퇴직급여 회계정보의 가치관련성

The purpose of this study is to analyze the value relevance of accounting information under defined contribution plans(DC) and defined benefit plans(DB) respectively. The research was made on companies that satisfy sample selection criteria of this study among the companies that are listed in the KOSPI(Korea Composite Stock Price Index) and KOSDAQ(Korea Securities Dealers Automated Quotations) market from 2011 to 2015. The empirical version of Ohlson(1995) model is used to test the hypothesis. The results are as follows： First, under the defined benefit plans(DB), pension liability is a significant variable which has a negative effect on the firm’s value, while pension cost is found to make positively significant effect on the firm’s value. Furthermore, remeasurements are incrementally value relevant. Second, under the defined contribution plans(DC), pension cost shows a positive effect on the firm’s value. The results suggest that pension liability is value relevant in the same way as information on other corporate liabilities. However, pension cost has characteristics of human capital compared with others costs. Remeasurements can be influenced on the investment decision making for equity investors. The study has attributed to value relevance of retirement benefits accounting information, and has provided empirical evidence that pension cost owns characteristics of value creation as human capital.