Pension Accrual Management and Research and Development Investment

Takafumi Sasaki
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引用次数: 2

Abstract

This study investigates whether discretion in reporting pension expenses mitigates research and development (R&D) manipulation. Using a sample of Japanese manufacturing firms during the fiscal years 2001–2011 where both pension costs and R&D expenditures have large impacts on the bottom-line earnings, I find that higher discount rates are associated with higher R&D investment among firms in which pension expenses could have large impacts on reported earnings. I also find that this relationship is found only among firms in high-tech industries. These results suggest that pension accrual management substitutes costly R&D manipulation that may hurt future competitive edge.
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养老金应计管理与研发投资
摘要本研究旨在探讨退休金支出报告的自由裁量权是否能减轻研发操纵。本文以2001-2011财年的日本制造企业为样本,研究了养老金成本和研发支出对公司盈利率的影响,发现在养老金支出对公司盈利率影响较大的企业中,贴现率越高,研发投资越高。我还发现这种关系只存在于高科技行业的公司中。这些结果表明,养老金权责发生制管理替代了成本高昂的研发操纵,可能损害未来的竞争优势。
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