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

Table 5

Multivariate regression test (whole sample and grouping sample).

Re	Whole sample	Labor-intensive sample	Capital technology-intensive sample	Samples with effective income tax rate less than 0	Samples with effective income tax rate more than 0	Samples with low financing constraints	Samples with high financing constraints
CP	−0.0005^∗∗∗ (−2.66)	−0.0008 (−0.92)	−0.0005^∗∗ (−2.23)	−0.0001 (−0.17)	−0.0007^∗∗∗ (−3.11)	−0.0004^∗ (−1.65)	−0.0055^∗ (−1.68)
Lev	0.0185^∗∗∗ (6.18)	0.1423 (1.26)	0.0182^∗∗∗ (5.84)	0.0560^∗∗∗ (4.11)	0.0110^∗∗∗ (3.45)	0.0097^∗∗∗ (2.58)	0.0207^∗∗∗ (4.66)
Size	0.0012^∗∗ (2.56)	0.0051^∗∗∗ (3.14)	0.0009∗∗ (1.96)	−0.0019 (−1.07)	0.0013^∗∗ (2.62)	0.0010 (1.38)	0.0028^∗∗∗ (4.12)
Beta	0.0307^∗∗∗ (20.93)	0.0389^∗∗∗ (7.13)	0.0302^∗∗∗ (19.97)	0.0285^∗∗∗ (6.97)	0.0295^∗∗∗ (17.65)	0.0289^∗∗∗ (13.94)	0.0304^∗∗∗ (16.79)
B/M	0.0028^∗∗∗ (3.49)	0.0009 (0.38)	0.0030^∗∗∗ (3.66)	0.0027 (1.16)	0.0032^∗∗∗ (3.77)	0.0042^∗∗∗ (3.40)	0.0010 (1.11)
AT	0.0008 (0.75)	−0.0029 (−0.50)	0.0011 (0.98)	−0.0011 (−0.26)	0.0015 (1.37)	0.0016 (1.12)	0.0023 (1.57)
FC						—	0.0175 (0.99)
CP∗FC						—	0.0012 (1.36)
Indu	Control	Control	Control	Control	Control	Control	Control
Year	Control	Control	Control	Control	Control	Control	Control
N	2198	150	2038	384	1635	1090	1090
Adj-R^2	0.3784	0.582	0.3724	0.3743	0.3862	0.3342	0.4276

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