01
原文：Amy D. Garman, Thomas R. Kubick. Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes [C]. Journal of Accounting and Economics, 2024.
Mitigating Risk-shifting in Corporate Pension Plans: Evidence from Stakeholder Constituency Statutes
ABSTRACT: We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.
缓解企业养老金计划中的风险转移：来自利益相关者选区法规的证据
摘要：作者使用州利益相关者选区法的交错颁布作为自然实验，来研究此类法律对企业养老金风险转移的影响。他们的分析包括养老金风险转移的三个组成部分：融资风险、投资风险和收益风险。作者观察到，在颁布促进更多考虑相关者利益的相关导向法律后，养老金风险转移的所有三个要素都有所减少。他们还发现，对于投资机会较少的公司，法律颁布后养老金风险降低幅度更大。总体而言，他们的结果为利益相关者选区如何减轻一种重要形式的风险转移提供了见解。
亮点：（1）文章丰富了有关企业养老金内部风险转移的文献，先前的研究已经认识到，养老金风险通过计划资产的预期回报率与贴现率之间的差异或者通过计划冻结来转移。本文推进这一文献流，并研究了养老金的每个要素在利益相关者选区法规通过后如何发生变化；（2）文章还为利益相关者导向法的新兴文献做出了贡献，并确定在利益相关者选区法规颁布后，如何减轻影响重要利益相关者群体的某种形式的风险转移。
02
原文：Anantharaman, D., Chuk, E. The impact of governmental accounting standards on public-sector pension funding [C]. Review of Accounting Studies, 2024.
The Impact of Governmental Accounting Standards on Public-sector
Pension Funding
ABSTRACT: The funding policy for defined benefit pension plans covering government employees represents an important decision for governments sponsoring those plans. Many state and local government plans have become severely underfunded (e.g., New Jersey, Illinois, and Detroit), raising concerns about whether governments are contributing enough to their pensions. Governmental Accounting Standards Board Statements 67/68 (GASB 67/68) fundamentally alter the financial reporting of pension liabilities, by (i) requiring pension liabilities to be estimated using a potentially lower discount rate (increasing estimated liabilities and any funding deficits), and (ii) mandating balance sheet recognition of funding deficits/surpluses. Although GASB 67/68 only change financial reporting and acknowledge specifically that funding is outside their scope, we find, for 100 large state-administered plans, that governments increase pension contributions significantly upon applying GASB 67/68. This funding response is stronger from governments likely to face greater political consequences once pension deficits are made prominent by GASB 67/68. Benefit cuts are also more likely post GASB 67/68, but plans that increase funding are less likely to cut benefits—suggesting that these responses substitute for each other and that pension funding is more of a fiscal priority in some states than others. Overall, our findings suggest that purely accounting changes can have “real” effects on governmental pension policy.
政府会计准则对公共部门养老金资金的影响
摘要：涵盖政府雇员的固定收益养老金计划的资助政策是赞助这些计划的政府的一项重要决定。许多州和地方政府的计划资金严重不足（例如，新泽西州、伊利诺伊州和底特律），这引发了人们对政府是否为其养老金缴纳足够资金的担忧。政府会计准则委员会第67/68号声明（GASB 67/68）从根本上改变了养老金负债的财务报告，方法是（1）要求使用可能较低的贴现率（增加预计负债和任何资金赤字）来估计养老金负债；（2）强制确认资产负债表上的资金赤字/盈余。尽管GASB 67/68仅更改了财务报告，并明确承认资金超出了其范围，但作者发现，对于100个大型国家管理计划，政府在应用GASB 67/68后显著增加了养老金缴款。一旦GASB 67/68突出了养老金赤字，政府可能会面临更大的政治后果，这种资金反应会更强烈。在GASB 67/68之后，福利削减的可能性也更大，但增加资金的计划不太可能削减福利——这表明这些反应是相互替代的，并且养老金资金在某些州比其他州更像是财政优先事项。总体而言，作者的研究结果表明，纯粹的会计变化会对政府养老金政策产生“真实”影响。
亮点：（1）先前的研究发现会计准则对公司有实际影响，本文将这一发现拓展到政府领域，即在政府环境中，仅影响基于权责发生制的资产、负债和收入的计量和确认的会计准则——对现金流没有直接影响——也可以引发影响现金流的管理层反应，会计确实具有“真实”的影响；（2）先前的研究对于GASB 67/68这两个标准进行了激烈的讨论仍存在争议，尤其是GASB 67/68影响的早期预测和最终实现的现实不一致的转折是很多讨论的主题，而本文通过展示政府在多个维度（缴款增加和福利消减）的反应证据，在看似不协调的早期决策和最终现实之间架起了一座桥梁。
03
原文：Marc Cussatt, Paul Demere. The usefulness of corporate income tax accounting: Evidence from pension returns [C]. The Accounting Review, 2023.
The Usefulness of Corporate Income Tax Accounting:
Evidence from Pension Returns
ABSTRACT:We explore whether income tax accounting (ITA) for pensions provides measurement benefits incremental to U.S. GAAP. We use publicly reported Form 5500 defined-benefit pension expense and funding measures, which are calculated using ITA rules, and contrast them with parallel GAAP amounts. We document that ITA measures are more strongly associated with market value, future cash contributions, the cost of equity capital, and credit ratings than comparable GAAP measures, particularly when ITA better maps to economic fundamentals and when GAAP offers greater managerial discretion. Using intraday returns and disclosure times obtained through a Freedom of Information Act request, we also find that markets quickly react to the release of ITA measures in Form 5500. Our study provides novel empirical tests of theory about the benefits of ITA using actual, not imputed, ITA measures and provides evidence that investors can and do use the unique information in a publicly disclosed tax form.
企业所得税会计的可靠性：来自养老金收益的证据
摘要：作者探讨了养老金的所得税会计（ITA）是否为美国GAAP提供了增量的计量优势。他们使用公开报告的Form 5500固定收益养老金费用和资金指标，这些指标是使用ITA规则计算的，并将其与并行的GAAP金额进行对比。他们发现ITA衡量标准在市场价值、未来的现金贡献、股本的成本，和信用评级方面的相关性比GAAP更强，特别是当ITA更好地映射到经济基本面并且GAAP提供更大的管理自由裁量权时。使用《信息自由法》要求获得的即日申报表和披露时间，作者还发现市场对5500表格中ITA措施的发布做出了快速反应。他们的研究使用实际而非估算的ITA措施提供了关于ITA好处的新颖实证理论检验，并提供证据表明投资者可以而且确实使用公开披露的税表中的独特信息。
亮点：（1）文章使用实际的、非估算的纳税申报信息，发现ITA通过了有关未来现金流和风险的增量信息，并且在当GAAP与经济基本面不匹配以及当管理人员在GAAP内有更多的报告自由裁量权时，ITA可能特别有用，为税务会计相关文献做出了贡献；（2）文章还致力于研究财务报表之外的业绩信息的有用性。5500表格是财务报表之外绩效信息的另一个重要来源，对投资者和债权人均有用，他们确实使用公开的纳税申报表中的信息进行投资决策；（3）文章还拓展了关于养老金信息的价值和信用相关性的文献，研究结果可以帮助会计准则制定者评估GAAP养老金会计和报告。
本文仅用于学术交流
原文版权归原作者和原发刊所有
转载请注明出处
总编：游家兴
解析：李文卓
审校：刘晗 谭传兴
编辑：潘芳妍
