| 中文摘要 |
In spite of seeing employees as valuable assets, not expenses, HRA has not yet gained wide acceptance. It is just because HRA still exist two primary problems.They are (1) whether and how HR assets should be recorded in the accounting system, and (2) once they are recorded, how they should be written off. Today, in high-tech companies, HR can be considered as critical success factor (CSF). It cancreate most valuable market niche and competitive advantage through employee training for those high-tech companies. Therefore capitalizing the costs of recruitment, training, familiarization, and development of HR can improve profitability and decision-making in a high-tech firm. In the past, evaluation of individual human capital as a science is still in its infancy, but various methods have already been devised for such valuation. Among these devised approaches, Hermanson (1964) presented the adjusted present value method. In this paper, we support this adjusted present value method, but modify it in some parts. First, we still compute the present value (PV) of the anticipated salary disbursements in future five years with the risk-free interest rate. Second, compute the target firm’s employee productivity ratio rather than firm’s efficiency ratio. The target firm’s employee productivity ratio can be computed by dividing the target firm’s core earning per employee by the benchmark firm’s core earning per employee. Third, compute the current value of HR by multiplying the PV of the anticipated salary disbursement by the target firm’s employee productivity ratio. Finally, in this paper, we do not amortize the capitalized HR asset. Conversely this capitalized HR asset should be reversed in the beginning of next year. On the other hand, at the next balance sheet date, through moving average, computing the HR asset once more in the same process discussed earlier is necessary. In this paper we use the risk-free rate employed by SFAC 7 applicable to the computation of the present value. |
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