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首页> 外文期刊>Atlantic economic journal >The Valuation Effect of Accounting Standard 158 on Firms with High and Low Financial Risk
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The Valuation Effect of Accounting Standard 158 on Firms with High and Low Financial Risk

机译：会计准则第158号对高风险和低财务风险公司的估值影响

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摘要

SFAS 158 mandated balance sheet disclosure of the funded status of firms' Defined Benefit Pension Plan using the Projected Benefit Obligation (PBO) to estimate the pension liability. SFAS 158 caused a market phenomenon because the use of the PBO engendered dramatically higher estimates of pension liability and hence the perception of risk. Our work focuses on two aspects of this change in pension accounting: first, how will industry firms change their accounting strategy in light of the new rules, and second, how will firms' stock prices be affected by the new allegedly better estimate of pension liability? Our research suggests that firms' accounting strategies changed in that they use higher discount rates to estimate pension liability which offset the dramatic impact of using the PBO. In addition, we find that high financial risk firms' tendencies to use higher discount rates increase with the firms' leverage and decrease with liquidity. To test the market reaction we utilize standard event study methodology to investigate the effects of SFAS 158 on stock returns. Our findings suggest that firms with high (low) financial risk earn negative (positive) abnormal returns on and around relevant event dates preceding the implementation of SFAS 158.
机译：SFAS 158要求资产负债表使用预计利益义务（PBO）来估计企业的确定利益养老金计划的资金状况，以估算养老金负债。 SFAS 158引起了市场现象，因为使用PBO导致对退休金负债的估计大大提高，从而导致风险感知。我们的工作着眼于养老金会计变化的两个方面：首先，工业公司将如何根据新规则改变其会计策略；其次，新的据称更好的养老金负债估计将如何影响公司的股价？我们的研究表明，公司的会计策略发生了变化，因为他们使用较高的折现率来估计养老金负债，从而抵消了使用PBO的巨大影响。此外，我们发现高金融风险公司倾向于使用较高的折现率，这会随着公司的杠杆作用而增加，而随着流动性而降低。为了测试市场反应，我们使用标准事件研究方法来研究SFAS 158对股票收益的影响。我们的发现表明，财务风险高（低）的公司在实施SFAS 158之前和相关事件发生前后会获得负（正）异常收益。

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