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

Table 4

Univariate empirical test.

Variable name	Means			Median
	High corporate pension (1099)	Low corporate pension (1099)	Mean difference t-test	High corporate pension (1099)	Low corporate pension (1099)	Median difference z-test
Re	0.078	0.113	−0.036^∗∗∗	0.079	0.108	−0.029^∗∗∗
Lev	0.465	0.540	−0.075^∗∗∗	0.464	0.561	−0.097^∗∗∗
Size	23.546	23.354	0.192^∗∗∗	23.389	23.282	0.107
Beta	1.020	1.195	−0.174^∗∗∗	1.024	1.178	−0.154^∗∗∗
B/M	1.229	0.979	0.251^∗∗∗	0.957	0.854	0.103^∗∗∗
AT	0.624	0.596	0.028^∗∗∗	0.520	0.500	0.020^∗∗∗

^∗Significant at the 10% level. ^∗∗Significant at the 5% level. ^∗∗∗Significant at the 1% level.