statements as a one-time adjustment. In this respect, it also shows that the new SFAS No. 158 increases the usefulness of pension and post-retirement benefit information to financial statement users by requiring companies to recognize the full-funded status of th

33、eir defined benefit plans in financial statements.The prior research on recognition versus disclosure of information in financial statements produce mixed evidence. Some studies document financial statement users also incorporate information disclosed in financial footnotes (e.g., Aboody 1996; Davis

34、-Friday et al. 1999; Gordon and Joos 2004). Other studies find evidence that footnote disclosure of pension and postretirement benefit obligations are value-relevant to investors (e.g., Barth 1991; Choi et al. 1997; Fairfield and Whisenant 2001). However, Hirst and Hopkins (1998) show that professio

35、nal analysts could discover earnings management more easily when earnings components are clearly reported in an income statement rather than when further analysis is required. They indicate disclosure versus recognition is an important issue with respect to the valuation implication of comprehensive

36、 income items. Hirst et al. (2004) further document recognition rather than disclosure of fair estimates is more likely to enable equity analysts to reach the appropriate risk and value judgment decisions. Ahmed et al. (2006) find recognized derivative fair values are associated with stock prices, w

37、hereas the disclosed fair values are not. Finally, Libby et al. (2006) show in both stock compensation and lease setting, audit partners require greater correction of misstatements in recognized amounts than in equivalent disclosed amounts. They suggest the actual choice to disclose rather than to r

38、ecognize can reduce information reliability.Several prior studies document investors use pension information to price equity shares (e.g., Landsman 1986; Barth 1991; Barth et al. 1992; Amir 1993). Some other studies however, find such information is not fully impounded in stock prices. Landsman and

39、Ohlson (1990) suggest market under-reacts to the pension information. Hand et al. (1997) find little evidence that differences in valuation multiples exist on the basis of the funding status of the pension and postretirement benefit plans. Furthermore, Picconi (2006) suggests analysts do not explici

40、tly incorporate the information from pension plan parameter changes as disclosed in pension footnotes into their initial forecasts so that these changes predict future earnings surprises. He finds analysts and investors only gradually incorporate the pension information into prices and forecasts as

41、they observe the effect of pension plan changes on subsequent quarterly earnings. But Amir and Gordon (1996) contend equity values are consistent with stock markets consideration of reported post-retirement benefit liabilities at face value without adjusting for differences in assumptions.The presen

42、t study examines the valuation implication of pension transition adjustments and OCI components in the initial adoption year of SFAS 158 in presence of earnings measures for a sample of S&P large, mid-cap and small-cap firms. By performing several cross-sectional regression analyses, we find a n

43、egative association between both the level and change in stock returns and the magnitude of pension transition adjustments. We also observe reported earnings proxy and some OCI components such as foreign currency translation adjustment and pension liability adjustment are significant in the analyses

44、. When analyzed separately, we find the main results are mostly confined to the sample large S&P 500 firms. We do not observe any significant relationship between stock returns and pension transition adjustments for the S&P mid-cap and small-cap firms. The results suggest capital market nega

45、tively reacts to the adverse impact of pension transition adjustments following SFAS 158 on the net worth and potential future cash flows of a firm when such impact is of substantial magnitude in dollar terms. The market does not respond to the adjustment amount when it perceives its impact as incon

46、sequential. Hence, the stock price changes take place in varying degrees for the sample firms depending on the dollar effect of the transition adjustment amount. The study produces a useful insight into the information processing by financial statement users by documenting that capital market evalua

47、tes complex accounting information more effectively when such information is recognized in the financial statements rather than disclosed only in the financial footnotes. In this respect, the new SFAS No. 158 improves the usefulness of pension and post-retirement benefit information to financial sta

48、tement users by requiring recognition of the full funded status of the defined benefit plans in financial statements of the SEC registrants.Source: Santanu Mitra and Mahmud HossainValue-relevance of Pension Transition Adjustments and Other Comprehensive Income Components in the Adoption Year of SFAS

49、 No.158JReview of Quantitative Finance and Accounting，2021，333：279-301譯文：采用財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158號(hào)當(dāng)年養(yǎng)老金調(diào)整轉(zhuǎn)型及其他綜合收益內(nèi)容的價(jià)值相關(guān)性在本研究中，我們對(duì)首次采用第158號(hào)財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么公告當(dāng)年養(yǎng)老金調(diào)整轉(zhuǎn)型以及其他綜合收益組成局部的價(jià)值相關(guān)性進(jìn)行了檢驗(yàn)。使用對(duì)2006年12月31日結(jié)束的財(cái)政年度的697標(biāo)準(zhǔn)普爾公司為樣本，我們執(zhí)行一些橫截面回歸性分析，以測(cè)試措施的各種收入存在的價(jià)值轉(zhuǎn)型的調(diào)整和其他綜合收益組件的相關(guān)性。這些結(jié)果說(shuō)明兩者之間是有變化的和股票收益以及過(guò)渡養(yǎng)老金的調(diào)整幅度有負(fù)相關(guān)關(guān)系。我們也發(fā)現(xiàn)收

50、入措施和一些其他綜合收益組件與股票收益率顯著相關(guān)。當(dāng)我們分開(kāi)分析時(shí)，我們發(fā)現(xiàn)我們的主要結(jié)果多半局限于大樣本標(biāo)準(zhǔn)普爾500家公司，我們沒(méi)有找到任何有關(guān)標(biāo)準(zhǔn)普爾中型股和小型股的公司的結(jié)果?？偟慕Y(jié)果說(shuō)明，股市的負(fù)面反映財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158號(hào)養(yǎng)老金過(guò)渡調(diào)整的凈資產(chǎn)對(duì)未來(lái)現(xiàn)金流量產(chǎn)生不利影響的沖擊時(shí)，在其按美元計(jì)算幅度很大。這項(xiàng)研究進(jìn)一步提供了對(duì)信息處理的記錄，在市場(chǎng)會(huì)計(jì)信息能更有效地評(píng)估這些資料時(shí)，在財(cái)務(wù)報(bào)表中確認(rèn)，而不是只在財(cái)務(wù)腳注中披露有益的見(jiàn)解。公開(kāi)交易的公司都需要申請(qǐng)后，按照財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158號(hào)的規(guī)定和有關(guān)規(guī)那么，以確認(rèn)結(jié)束的財(cái)年的財(cái)務(wù)報(bào)表。財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么委員會(huì)美國(guó)會(huì)計(jì)協(xié)會(huì)認(rèn)為，財(cái)務(wù)會(huì)計(jì)

51、準(zhǔn)那么第158條是一個(gè)重大的完善目前報(bào)告的條款，它認(rèn)識(shí)到在資產(chǎn)負(fù)債表的退休金方案的資金狀況將更好地提供有關(guān)公司的退休金及其他退休后就業(yè)的福利方案的根本經(jīng)濟(jì)信息。這將消除在金融腳注披露的根底上對(duì)養(yǎng)老金信息作出必要和解的需要，但許多財(cái)務(wù)報(bào)表使用者并不能看到或懂得。在財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158號(hào)通過(guò)之前，超過(guò)或低于退休后的養(yǎng)老金和福利方案的資金狀況都是在財(cái)務(wù)腳注中被披露的。雖然發(fā)行財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158號(hào)，財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么委員會(huì)爭(zhēng)論披露下/上在金融腳注界定福利方案的資金狀況造成了評(píng)估一個(gè)雇主的財(cái)務(wù)狀況和方案能力，以滿(mǎn)足用戶(hù)的義務(wù)問(wèn)題。腳注披露不作為身份識(shí)別的資金在財(cái)務(wù)狀況表的適當(dāng)代用品赫特等，2007，但

52、作為財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條規(guī)那么的結(jié)果，凈退休金資產(chǎn)或負(fù)債將從復(fù)雜的財(cái)務(wù)報(bào)表和詳細(xì)的注釋上升到資產(chǎn)負(fù)債表，預(yù)計(jì)將提高報(bào)告信息的清晰度。財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條進(jìn)一步規(guī)定商業(yè)實(shí)體記錄以前未確認(rèn)的收益或損失，前期效勞本錢(qián)或信貸資產(chǎn)或任何過(guò)渡或義務(wù)，直接調(diào)整稅后累計(jì)其他綜合收入截至12月15日后的財(cái)政年度。調(diào)整的總金額累計(jì)其他綜合收入作為一個(gè)單獨(dú)的報(bào)告中股東權(quán)益工程為養(yǎng)老金的調(diào)整，本文稱(chēng)為過(guò)渡。這是一筆一次性股東權(quán)益，使其充分反映了該方案的資金狀況的影響對(duì)公司的凈資產(chǎn)調(diào)整。因此，由于追溯計(jì)算的附加費(fèi)/學(xué)分，財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條過(guò)渡調(diào)整可能對(duì)凈資產(chǎn)和實(shí)施企業(yè)未來(lái)現(xiàn)金流量有重要影響。實(shí)際上，各類(lèi)專(zhuān)

53、業(yè)機(jī)構(gòu)預(yù)計(jì)，財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條過(guò)渡調(diào)整將大大增加對(duì)股東權(quán)益的報(bào)告實(shí)體相當(dāng)?shù)那治g陪同負(fù)債。投資者現(xiàn)在能夠更好地評(píng)估未來(lái)現(xiàn)金負(fù)債增加，這是反映了調(diào)整和轉(zhuǎn)型期財(cái)務(wù)報(bào)表中確認(rèn)的資產(chǎn)流動(dòng)的結(jié)果。在這方面，財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條調(diào)整預(yù)計(jì)將有一個(gè)初步的申報(bào)，2006年實(shí)體估價(jià)意義重大。在附錄中，我們提供的養(yǎng)老金過(guò)渡追溯調(diào)整是對(duì)美元的影響及其對(duì)本財(cái)年年底的財(cái)務(wù)報(bào)表五個(gè)大型股樣本公司，如波音公司，雪佛龍公司，洛克希德公司06年12月31日生效的例如馬丁公司，卡特彼勒公司和卡夫食品公司，在不同的產(chǎn)業(yè)經(jīng)營(yíng)。目前的研究重點(diǎn)是如何計(jì)算資本市場(chǎng)中潛在的對(duì)未來(lái)現(xiàn)金流量報(bào)告實(shí)體過(guò)渡養(yǎng)老金的調(diào)整造成凈資產(chǎn)變化的經(jīng)濟(jì)因素

54、。我們正在積極地進(jìn)行的前提是，它會(huì)為市場(chǎng)提供有益的關(guān)于信息處理方面調(diào)整的見(jiàn)解和過(guò)渡養(yǎng)老金保險(xiǎn)業(yè)監(jiān)理處組成局部，在財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條通過(guò)一年后，尤其是當(dāng)相關(guān)的會(huì)計(jì)信息是直接計(jì)入相關(guān)性研究財(cái)務(wù)報(bào)表中披露，而不僅僅是金融腳注時(shí)，這種調(diào)整使得相關(guān)的未來(lái)現(xiàn)金流量的結(jié)果更加精確，為投資者可見(jiàn)。我們研究資本市場(chǎng)是否過(guò)渡的養(yǎng)老金是根據(jù)美國(guó)證券交易委員會(huì)注冊(cè)人在財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條的有關(guān)報(bào)告，同時(shí)結(jié)合盈利和股本證券的定價(jià)通過(guò)后一年的調(diào)整。如果養(yǎng)老金過(guò)渡調(diào)整伴隨著減少股東權(quán)益由資產(chǎn)負(fù)債下降為先前資金缺乏的方案增加的作用，我們預(yù)期財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條交易效果會(huì)降低公司價(jià)值。但是，如果養(yǎng)老金方案是過(guò)度投資，過(guò)渡調(diào)整那么會(huì)產(chǎn)生相反的效果，這使增加股東權(quán)益伴隨資產(chǎn)增加或負(fù)債減少。在這種分析中，我們還檢查處部件的價(jià)值，在財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么第158條通過(guò)一年后的相關(guān)股票價(jià)格變化作為補(bǔ)充證據(jù)對(duì)他們的啟示。試驗(yàn)結(jié)果說(shuō)明，一般來(lái)講，股市的負(fù)面反映過(guò)渡養(yǎng)老金的調(diào)整幅度。我們發(fā)現(xiàn)，無(wú)論在水平或股票收益的變化橫斷面差異顯示負(fù)的養(yǎng)老金調(diào)整的過(guò)渡和措施，與保監(jiān)處組成局部其他收入的