The Relationship between Pension Information Disclosure And Market Value, Life Cycle

• Main Authors: Allen Chung, 江慶倫
• Other Authors: Wann-Cherng Wang
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/59235301042279012918

碩士 === 國立成功大學 === 會計學系碩博士班 === 93 === 　Because the Taiwan economy grows rapidly and the Taiwanese life is longer and longer , the pension cost begins to be one of the primary costs of the Taiwan business. Taiwan business employ many employee for OEM, and the people achieve the retired age this time. Whether pension cost affects the business profitability in the future is our primary concern. 　Firms which adopted during 1997-2003 were identified using the TEJ data base. The samples include the corporations of traditional and hi-tech industry in the open market. First, we use the balance sheet model and the income statement model to check the ability of pension information affect the business marking value. Then we use the more detailed variables to replace balance sheet model and income statement model variables , we want to check out if use the detailed pension information can raise the model explanation. Finally, we divide business life cycle for two industries, then we check the pension information affection is differential if the business is in the different business life cycle. 　Evidence shows that pension information affects traditional industry more than hi-tech industry. And if the business is in the introductory and growth stage, the investors focus on the growth of the profitability. And if the business is in the maturity and decline stage, the investors concern if the pension-related costs affect the profitability a lot.