论企业年金负债的会计处理对企业资本结构的影响

实施企业年金计划企业的会计报表显示，这些企业的财务杠杆率相对企业的举债能力而言普遍偏低，但如果企业将年金计划的偿付责任作为企业长期负债合并到企业资产负债表中，则这类企业的低财务杠杆率相对于最优财务杠杆率的差距将减小。本文从企业年金缴费对应征税收入影响和会计处理的角度，分析了企业年金计划对企业边际税率和企业资本结构调整的作用。

On the Effect of Accounting Treatment for Corporate Pension Liabilities on Capital Structure

The accounting reports in the companies which have sponsored pension plans show that their financial leverage is lower than that of companies' solvency. After integrated pension liabilities with the balance sheet debt, we would find that their leverage is not lower again, and even some of the companies have higher leverage after consolidated. This paper discussed the effect of pension plans on marginal tax rate and adjusted liabilities structure from a taxable income and accounting treatment perspective.