Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study

Table 1

Variable definition.

Variable category	Variable	Variable definition
Dependent variable	Re	Cost of equity capital
Independent variable	CP	Corporate pension: the ending added value of corporate pension is taken as logarithm
Control variable	Lev	Asset liability ratio: total liabilities at the end of the period/total assets at the end of the period
	Size	Size: natural logarithm of total assets
	Beta	Beta: of that year’s stock value
	B/M	Book to market ratio: book value of owner’s equity/market value
	AT	Operating efficiency: main business income of the current year/total assets
	First	Shareholding ratio of the largest shareholder
	Board	Board size: natural logarithm of the number of directors
	Msh	Shareholding ratio of senior executives: number of shares held by senior executives/total shares
	Roa	Return on total assets: net income/total assets
Moderating variable	FC	Financial constraints
Mediating variable	Patent	Innovation performance: natural logarithm of the total number of patent applications of the enterprise in the current year plus 1
Dummy control variable	Indu	Industry dummy variable: according to the “Guidelines for Industry Classification of Listed Companies” issued by the CSRC in 2001, the industries are divided into 13 categories, excluding finance and insurance industry (I); the dummy variable is 1, when the enterprise belongs to an industry, otherwise 0
	Year	Year dummy variable: the dummy variable is 1, when the investigation time is the current year, otherwise 0