Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study
Reducing the cost of capital is an effective way to increase stockholders’ wealth and can also constrain the amount of corporate pension payments. This paper, taking the companies listed on A-share market during the year from 2008 to 2019 as samples, examines the influence path and effect of corpora...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Wiley
2022-01-01
|
| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2022/7872935 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1832551138024488960 |
|---|---|
| author | Lingbin Shan Ming Su |
| author_facet | Lingbin Shan Ming Su |
| author_sort | Lingbin Shan |
| collection | DOAJ |
| description | Reducing the cost of capital is an effective way to increase stockholders’ wealth and can also constrain the amount of corporate pension payments. This paper, taking the companies listed on A-share market during the year from 2008 to 2019 as samples, examines the influence path and effect of corporate pension on cost of capital. It is different from the research results of Western scholars that, in all the samples, corporate pensions reduce the cost of capital through debt and incentive effects. For labor-intensive enterprises and those whose effective income tax rate is less than zero, corporate pensions fail to reduce the cost of capital significantly. While for capital-and-technology-intensive enterprises, those whose effective income tax rate is more than zero, and those whose financing restraint is more or less than zero, corporate pension is proven to significantly reduce the cost of capital. Innovation performance has a partial mediating effect between corporate pensions and cost of capital. |
| format | Article |
| id | doaj-art-b1e7418bd2c747a7857f59fad7962ab5 |
| institution | Kabale University |
| issn | 1607-887X |
| language | English |
| publishDate | 2022-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-b1e7418bd2c747a7857f59fad7962ab52025-02-03T06:04:59ZengWileyDiscrete Dynamics in Nature and Society1607-887X2022-01-01202210.1155/2022/7872935Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical StudyLingbin Shan0Ming Su1Business College of Beijing Union UniversityAccounting College of Henan University of Economics and LawReducing the cost of capital is an effective way to increase stockholders’ wealth and can also constrain the amount of corporate pension payments. This paper, taking the companies listed on A-share market during the year from 2008 to 2019 as samples, examines the influence path and effect of corporate pension on cost of capital. It is different from the research results of Western scholars that, in all the samples, corporate pensions reduce the cost of capital through debt and incentive effects. For labor-intensive enterprises and those whose effective income tax rate is less than zero, corporate pensions fail to reduce the cost of capital significantly. While for capital-and-technology-intensive enterprises, those whose effective income tax rate is more than zero, and those whose financing restraint is more or less than zero, corporate pension is proven to significantly reduce the cost of capital. Innovation performance has a partial mediating effect between corporate pensions and cost of capital.http://dx.doi.org/10.1155/2022/7872935 |
| spellingShingle | Lingbin Shan Ming Su Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study Discrete Dynamics in Nature and Society |
| title | Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study |
| title_full | Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study |
| title_fullStr | Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study |
| title_full_unstemmed | Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study |
| title_short | Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study |
| title_sort | corporate pension payment system under the constraints of cost of capital an empirical study |
| url | http://dx.doi.org/10.1155/2022/7872935 |
| work_keys_str_mv | AT lingbinshan corporatepensionpaymentsystemundertheconstraintsofcostofcapitalanempiricalstudy AT mingsu corporatepensionpaymentsystemundertheconstraintsofcostofcapitalanempiricalstudy |