| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 84 === This study uses cross-sectional equity valuation model to
examine (1) whether pension assets and liabilities are valued
by the securities market as corporate assets and liabilities,
(2) which pension measures most closely reflect those that
investors implicitly assess when they value the firm, and (3)
if investors ignore footnote disclosure information, and
consider that the assets and liabilities recognized in the
balance sheet are true assets and liabilities of the firm.
Results indicate that investors might not obtain footnote
disclosure information on December 31. Except for the pension
assets and liabilities recognized in the balance sheet,
coefficient estimates of most pension measures are
statistically insignificant, and the sign of coefficient of
pension fund assets is different from the expected sign.
Results of tests on April 30 and May 6 indicate that
coefficient estimates are more signifi- cant than those on
December 31, and the sign of the coefficient of pension fund
assets is positive. This study finds weak evidence consistent
with the notion of economic substance view. The projected
pension obligation appears to be a better measure. The measures
of footnote disclosure are closer to those assessed in market
valuation than are the measures recognized in the balance
sheet, indicating that investors know that the pension assets
and liabilities recognized in the balance sheet are not true
assets and liabilities of the firm.
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